DUBLIN, Jan. 16, 2019 /PRNewswire/ --
The "Global TPO & TPV PP Compound Market for the Automotive Industry: Focus on Supply-Demand Scenario, Value Chain Analysis, Capacity Development, Material Competition, Application, and Sub-Applications - Analysis and Forecast, 2018-2030" report has been added to ResearchAndMarkets.com's offering.
Global TPO & TPV PP Compound Market is Anticipated to Reach $13.92 Billion by 2030
Engineering plastics and metals have been extensively replaced by polypropylene (PP) compounds in the automotive parts to achieve a significant weight reduction and cost savings. PP compounds are low in cost yet have outstanding mechanical properties and moldability. The compounds account for more than half of plastics used in a vehicle. The adoption of PP compound for new automotive applications and the cannibalization of other plastics by PP compound is expected to increase the share of PP compound in the automotive plastics market from 28.4% in 2017 to 34.4% in 2030.
PP compounds have managed to substitute ABS in several lower-end automotive applications. This substitution is further expected in these applications such as center consoles, door panels, and side pillars. PC/ABS is a highly impact-resistant polymer which finds use in bumpers, but it has been losing its share to TPOs, as TPOs provide a cost-effective alternative to PC/ABS. LFT-PP also substitutes PC/ABS in overhead consoles of automobiles. Weak impact and aesthetic performance limit the usage of virgin PP in automotive industry. Major applications for virgin PP in automotive industry include surge tanks, battery cases, covers, and door liners. Demand for virgin PP in the automotive industry is tied-up with the increasing demand for PP compound in the automotive industry. The direct application of virgin PP in the automotive industry faces replacement threat from PP compound.
Thermoplastic Polyolefins (TPO) are used for applications which require high impact strength. TPO is polypropylene compounded with a rubber/elastomer without being vulcanized. PP compound, which contains vulcanized rubber/elastomer, is termed as a thermoplastic vulcanizate (TPV). These have high-elastic strength and are used for coverings and tubes. TPO and TPV are widely used in automotive interiors for parts such as instrument panel, center consoles, and interior trims. Interior parts that require good aesthetics along with a soft-touch make use of TPO and TPV. Applications such as closures use TPO due to their impact strength. Bumpers are the largest application of TPO in which it is already a mature market. Bumpers and fenders utilize TPO for high impact strength. Engine and transmission applications involve high heat and require stiffness. These property requirements are not met by TPO and TPV.
In terms of value, the global TPO & TPV PP compound market is expected to grow at a CAGR of 7.21% during the forecast period 2018-2030.
The global automotive production is dominated by Asia-Pacific region. The total production in the region occupied more than 50% of the global automotive production. Countries such as China and India which occupy a major share in the region's production are largely dominated by small-passenger cars. Lack of buying capability and the lack of regulatory push restricts the use of plastics in the automobiles produced in the region. The growing GDP of developing economies and the rising consumer demand would provide ample opportunities for TPO and TPV PP compound market to grow in the region.
The automotive industry in Europe is the largest consumer of plastics in each vehicle. The PP compound demand in the region is largely driven by the consumer preference for luxury interiors. Countries in the region also focus on weight reduction in order to comply with the stringent regulations. Government initiatives are a key to increase the adoption of plastics in the automotive industry in Europe. Leading automotive OEMs produce and export vehicles from the region. The high-disposable income and a preference for luxury are important factors that drive the local demand for PP compound. The SUV segment in the region has focused on adding luxury to its interiors as well as exteriors. The segment has witnessed good growth in the region while also increasing the use of TPO and TPV in these vehicles.
Countries such as the Netherlands and Norway are leading the adoption of electric vehicles in the region. Government initiatives have promoted the consumer shift from conventional vehicles towards electric vehicles. The shift towards electric vehicles would require the OEMs to try and reduce the weight of the vehicles in order to improve their range. Battery, which contributes a major portion of the electric vehicle cost needs to be more efficient to compete with traditional vehicles in large volumes. The weight reduction of the vehicle is an important part of improving the efficiency of electric vehicles.
Key Topics Covered:
1 Report Scope & Methodology
1.1 Scope of the Report
1.2 Research Methodology
2 Market Dynamics
2.1 Market Drivers
2.2 Market Restraints
2.3 Market Opportunity
3 Industry Analysis
3.1 Supply-Demand Analysis
3.2 Value Chain Analysis
3.3 Policies & Regulations
3.4 Industry Attractiveness
3.5 Opportunity Matrix
4 PP Compound Market in the Automotive Industry (by Type)
4.1 PP Compound Market for Automotive Industry (by TPO and TPV)
4.2 Additive Concentrates for the PP Compound Market
5 Competitive Analysis of Polypropylene Compounds for the Automotive Industry
5.1 Polypropylene Compound vs. Virgin Polypropylene
5.2 Polypropylene Compound vs. Polystyrene
5.3 Polypropylene Compound vs. Styrene Acrylonitrile
5.4 Polypropylene Compound vs. Polycarbonate
5.5 Polypropylene Compound vs. Thermoplastic Polyurethane
6 PP Compound Market in the Automotive Industry (by Region)
7 TPO & TPV PP Compound Market in the Automotive Industry (by Region)
8 Capacity Development
8.1 LyondellBasell Industries - Capacity Development (2007-2017) and Forecast (2018-2022)
8.2 Mitsui Chemicals, Inc.- Capacity Development (2007-2017) and Forecast (2018-2022)
8.3 Kingfa Sci & Tech Co Ltd - Capacity Development (2007-2017) and Forecast (2018-2022)
8.4 Washington Penn Plastic Co., Inc. - Capacity Development (2007-2017) and Forecast (2018-2022)
8.5 Sumitomo Chemical Co. Ltd. - Capacity Development (2007-2017) and Forecast (2018-2022)
8.6 Japan Polypropylene Corporation - Capacity Development (2007-2017) and Forecast (2018-2022)
9 Company Profiles
9.1 Market Share Analysis
9.2 Supplier Profiles
9.2.1 LyondellBasell Industries Holdings B.V.
9.2.2 Mitsui Chemicals, Inc.
9.2.3 Kingfa Sci. & Tech. Co., Ltd.
9.2.4 Borealis AG
9.2.5 Washington Penn Plastic Co., Inc.
9.2.6 Sumitomo Chemical Co., Ltd.
9.2.7 Japan Polypropylene Corporation
9.2.8 SAUDI BASIC INDUSTRIES CORPORATION
9.2.9 POLYONE CORPORATION
9.3 Customer Profiles
9.3.2 Magna International Inc.
9.3.4 Summit Plastic Molding, Inc.
9.3.5 Samvardhana Motherson Group
9.3.6 Yanfeng Automotive Interiors (YFAI)
For more information about this report visit https://www.researchandmarkets.com/research/hxkn7g/global_tpo_and?w=5
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets