LONDON, Sept. 27, 2016 /PRNewswire/ -- The global scratch resistant polypropylene (PP) compound for automotive interiors market is expected to reach USD 8.78 billion by 2024, according to a new report by Grand View Research, Inc.
Outstanding mechanical properties, moldability and low cost make PP compounds highly sought after materials in the automotive industry. The growth of these materials in various automotive interior applications strengthens by the improved performance of the PP resins. These materials after compounding with additives such as talc, mica, glass fiber, etc. help impart properties such as scratch resistance, high impact strength which are essential for automotive interior applications.
Customer's perspective related to aesthetics of vehicles interiors as well as exterior has drastically changed. Today, buyers expect the vehicles to maintain the aesthetic appeal for a larger part of the vehicle lifecycle. These factors are expected to drive the demand for PP compounds in manufacturing dashboard, door trims, etc.
Key market players in collaboration with other participants in the value chain have been developing technologies to manufacture compounds which facilitate easy paintability, low coefficient of thermal expansion and better conductivity. To address environmental issues, developing compounding technology with biomass derived resin is expected to be a key priority for major industry participants.
Major players include BASF SE, LyondellBasell, Evonik Industries, Sumitomo Chemical Co., Ltd., SABIC, Trinseo, A. Schulman, Inc., etc.
Further key findings from the report suggest:
The global scratch resistant polypropylene (PP) compound for automotive interior market demand was 1.88 million tons in 2015 and is expected to reach 4.11 million by 2024, growing at a CAGR of 9.2% from 2016 to 2024
Dashboard was the largest application segment and accounted for 33.8% of total market volume in 2015. It is also expected to witness the highest growth of 9.6% over the forecast period.
Asia Pacific was the largest consumer and accounted for 42.9% of global demand in 2015. The increasing automobile production in China, India, Indonesia and Thailand is expected to drive the regional demand.
Key players in the market such as Evonik Industries have developed new siloxane based additives for automotive applications which impart permanent scratch resistance
Application of polypropylene products for manufacturing instrument panels, thus replacing engineering materials is yet to be completely explored
Major market players focus to integrate throughout the value chain, to achieve profitability and also expand their presence in emerging markets
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