Due to the COVID–19 pandemic, the PP compound industry was severely impacted like many other industries. The automotive production in 2020 saw a decline of almost 16% due to the impact of COVID-19. In order to control the spread of the virus, the majority of the countries around the globe imposed stay-at-home orders, which led to the shutting of many manufacturing plants. As the production of vehicles declined, the demand for PP compounds suffered negatively in the year 2020.
The global PP compound industry for the automotive industry is expected to reach $17,324.8 million by 2031, with a CAGR of 5.6% during the forecast period 2021-2031.
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