Toyota Motor Corp plans to consolidate purchases of resin materials among group firms to cut costs and strengthen its bargaining power, the Nikkei business daily reported.

The automaker will bundle its purchase of polypropylene, which is used in bumpers and other vehicle components, beginning this fiscal year, the newspaper said without citing sources.

Toyota expects the consolidated purchases will bring down polypropylene costs, which accounts for about 40 percent of the company's resin procurement, Nikkei said.

The company buys about 500,000 to 600,000 tons of resins a year, worth 200 billion yen ($2.24 billion), the paper said.

(Reporting by Renju Jose in Bangalore; Editing by Ratul Ray Chaudhuri)