Global Automotive plastics Market to surpass USD 42.73 billion by 2030 from USD 23.95 billion in 2020 at a CAGR of 7.1% in the coming years, i.e., 2021-30.
Automotive Plastics Market Product Overview
Automotive plastics are a type of synthetic material that is recyclable, sturdy, scratch-resistant, abrasion-resistant, reduces vibration and noise, and enables for the design, manufacturing, and integration of components in automobiles.
Dashboards, fuel systems, bumpers, seats, liquid reservoirs, body panels, under-bonnet components, interior trim, electrical components, exterior trim, lighting, and upholstery are all examples of where automotive plastics are employed.
Global Automotive plastics market is expected to project a notable CAGR of 7.1% in 2030.
Globally, the automotive sector’s recovery increased vehicle design capabilities, and a growing focus on vehicle weight reduction and pollution control are driving the market for automotive plastics forward. Because of their ease of manufacture, ability to get renewable raw resources, and improved designs, plastics are frequently employed in automotive components and parts.
Global Automotive plastics: Segments
Polypropylene (PP) segment to grow with the highest CAGR during 2020-30
Global Automotive plastics market is segmented by materials into Polypropylene (PP), Polyurethane (PU), Polyvinylchloride (PVC), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), High-Density Polyethylene (HDPE), Polycarbonate (PC), Polybutylene Terephthalate (PBT) and Others. Polypropylene (PP) segment held the largest market share in the year 2020.
The rise in product demand from end-use industries such as packaging, electrical and electronics, construction, consumer items, and automotive can be ascribed to this expansion. Because of its physical and chemical qualities, polypropylene is used in both rigid and flexible packaging. Apart from that, it is chemically and electrically resistant at extremely high temperatures.
Because PP is relatively light in comparison to other polymers, it is well suited for use in the automobile industry to assist reduce vehicle overall weight, hence lowering fuel consumption and carbon dioxide emissions.
Interior segment to grow with the highest CAGR during 2020-30
Global Automotive plastics market is divided by end-user into Interior, exterior, under bonnet and others. Over the forecast period, the interior segment is projected to expand at the fastest pace. Over the forecast period, rising demand for automotive plastics in areas such as body and light panels, seat covers, steering wheels, seat bases, load floors, headliners, and rear package shelves and fascia systems is expected to boost the market.
Rising demand for automobiles weight reduction and limited vehicle supply
The rise in demand for overall vehicle weight reduction, expansion of automotive plastics application areas, and increased vehicle design capabilities are driving the growth of the automotive plastics market. Furthermore, due to strict government rules governing car emissions and limited vehicle supply, major automotive OEMs favor automotive plastics in their designs, fueling the expansion of the automotive plastics industry.
Advancements in plastics to provide opportunities
Additionally, throughout the forecast period, advancements in plastics such as blended thermoplastic materials, lightweight materials with perfect heat resistance and mechanical properties polymethyl methacrylate (PMMA), reinforced composites such as “GB 266 WG,” and biodegradable plastics are expected to provide opportunities for manufacturers in the global market.
Expensive design specification as well as production
A vehicle’s design is crucial because it is subjected to a variety of external forces as well as the possibility of strong impacts. As a result, in order to maintain a vehicle’s structural integrity, the materials employed in its manufacture become critical variables for safety and stability. Although they are less expensive than metals, their design specifications and production equipment are both quite expensive, which will be a barrier for industry participants.
Global Automotive plastics: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Evonik Industries AG
Royal DSM N.V.
Magna International, Inc.
Other Prominent Players
Global Automotive plastics: Regions
Global Automotive plastics market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. The market for Automotive plastics is dominated by APAC.
Shifting manufacturing bases from industrialized regions to Asia Pacific emerging economies, particularly China, India, Thailand, Vietnam, and Indonesia, is predicted to drive market growth. Expanding the manufacturing base and growing expenditures in innovative technologies for vehicle production are predicted to usher in a new era of autos, which will have a beneficial impact on the automotive plastics industry.
Global Automotive plastics is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
The Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Automotive plastics report also contains analysis on:
Automotive plastics Segments:
Acrylonitrile Butadiene Styrene (ABS)
High-Density Polyethylene (HDPE)
Polybutylene Terephthalate (PBT)
Automotive plastics Dynamics
Automotive plastics Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Automotive plastics Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 23.95 billion
Revenue forecast in 2030 USD 42.73 billion
Growth Rate CAGR of 7.1% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Material, end-user and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled BASF SE, SABIC, Dow Inc., AkzoNobel N.V., Covestro AG, Evonik Industries AG, Borealis AG, Royal DSM N.V., Magna International, Inc., Teijin Limited, and Other Prominent Players