LOS ANGELES, June 14, 2021 (GLOBE NEWSWIRE) -- The Global Automotive Plastics Market is expected to grow at a CAGR of around 5.4% from 2020 to 2027 and reach the market value of over US$ 53.9 Bn by 2027.
Asia Pacific dominates the global automotive plastics market
Asia Pacific dominated the automotive plastics market, accounting for a sizable market share. Shifting production bases from developed regions to Asia Pacific emerging economies, particularly China, India, Thailand, Vietnam, and Indonesia, is expected to drive market growth.
This is one of the most important factors driving the growth of the global automotive plastics market. Thailand is a major Asian automobile exporting country. Japanese FDI is the primary driver of the sector. The Chinese automobile sector is rapidly expanding and poised to make a significant impact in the international trade arena in the near future, with a particularly strong position in the component sector. India, on the other hand, is strengthening its position as a result of strong domestic and external demand.
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China is known for its components, India for its two-wheelers and small vehicles, Thailand for its pick-up trucks and passenger cars, and Indonesia for its utility vehicles. Thailand is increasing its exports to developed countries while also strengthening its position in ASEAN. Indonesia is also expanding its trade ties with ASEAN. In addition to traditional developed-country destinations, India is focusing on the Middle East and South Asia. These are the factors driving the expansion of automotive plastics in this region.
Europe is the world's second-largest automotive plastics market. High-performance plastics are used by automobile manufacturers in Europe because they are energy-efficient and aid in vehicle weight reduction. Strict emission standards in the region have compelled European automakers to switch from diesel engines to electrified motors. Over the forecast period, this is also expected to boost product demand.
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Market Drivers
Globally, the automotive sector's recovery, improved vehicle design capabilities, and increased emphasis on vehicle weight reduction and emission control are key factors driving the growth of the automotive plastics market. Plastics are widely used in automotive components and parts because they are easy to manufacture, can be sourced from renewable raw materials, and have improved designs. Automotive mass reduction is one of the top priorities for automakers because it helps to reduce carbon emissions. Design engineers carefully evaluate materials for vehicle design in terms of cost, material strength, physical and chemical properties, manufacturability, market availability, and recyclability. High-speed steel (HSS), glass fibers, and sheet metal components are less expensive than aluminum, automotive plastics, and magnesium, but they have less mass reduction potential, increasing demand for lightweight plastic materials.
Market Opportunity
High utility of PMMA in vehicle car production
The North American automotive industry has demonstrated significant growth potential for composites in a variety of applications. The high cost of composite materials, as well as a lack of cost-effective manufacturing processes for high-volume applications, has limited their use in the automotive industry. However, the increased emphasis on reducing vehicle weight and thus improving performance has encouraged companies to use composites and PMMA plastics.
Segmental Outlook
The global automotive plastics market is segmented based on product, process, and application. By product, the market is segmented as acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), polymethyl methacrylate (PMMA), polyamide (PA), and others. By process, the market is segregated as injection molding, blow molding, thermoforming, and other. By application, the market is segmented as powertrain, electrical components, interior furnishings, exterior furnishings, under the hood, and chassis.
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Competitive Landscape
Some of the leading competitors are Magna International Inc., Lear Corporation, Adient plc, BASF SE, Plastic Omnium, Borealis AG, Covestro AG, and among others.
Some of the key observations regarding automotive plastics industry include:
- In August 2018, Magna International Inc. announced an acquisition with OLSA S.p.A. This acquisition will help the company to expand and enhance its lighting business solutions, globally.
- In October 2018, Lear Corporation, announced opening of new innovation center in Detroit, US for developing new automotive products and technologies. This expansion helped the company to strengthen its automotive business.
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