Dublin, June 28, 2021 (GLOBE NEWSWIRE) -- The "Global Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive plastics market for passenger cars is estimated at USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period of 2021 to 2026.
Increasing disposable income, changing lifestyles, and growing population in emerging economies are some of the growth drivers for the automotive plastics market for passenger cars.
The under-bonnet application segment is projected to grow at the highest CAGR during the forecast period
Based on application, the under-bonnet application is the fastest-growing segment of the automotive plastics market for passenger cars. With the increasing demand for passenger cars, the demand for plastic powertrain components such as housing and electric motor casing is likely to increase.
Also, other factors responsible for the market growth include battery thermal management systems that require high-quality polymer casing and the deployment of lightweight components for electric motor. New plastic innovations in the electric powertrain such as adoption of polymer in the cooling concept of electric motor housing material are likely to result in the growth of advanced plastics used for under bonnet components.
The PU product type segment is the largest market in 2020
PU is the largest product type segment in the automotive plastics market for passenger cars. PU is a strong and light material that helps designers and manufacturers design seating and other components that can be assembled, disassembled, and recycled.
They are available in a wide range of stiffness, hardness, and densities, and are used in seats, steering wheels, automotive suspension bushings, carpet backing, seat overlays, head & armrests, airbag covers, acoustic insulations and insulation panels. Polyurethane is the most durable and can be recycled, thereby finding plenty of applications in automotive plastics for passenger cars.
Polyurethanes help in improving the quality, safety, and cost-effectiveness of modern cars. The developing economies of APAC, such as China and India, are driving the demand for polyurethanes owing to the increase in car production in these countries.
Asia Pacific is projected to grow the highest CAGR in the automotive plastics market for passenger cars during the forecast period
Asia Pacific is the largest and fastest-growing market in the automotive plastics market for passenger cars. It is the largest market because of the increased use of plastics in the vehicles produced in China, Japan and India.
The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, Maruti Suzuki and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries.
In terms of geography, Asia has the highest sales of automotive, making it the largest market for plastic for passenger cars. Such factors are expected to fuel the growth of the automotive plastics market for passenger cars in the region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Significant Opportunities In Automotive Plastics Market for Passenger Cars
4.2 APAC Automotive Plastics Market for Passenger Cars, by Product Type, and Country
4.3 Automotive Plastics Market for Passenger Cars, by Application
4.4 Automotive Plastics Market for Passenger Cars, by Region
4.5 Automotive Plastics Market for Passenger Cars Attractiveness
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Adoption of lightweight materials due to stringent emission and fuel economy regulations
5.2.1.2 Introduction of new safety features and luxury components
5.2.1.3 OEMs' inclination towards thermally stable plastics
5.2.2 Restraints
5.2.2.1 Covid-19 slowing down sales of passenger cars
5.2.3 Opportunities
5.2.3.1 Use of bioplastics in vehicle production
5.2.3.2 Use of anti-microbial plastics/additives in vehicle car production
5.2.3.3 Use of composites and PMMA in vehicle car production
5.2.3.4 Growing trend of vehicle electrification
5.2.4 Challenges
5.2.4.1 Shifting demands of OEMs for advanced materials to adhere to carbon emission targets
5.2.4.2 High cost of capital and infrastructure for re-engineering of plastics
5.3 Porter's Five forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Impact of Covid-19 On Automotive Plastics Market for Passenger Cars
5.4.1 Covid-19
5.4.2 Covid-19 Health Assessment
5.4.3 Impact On Automotive Plastics Market for Passenger Cars
5.5 Trends and Disruptions Impacting Customer's Business
5.6 Ecosystem/Market Map of Automotive Plastics for Passenger Cars
5.7 Patent Analysis
5.8 Regulatory Landscape
5.9 Case Study Analysis
5.10 Pricing Analysis
5.11 Technology Analysis
5.12 Supply Chain Analysis
6 Automotive Plastics Market for Passenger Cars, by Product Type
7 Automotive Plastics Market for Passenger Cars, by Application
8 Automotive Plastics Market for Passenger Cars, by Vehicle Type
9 Automotive Plastics Market for Passenger Cars, by Region
10 Competitive Landscape
11 Company Profiles
11.1 Key Players
11.1.1 BASF SE
11.1.2 Sabic
11.1.3 Lyondellbasell Industries Holdings BV
11.1.4 LG Chem
11.1.5 Dupont
11.1.6 Borealis AG
11.1.7 Covestro AG
11.1.8 Evonik Industries AG
11.1.9 Royal DSM
11.1.10 Arkema SA
11.1.11 Solvay
11.1.12 Lanxess
11.1.13 Celanese Corporation
11.1.14 Toray Industries Inc.
11.1.15 Mitsui Chemicals
11.2 Other Key Market Players
11.2.1 Toyota Boshoku Corporation
11.2.2 Faurecia SA
11.2.3 Toyoda Gosei Co., Ltd.
11.2.4 INEOS
11.2.5 Sumito Chemicals Company Ltd.
11.2.6 UBE Industries
11.2.7 Mitsubishi Engineering Plastics Corporation
11.2.8 Formosa Plastics Corporation
11.2.9 EMS Chemi Holdings
11.2.10 Momentive Performance Materials
11.2.11 AGC Chemicals Americas Inc.
11.2.12 Chevron Phillips Chemicals
11.2.13 Braskem
11.2.14 PTT Global Chemical
11.2.15 Hanwha Chemical
11.2.16 Stratasys
11.2.17 APPL Industries Ltd.
11.2.18 Kraiburg Holding GmbH & Co. Kg
11.2.19 Saint-Gobain Group
11.2.20 AG Industries Pvt. Ltd.
12 Appendix
12.1 Discussion Guide
12.2 Knowledge Store: The Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details
For more information about this report visit https://www.researchandmarkets.com/r/axdvra