Dublin, Dec. 09, 2021 (GLOBE NEWSWIRE) -- The "North America Automotive Plastics For Exterior Trim Market 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The North America automotive plastics for exterior trim market size is expected to reach USD 28.65 million by 2028 and is expected to expand at a CAGR of 3.8% from 2021 to 2028
The North American market is anticipated to grow due to the use of plastics in the manufacturing of exterior trim components, such as front grills, spoiler, pillar panels, and rear bumpers for lightweight vehicles. Polycarbonate/acrylonitrile butadiene styrene (PC/ABS) blends have emerged as a suitable material for manufacturing automotive exterior trims. Their good impact strength at cold temperatures, high-temperature stability, and processability to injection molding makes them suitable for front grills.
The prominent vehicle manufacturers in North America are shifting towards electric vehicles and are investing significantly to attain their vehicle electrification goals.
For instance, in September 2021, Ford Motor Company announced to invest USD 11 billion to boost electric vehicle production. It plans to transform at least 40% of its fleet to be battery-powered within nine years. The growing investment in electric vehicles is expected to drive the demand for automotive plastics for exterior trim.
Key players are carrying out strategic initiatives such as mergers and acquisitions to strengthen their position in the North American market. For instance, in December 2020, U.S.-based Trinseo S.A. announced its decision to acquire the polymethyl methacrylate (PMMA) business of Arkema valued at USD 1.39 billion (EUR 1.14 billion). This strategic initiative is expected to result in Trinseo S.A. gaining control over 7 production sites (4 in Europe and 3 in North America).
Acrylonitrile styrene acrylate (ASA) exhibits excellent weathering resistance, high impact strength, and chemical resistance, resulting in the increased usage of ASA in radiator grills and mirrors. Plastic resin manufacturers are setting up manufacturing facilities as a part of their expansion plan to strengthen their position in North America.
North America Automotive Plastics For Exterior Trim Market Report Highlights
- The front grill end-use segment is expected to register the fastest CAGR over the forecast period in terms of revenue. This is attributed to the rising demand for polycarbonate/acrylonitrile butadiene styrene (PC/ABS) blends and acrylonitrile styrene acrylate (ASA) resins
- The growing demand for automotive plastics as a replacement material for metal alloys in the exterior trim market is driven by the increasing demand for lightweight vehicles, which results in improving vehicle engine efficiency
- The advancement in the recycling process of plastic waste generated from the automotive industry is anticipated to boost the demand for automotive plastics over the forecast period
- The U.S. accounted for more than 80.0% share of the overall revenue in 2020 and is expected to witness the fastest growth over the forecast period
Variables, Trends, & Scope
Market Driver Analysis
- Increasing demand for lightweight vehicles
- Advancements in the recycling process of plastic waste generated from the automotive industry
Market Restraint Analysis
- Volatile Raw Material Prices
Market Lineage Outlook
Penetration & Growth Prospect Mapping
Industry Value Chain Analysis
- Raw Material Trends
- Manufacturing Trends
- Injection Molding
- Extrusion
- Thermoforming
Regulatory Framework
- Standard & Compliances
- Safety
- Hazard Identification
- First Aid Measures
- Fire Fighting Measures
Business Environment Analysis
- Porter's Five Force Analysis
- PESTEL Analysis
Company Profiles
- SABIC
- LG Chem
- Trinseo S.A.
- Covestro AG
- Mitsubishi Chemical Corporation
- RTP Company
- LOTTE Chemical CORPORATION
- Sumitomo Chemical Co., Ltd.
- Gehr Kunstoffwerk GmbH & Co. KG
- Asahi Kasei Corporation
For more information about this report visit https://www.researchandmarkets.com/r/n3rr5b
