New York, USA, July 13, 2022 (GLOBE NEWSWIRE) -- Automotive Plastics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Plastics Market Information by Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 4.4% CAGR to reach USD 38.7 Billion by 2030.
Market Synopsis
Automotive plastics refer to materials that are utilized in the production of various vehicular components. These plastics offer properties that are quite similar to that of metals used in automobiles. The major properties of automotive plastics include toughness, abrasion resistance, flame retardancy, and stiffness. The flexibility, as well as versatility, are some of the impressive characteristics of these plastics, which boost technological innovations and lead to better automobile designs.
Polypropylene is a popular automotive plastic that finds application in both flexible and rigid packaging due to its excellent chemical and physical properties. Other than this, it provides impressive electrical and chemical resistance to extremely high temperatures. It is quite lightweight in comparison with other types of plastics, which makes it perfect for use in the automotive sector.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 38.7 Billion |
| CAGR | 4.4% (2022–2030) |
| Base Year | 2022 |
| Forecast Period | 2022–2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Improved vehicle design capabilities, recovery in the automotive sector |
| Rising demand for fuel-efficient automobiles |
Market Competitive Landscape:
The important vendors in the automotive plastics industry are
- The Dow Chemical Company (U.S.)
- Johnson Controls (U.S.)
- AkzoNobel N.V (Netherland)
- Momentive (U.S.)
- Evonik Industries (Germany)
- Magna International (Canada)
- Teijin Ltd (Japan)
- BASF SE (Germany)
- Covestro AG (Germany)
- SABIC (Saudi Arabia)
Market USP Covered:
Market Drivers:
The world over, the automotive sector’s recovery, improving vehicle designs, and the heightened focus on reducing vehicular weight as well as emission control will help encourage the growth rate of the automotive plastics market. Plastics are extensively utilized in various automotive components as well as parts due to easy manufacturing, deployment of renewable raw materials, and better designs.
Polyvinyl Chloride (PVC), Polypropylene (PP), Polyurethane (PU), and Acrylonitrile Butadiene Styrene (ABS), are some of the most preferred materials for a variety of vehicle components and parts. Plastics are subjected to five stages when being recycled such as washing, sorting, identification, classification, extruding, and shredding, before being infused into the final component. Improving recycling procedures are compelling automotive manufacturers to make use of high-performance plastics. Generally, a car has around 5.9 to 10% of different plastics, based on the fuel-efficiency standards as well as performance requirements, with the consumption rate in vehicular equipment coming to more than over 110-120 kg in the car.
The above-mentioned percentage will be surging in the coming years on account of the escalating demand from a rising number of consumers for lightweight, fuel-efficient, high-performance vehicles. This is touted to have a favorable impact on the automotive plastics market, as the product demand continues to surge worldwide. Weight reduction is one of the most cost-effective methods to bring down Greenhouse Gas (GHG) emissions as well as fuel consumption, as it helps conserve non-renewable crude oil reserves.
Market Restraints:
Automotive plastics with metallic applications are generally extremely expensive, which could induce a drop in their demand in the latest manufactured vehicle models. Owing to this, most automotive developers are opting for steel to bring down the total weight of the vehicles, which can be a huge restraint for the worldwide market.
Furthermore, the rising use of alternative products such as carbon fibers will hinder the growth of the global market.
Browse In-depth Market Research Report (177 Pages) on Automotive Plastics: https://www.marketresearchfuture.com/reports/automotive-plastics-market-2954
COVID 19 Analysis
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the automotive industry, with the temporary shutdown of manufacturing facilities and a reduction in road traffic. The automotive industry is facing revenue losses following the SARS-CoV-2 pandemic due to travel bans and the overall economic downfall worldwide.
However, with the lockdown now being lifted up and a major focus on curbing the spread of the novel coronavirus, players are now able to continue with their business and also concentrate on strengthening their supply chains. This can mean quicker recovery for the automotive plastics market in the upcoming period.
Market Segmentation
Based on Type
Automotive plastics are available in various types, including polyurethane (PU), polypropylene, polymethyl methacrylate, acrylonitrile-Butadiene-styrene (ABS), polyvinyl chloride (PVC), polycarbonate, polyamide, and more. Out of these, polypropylene occupies the biggest share in the worldwide market owing to the heavy demand generated by diverse end-user industries such as electrical & electronics, packaging, automotive, construction, and consumer products.
Based on Application
Automotive plastics have a host of applications such as exterior, under the hood, interior, drivetrain, powertrain, electronics, instruments panel, and more. Plastics’ use in interior furnishing, steering wheels, light displays, ABS composites, fascia systems, and rear package shelves, will be surging at a tremendous pace in the following years.
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Regional Insights
Asia Pacific has the highest revenue share in the worldwide market, thanks to the rising number of companies from developed countries shifting their manufacturing bases to the region. These bases are increasingly being set up in countries like India, Thailand, China, Indonesia, and Vietnam. Expanding production bases in these countries along with the rising spending on innovative technologies used for vehicular manufacturing will usher in a new era of advanced automobiles, in turn strongly influencing the automotive plastics market. Consumers in the region are emphasizing on fuel efficiency, which raises the preference for sustainable plastics.
In Europe, the heightened use of high-performance plastics during production by numerous automakers will help enhance the market size in the region. Thanks to the strict emission norms across the region, the majority of the automakers are going for electrified motors instead of diesel engines, which will create a huge demand for the market in the years to come.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
