Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Automotive Plastics Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global automotive plastics market reached a value of nearly $36,261.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.7% since 2017. The market is expected to grow from $36,261.6 million in 2022 to $56,001.6 million in 2027 at a rate of 9.1%. The market is then expected to grow at a CAGR of 9.3% from 2027 and reach $87,240.5 million in 2032.
Growth in the historic period resulted from increased automobile production, increased demand for commercial vehicles, surge in passenger vehicles, increased demand for sustainable plastics, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period included the impact of COVID-19.
Going forward, increasing demand for electric vehicles, supportive government initiatives, and growing automotive industry will drive the growth. Factors that could hinder the growth of the automotive plastics market in the future include restrictions on free trade.
The automotive plastics market is segmented by product type into polypropylene (PP), polyurethane (PU), polyvinylchloride (PVC), polyamide (PA), acrylonitrile butadiene styrene (ABS), high density polyethylene (HDPE), polycarbonate (PC), polybutylene terephthalate (PBT) and other product types.
The polypropylene (PP) market was the largest segment of the automotive plastics market segmented by product type, accounting for 30.3% of the total in 2022. Going forward, the polyamide (PA) segment is expected to be the fastest growing segment in the automotive plastics market segmented by product type, at a CAGR of 9.9% during 2022-2027.
The automotive plastics market is segmented by application into interior, exterior, under bonnet, electrical components, power train and chassis. The interior market was the largest segment of the automotive plastics market segmented by application, accounting for 40.2% of the total in 2022. Going forward, the interior segment is expected to be the fastest growing segment in the automotive plastics market segmented by application, at a CAGR of 9.5% during 2022-2027.
The automotive plastics market is segmented by vehicle type into conventional/traditional vehicles, electric vehicles and hybrid vehicles. The conventional/traditional vehicles market was the largest segment of the automotive plastics market segmented by vehicle type, accounting for 85.0% of the total in 2022. Going forward, the electric vehicles segment is expected to be the fastest growing segment in the automotive plastics market segmented by vehicle type, at a CAGR of 11.0% during 2022-2027.
Asia Pacific was the largest region in the automotive plastics market, accounting for 42.2% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the automotive plastics market will be Africa and Western Europe where growth will be at CAGRs of 16.3% and 12.2% respectively. These will be followed by Eastern Europe and Middle East where the markets are expected to grow at CAGRs of 10.7% and 10.4% respectively.
The global automotive plastics market is fairly fragmented with a large number of players. The top ten competitors in the market made up to 31.42% of the total market in 2021. LyondellBasell Industries Holdings B.V was the largest competitor with 4.97% share of the market, followed by BASF SE with 4.40%, Covestro AG with 4.02%, Saudi Basic Industries Corporation (SABIC) with 3.60%, Borealis AG with 3.09%, DSM with 2.75%, Evonik Industries AG with 2.64%, Exxon Mobil Corporation with 2.22%, Arkema Group with 2.03% and LG Chem with 1.70%.
The top opportunities in the automotive plastics market segmented by product type will arise in the polypropylene (PP) segment, which will gain $6,098.3 million of global annual sales by 2027. The top opportunities in the automotive plastics market segmented by application will arise in the interior segment, which will gain $8,372.7 million of global annual sales by 2027. The top opportunities in the automotive plastics market segmented by vehicle type will arise in the conventional/traditional vehicles segment, which will gain $16,125.0 million of global annual sales by 2027. The automotive plastics market size will gain the most in the USA at $2,695.4 million.
Market-trend-based strategies for the automotive plastics market include focus on launch of new production lines, recovering used plastics from the production of automotive parts, partnerships and collaborations, and focus on lightweight products.
Player-adopted strategies in the automotive plastics market include focus on providing recycled automotive plastic granulates and creating a circular economy through partnerships and collaborations, strengthening business capabilities through strategic investments, supporting the sustainability initiatives of automotive industry through the launch of new products and solutions, and strengthening business capabilities through new product launches.
The report covers the following chapters:
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the automotive plastics market.
- Key Trends
Highlights the major trends shaping the global automotive plastics market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2017-2032) and analysis for each segment by product type, by vehicle type, and by application in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies
This section includes market Opportunities and Strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations
This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for automotive plastics providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups.
- Appendix
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report
Scope:
Markets Covered:
1) By Product Type: Polypropylene (PP); Polyurethane (PU); Polyvinylchloride (PVC); Polyamide (PA); Acrylonitrile Butadiene Styrene (ABS); High Density Polyethylene (HDPE); Polycarbonate (PC); Polybutylene Terephthalate (PBT); Other Product Types
2) By Application: Interior; Exterior; Under Bonnet; Electrical Components; Power Train; Chassis
3) By Vehicle Type: Conventional/Traditional Vehicles; Electric Vehicles; Hybrid Vehicles
Companies Mentioned: Lyondellbasell Industries Holdings B.V; BASF SE; Covestro AG; Saudi Basic Industries Corporation (SABIC); Borealis AG
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; automotive plastics indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 331 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $36261.6 Million |
| Forecasted Market Value (USD) by 2031 | $87240.5 Million |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Lyondellbasell Industries Holdings B.V
- BASF SE
- Covestro AG
- Saudi Basic Industries Corporation (SABIC)
- Borealis AG
For more information about this report visit https://www.researchandmarkets.com/r/8wlo55
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