Automotive Plastics play a pivotal role in the manufacture of external and internal parts of cars and other large vehicles. Preference for owning personal cars and its use for travel over public transportation can create a market for automotive plastics. The global automotive plastics market report by Market Research Future (MRFR) stresses on drivers, roadblocks, opportunities, and trends for the period of 2022-2030. The impact of the COVID-19 virus on the industry and the effects of its disruption are noted in the report coupled with suggestive measures.
The Automotive Plastics Market Is Expected To Exhibit A Significant CAGR Of 4.4% With The Market Size Of USD 38.7 Billion During The Forecast Period (2022-2030). This can be attributed to their malleable nature and their ability to be modified into any possible shape and size. The emergence of thermoplastics, polyamide, polycarbonate, polyacetal, and other polymers facilitated several groundbreaking transformations in the sector. In addition, introduction of alloys and various other innovative polymer blends is allowing carmakers to develop automotive designs that are ready for the future. The integration of the latest devices owing to consumer demand and penchant for infotainment is likely to fuel the need for automotive plastics significantly. Environmental concerns calling for fuel-efficient vehicles can warrant the demand in the global Automotive Plastics Market Analysis. Elevated demand for passenger, commercial, and luxury vehicles can continue to influence the market in the coming years.
The COVID-19 pandemic has led to several lockdown scenarios in countries globally causing a massive disruption in the production line. The gap in the supply of raw materials from China and additional taxes levied on the country has negatively impacted automaker revenues.
The global automotive plastics market has been segmented by type and application.
Based on type, the global automotive plastics market has been segregated into polyamide, polymethyl methacrylate, polyurethane, acrylonitrile-butadiene-styrene (ABS), PVC, polycarbonate, polypropylene, and others. Polypropylene accounted for the largest market share in 2017 due to characteristics of water imperviousness, chemical resistance, and economically affordable costs. The segment can exhibit 10.11% CAGR during the forecast period. On the other hand, polyamide can register 12.10% CAGR over the assessment period owing to its increased use in engines and other components. It can touch a value of USD 3,837.4 million by 2023.
By application, the global market has been categorized into interior, electronics, exterior, powertrain, drivetrain, under the hood, instruments panel, and others. The interior application segment is expected to account for a major part of the market revenues by 2023 owing to customer demand for attractive aesthetics. Agreements between car makers and interior specialists can have an indelible impact on the segment growth. In 2019, EconCore had signed an agreement with Kotobukiya Fronte for producing honeycomb sandwich panels. On the other hand, the under the hood segment is bound to be lucrative for the global automotive plastics market due to its wear and chemical resistance.
Global Automotive Plastics Market - Regional Analysis
The Asia Pacific region, heading with its burgeoning automotive and transportation industry accounts for the dominating market in the global automotive plastics parts market, capturing the largest market share. Factors that are substantiating the growth of the regional market include the massive consumption of these composites in the ever increasing automotive and transportation industry in this region. Rapidly developing economies such as Japan, China, and India backed by their well-established automotive sectors, account for the major automotive plastics markets in the APAC region.
The automotive plastics market in the European region accounts for the second most significant market, globally. The already well-established, robust automotive industry in the region is witnessing a steady rise in the demand for the lightweight automotive component. Moreover, the automotive industry in major countries such as Germany, the U.K., France, and Italy is increasingly consuming these plastics components for manufacturing a number of under-hood parts.
North America automotive plastics market is rapidly emerging as a profitable market, globally. Factors such as the growing demand for light-weight plastics for the manufacturing of aftermarket products of the interiors and exterior body are some of the major driving forces propelling the growth of the market. The US backed by the presence of the burgeoning automotive industry accounts for the major contributor to the growth of the market.
On the other hand, the automotive plastics market in the Middle East African (MEA) region is growing at a significant rate predominantly led by the growth of the automotive sector. Some of the GCC countries like the UAE, Saudi Arabia, and Qatar are leading the automotive plastics market in the region.
Whereas, due to the economic and political stability in Brazil the Latin American region is gaining huge momentum. Moreover, various automotive parts manufacturing including under bonnet, interiors body, outer body, and electrical components that are expected to witness a substantial growth during the review period would foster the growth of the market.
Automotive Plastics Market - Competitive Analysis
Highly competitive, the global automotive plastics market appears to be fragmented with a large number of big and small key players operating in the market, churning the competition. These players are investing substantially in incorporating strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion and thus to maintain their positions in the market.
Key players leading the global automotive plastics market include Akzo Nobel N.V. (Europe), Evonik Industries (Europe), BASF SE (Europe), Saudi Basic Industries Corporation (SABIC - Saudi Arabia), DSM Company (Europe), Teijin Limited (Japan), The Dow Chemical Company (US), E. I. Du Pont De Nemours and Company (US), LyondellBasell Industries N.V. (US), and Quadrant group of companies (Japan) among others.
April 04, 2019 --- Trinseo (the US), a material solutions provider and manufacturer of latex binders, plastics and synthetic rubber announced the launch of a lightweight plastic that can replace metal in semi-structural components. This new long-glass-fiber-reinforced acrylonitrile butadiene styrene (ABS LGF) alloy provides thirty percent weight savings compared to aluminum or magnesium.
In the scenario where auto manufacturers strive to reduce raw material costs and part weights, Trinseo’s ABS LGF alloy will undoubtedly help to an extent. Trinseo presented its invention at VDI’s Plastics in Automotive Engineering (PIAE) conference, held April 3-4, 2019 in Mannheim, Germany.
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