Automotive Plastics Market Growth & Trends
The global automotive plastics market size is expected to reach USD 43.44 billion by 2030, registering a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. A rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel the market growth.
The COVID-19 pandemic negatively impacted automotive plastics manufacturers by halting automotive production and reducing vehicle demand due to global financial instability. The outbreak disturbed the entire automotive supply chain on a worldwide scale. Since the market for automobiles is entirely dependent on vehicle sales, this outbreak affected this market significantly. However, the market grew substantially in 2021 primarily due to the increased electric vehicle sales and is therefore expected to stimulate the market growth over the forecast period.
The polyurethane product segment is anticipated to witness significant growth over the forecast period owing to its ability to infuse the characteristics of both plastics and rubber at a lower weight compared to metal and other plastic materials. Increasing product demand from the automotive industry for use in refrigeration insulation, interior trims, and seat cushioning is expected to boost product demand over the forecast period. In September 2021, Adient, a pioneer in automotive seating systems, and Covestor confirmed a strategic alliance. The company will integrate cardyon, a polyol made utilizing Covestro's CO2 technology as a self-sustaining material in the manufacturing of hot cure-shaped polyurethane foam utilized as cushioning in automotive seating systems.
The power train application segment is expected to witness the fastest growth over the forecast period. The rising application of plastics in powertrain engineering is expected to support market growth in the coming years. It helps the manufacturers of vehicles reduce weight and integrate complex parts, which ultimately boosts performance, delivers higher productivity, and saves cost. According to research conducted by E. I. du Pont de Nemours and Company, currently, plastics penetration stands at 110-120 kilograms per car depending on the engine size and region, while manufacturers are still exploring other new opportunities for the usage of plastics.
In Asia Pacific, the market is expected to register the fastest CAGR during the forecast period. The growing automotive industry, coupled with the rising population and increasing disposable income of middle-class families in the emerging economies of the region, is likely to be the primary driving factor in the coming years. Moreover, strong government support and initiatives and increasing investment by the government are propelling the growth of the automotive industry in the region, which, in turn, is anticipated to fuel the demand for the product in the region. In November 2021, the Indian Oil Corporation (IOC) and two other public sector oil companies declared plans to build 22,000 charging stations for electric vehicles over the next three to five years.
Request a free sample copy or view report summary: Automotive Plastics Market Report
Automotive Plastics Market Report Highlights
- Increasing integration of in-car entertainment and communication systems, engine electronics, advanced safety, and advanced driver-assistance systems is boosting the demand for electrical components application, which, in turn, is fueling the growth of the market in North America
- The polypropylene product segment accounted for the largest revenue share of more than 32.25% in 2023 and is estimated to maintain its lead over the forecast period
- The interior furnishings application segment is expected to be the largest segment over the forecast period owing to the rising product usage for interior furnishings in automobiles including body and light panels, seat covers, steering wheels, and fascia systems
Access Press Release@ https://www.grandviewresearch.com/press-release/global-automotive-plastics-market
Automotive Plastics Market Segmentation
Grand View Research has segmented the global automotive plastics market based on product, process, application, region:
Automotive Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- PP LGF 20
- PP LGF 30
- PP LGF 30Y
- Others
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (PA)
- Others
Automotive Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Injection Molding
- Blow Molding
- Thermoforming
- Other
Automotive Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Powertrain
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyurethane (PU)
- Acrylonitrile Butadiene Styrene (ABS)
- Polycarbonate (PC)
- Polyamide (PA)
- Others
- Electrical Components
- Polyamide (PA)
- Polypropylene (PP)
- Polymethyl Methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Others
- Interior Furnishings
- Polyurethane (PU)
- Polypropylene (PP)
- Polymethyl Methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Exterior Furnishings
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polyurethane (PU)
- Polyamide (PA)
- Under the Hood
- Polyethylene (PE)
- Polypropylene (PP)
- Polyamide (PA)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyurethane (PU)
- Chassis
- Polyethylene (PE)
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamide (PA)
- Polyurethane (PU)
- Others
Automotive Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Asia Pacific
- China
- India
- Japan
- Southeast Asia
- Central and South America
- Brazil
- Middle East and Africa
List of Key Players of Automotive Plastics Market
- BASF SE
- SABIC
- Dow Inc.
- AkzoNobel N.V.
- Covestro AG
- Evonik Industries AG
- Borealis AG
- Royal DSM N.V.
- Magna International, Inc.
- Teijin Limited
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
No comments:
Post a Comment