The global automotive plastics market size is expected to reach USD 68.58 billion
by 2025 registering a CAGR of 11.5%, according to a new report by Grand View
Research, Inc. Rising preference for high-performance plastics to substitute
conventional metals and rubber is expected to impel the market growth. Superior
properties, such as versatility and flexibility, of plastic materials have
fostered innovations, in terms of technologies and designs. However, the
quality of plastics is highly dependent on their properties, functions, and
applications. Streamlined mass production has enabled provision of
technologically-sound and cost-efficient products with high sustainability.
Utilization of polymer matrix and carbon
fiber composites helps reduce the overall weight of vehicles by 25 to 75%.
These composites are essential for emission reduction and fuel conservation
while supporting the additional weight of advanced safety equipment. Stringent
regulations, such as the Corporate Average Fuel Economy (CAFE) in North
America, have compelled automobile Original Equipment Manufacturers (OEMs) to
seek alternative methods for reducing vehicle weight to improve efficiency.
Polycarbonate (PC) is expected to emerge as the fastest-growing product segment
from 2019 to 2025. It offers excellent weathering, optical, thermal, and
electrical properties and provides a unique combination of stiffness,
toughness, and hardness.
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https://www.grandviewresearch.com/industry-analysis/automotive-plastics-market
Further key findings from the study suggest:
· Powertrains are expected to emerge as the
fastest-growing application segment over the forecast period
· Powertrain engineering applications assist
vehicle manufacturers to reduce weight and integrate complex parts, which
ultimately delivers higher productivity, boosts performance, and saves overall
cost
· APAC is projected to be the fastest-growing
regional automotive plastics market expanding at a CAGR of 12.0% from 2019 to
2025
· This growth is attributed to the rapidly
expanding manufacturing base and increasing investments in advanced processing
technologies in APAC
· Major market participants include AkzoNobel
N.V.; BASF SE; Covestro AG; Evonik Industries AG; Johnson Controls
International PLC; Magna International, Inc.; Momentive Performance Materials,
Inc.; SABIC; The Dow Chemical Company; Borealis AG; Hanwha Azdel, Inc.; Grupo
Antolin; Lear Corp.; Owens Corning; Quadrant AG; Royal DSM N.V.; and Teijin
Ltd.
Grand View Research has segmented the
global automotive plastics market on the basis of product, application, and
region:
Automotive Plastics Product Outlook
(Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·
Acrylonitrile Butadiene Styrene (ABS)
·
Polypropylene (PP)
·
Polyurethane (PU)
·
Polyvinyl Chloride (PVC)
·
Polyethylene (PE)
·
Polycarbonate (PC)
·
Polymethyl Methacrylate (PMMA)
·
Polyamide (PA)
·
Others
Automotive Plastics Application
Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
·
Powertrain
·
Electrical Components
·
Interior Furnishings
·
Exterior Furnishings
·
Under-the-Hood Components
·
Chassis
Automotive Plastics Regional Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
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.
