30th September 2019 – Global Automotive
Plastics Market is anticipated to reach USD 68.5 billion by 2025. To
make cars safer and fuel efficient, plastics are being used extensively. It
renders vehicles lightweight and increases their fuel efficacy by reducing
carbon emissions. The Automotive industry is a major market for plastic
processors.
The factors that propel the growth of
the automotive plastics industry include strict government regulations
regarding fuel consumption along with rising sales of automobiles, and growing
use of plastics for the production of lightweight vehicles. In addition,
decrease in vehicular emission, increasing prices of steel and iron,
sturdiness, recyclability, and strength of modern plastics are expected to
drive the market.
On the other hand, there are factors
that may hamper the growth of the market including rising demand for
biodegradable plastics, high process engineering cost, volatile cost of raw
material, and high investment required in material research. Automotive
Plastics Market is anticipated to grow at a significant CAGR of 11.8% in the
upcoming period as the scope, product types, and its applications are
increasing across the globe. The market may be explored by product type,
application, and geography.
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Automotive Plastics industry by product
type could span Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS),
Polymethyl Methacrylate (PMMA), Polypropylene (PP), Polycarbonate (PC),
Polyvinyl Chloride (PVC), Polyethylene (PE), and others. The “Polypropylene”
segment accounted for the largest market share of the market and led the
overall market in 2016; the reason being, at high temperature it has excellent
chemical and electrical resistance; it is lightweight material, and is
inclusively used as a noise & vibration dampener and thermal insulator in
vehicular components. In addition, it is translucent, semi-rigid; and offers
fundamental hinge property.
The key applications that could be
explored in the Automotive Plastics Market include Chassis, Powertrain, Under
the Hood Components, Electrical Components, Exterior Furnishings, and Interior
Furnishings. The “Interior furnishings” segment accounted for the largest
market share of the market in terms of volume had developed as the dominant
application in 2016;the reason being use of plastics in automobile furnishings
like fascia systems, light display & panels, steering wheels and seat
covers; followed by Exterior furnishings.
Asia-Pacific accounted for the major
share of the Automotive Plastics Market Size in 2016 and will continue to lead
in the forecast period. The factors that could be attributed to the growth
include growing manufacturing base and rising investments in advanced
technologies of vehicular production and increasing production in developing
regions like Thailand, China, Indonesia, India, and Vietnam; followed by
Europe.
On the other hand, European market
accounts for the significant share of Automotive Plastics industry in terms of
revenue owing to use of advanced technology and high-quality plastics as they
are energy effective and help in reducing the overall weight of the vehicle. In
addition, automakers from European countries have to shift from diesel engines
to electrified motors to meet higher emission standards.
Some of the key players that fuel the
growth of the Automotive Plastics industry comprise BASF SE, AkzoNobel N.V,
Covestro, Johnson Controls, Evonik Industries AG, Magna International, SABIC,
Momentive Performance Materials Inc., Borealis AG, The Dow Chemical Company,
Hanwha Azdel Inc., Teijin Ltd, Lear Corp., Owens Corning, Royal DSM N.V, Quadrant
AG, and Grupo Antolin, among others. The leading companies are taking up
partnerships, mergers and acquisitions, and joint ventures in order to boost
the inorganic growth of the industry.
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