Selbyville, Delaware, Global Automotive Plastics Market size to reach USD 36.84 billion by 2027 and is valued approximately at USD 28 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4% over the forecast period 2021-2027.
Plastics nowadays are extensively used in automotive components and parts as it is durable, easy to manufacture and leads to improved designs of automotive components.
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The growth in the automotive sector in last few years, the increased demand for plastic in the automotive manufacturing and technological advancements in the manufacturing of the plastics are driving the Automotive Plastics market. It also leads to the weight reduction of the automobiles as they are lighter than metallic components. Improvements in recycling processes of plastics is leading manufacturers to use high-performance automotive plastics. The growing demand for electric vehicles in developed countries too propelling the market for automotive plastics. According to International Labor organization, global EV sales exceeded 5.1 million units in, an increase of 2 million units from 2017. In Europe and the United States, sales increased by 385,000 and 361,000 EVs respectively, in the year2017-18. At the same time in 2018, China retailed nearly 1.1 million EVs and had 2.3 million active electronic vehicles, making it the largest EV market in the world. Since designing is an important factor of electric vehicles, plastics usage is bound to grow in automotive sector as they are highly flexible in nature. Although plastic provides many advantages, the strength of plastic components is less as compared to metal counterparts. This may act as a restraint for its growth. However, increasing usage of recyclable plastics to curb the carbon emission acts as an opportunity for Automotive Plastics Market in subsequent decade.
Major market player included in this report are:
- Akzo Nobel N.V.
- BASF SE
- Covestro AG
- Evonik Industries AG
- Adient plc (Spin-Off from Johnson Control International plc)
- Magna International, Inc.
- Momentive Performance Materials, Inc.
- Dow Inc.
- Borealis AG
Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of Automotive Plastics Market. Due to higher investments in automobile sector as well as higher per capita income, North America has emerged as the significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the growing demand for the automotive due to increasing population. Rising disposable income and growing awareness for electric vehicles will also boost growth in this region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (PA)
- Electrical components
- Interior furnishings
- Exterior furnishings
- Under-the-hood components
- Injection Molding
- Blow Molding
Global Automotive Plastics Market: regional analysis
Geographically, this report is segmented into several key countries, with market size, growth rate, import and export of Automotive Plastics market in these countries, which covering North America, U.S., Canada, Europe, UK, Germany, France, Spain, Italy, ROE, Asia Pacific, China, India, Japan, Australia, South Korea, RoAPAC, Latin America, Brazil, Mexico and Rest of the World.
Furthermore, years considered for the study are as follows:
- Historical year – 2018, 2019
- Base year – 2020
- Forecast period – 2021 to 2027.
Some of the major questions addressed in the report are:
- What are the crucial factors driving the market?
- What shall be the expected growth acceleration and rate of the market during the forecasted timeframe?
- What was the market size value of the Automotive Plastics in 2020?
- What shall be the Automotive Plastics Market size by 2027?
- Which region shall account for the largest market share of the Automotive Plastics Industry?
- What are the market threats and opportunities considered by the vendors in the Automotive Plastics Market?
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