Automotive Plastics Market Size, Share, Trends, Opportunities Analysis Forecast Report by 2026
Findings from the Facts and Factors report “Automotive Plastics Market by Product Type (Polypropylene, Polyurethane, Polyvinyl Chloride, Acrylonitrile-Butadiene-Styrene (ABS), Polyamide, Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polycarbonate, Polybutylene Terephthalate (PBT), Polymethyl The market is expected to grow at an 11.4% CAGR and reach around USD 75.3 billion by 2026.
One of the driving forces in the automotive plastics market is the increased demand for products that offer significant pollution reduction. Because of some end-users stringent carbon emission regulations and price sensitivity, automotive manufacturers prefer automotive plastics when manufacturing automobiles. The use of technologies such as turbocharging adjustment, aerodynamic design, valve timing, and the introduction of plug-in hybrid and hybrid vehicles in vehicles can all help to reduce carbon emissions in passenger vehicles.
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However, high capital costs and the high cost of plastic materials are expected to stifle market growth in the coming years. Capital costs associated with new material invention or design are frequently measured over the long term, or system or device life cycle. This feature prohibits the use of modern advanced materials in vehicle manufacturing because they require re-engineering the process and new manufacturing techniques, which incurs a significant capital cost. Nonetheless, the use of PMMA and composites in vehicle car production is expected to open up new opportunities in the automotive plastics market in the near future.
Polypropylene has a significant share of the automotive plastics market in 2019 and is expected to maintain its dominance in the coming years. Polypropylene is used in both rigid and flexible packaging due to its physical and chemical properties. Polypropylene has a low weight in comparison to many other plastics and is widely used in the automotive industry. PP has excellent chemical and electrical resistance at very high temperatures. This is semi-rigid, transparent, and gives the hinge integral character. It is used in a variety of end-use industries, including electrical and electronics, packaging, manufacturing, consumer goods, and automotive. The market for automotive plastics for interior components is expected to grow, owing to a greater emphasis on compact and fuel-efficient automobiles. With improving economic conditions, the market is expected to gain traction. Other interior components, such as seat bases, load boards, headliners, and rear box shelves, are made of high-performance plastics rather than traditional rubber and metal, such as ABS composites and Glass-Mat Thermoplastic (GMT).
In the coming years, the Asia Pacific region is expected to dominate the automotive plastics market. Asian countries such as India, Thailand, and China are driving Asia Pacific market growth. Growing investments in modern vehicle production technology and an expanding manufacturing base are expected to usher in a new era of vehicles, which will benefit the plastic automotive industry. The Asia Pacific automotive plastics market for non-commercial vehicles is expected to grow significantly between 2019 and 2026.
BASF SE, Evonik Industries AG, SABIC, Borealis AG, Grupo Antolin, Owens Corning, Royal DSM N.V., Akzo Nobel N.V., Covestro AG, Adient plc, Momentive Performance Materials, Inc., Dow Chemical Company, Magna International, Inc., Lear Corporation, Quadrant AG, Hanwha Azdel Inc., Teijin Limited, and Others are some of the key players in the automotive plastics market.
Global Automotive Plastics Market: Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa