Automotive Plastic is an integral component used in the design and manufacture of automotive parts such as flooring, engine components, and door panels, etc. The lightweight plastic material helps to control the fuel consumption, increasing the fuel efficiency of the vehicles. It also allows designers to implement innovative and durable designs. Resultantly, the demand for light-weight plastic has been augmented drastically over the past few years.
Improving economy is fuelling the automotive industry lately, enhancing the consumers’ purchasing power. Resultantly, consumers are demanding luxuries vehicles with the advancements in automobile exterior design, and that can give maximum fuel efficiency. This, in turn, is ascending the demand for the lightweight automotive components, escalating the market value of automotive plastic on the global platform.
Acknowledging the kind of accruals the market is gaining currently, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. In its study report, MRFR asserts that the Global Automotive Plastics Market will garner a value of approx. 56.38 Billion USD by 2023 with a CAGR of ~12.6% between 2016 and 2023.
Qualities of Automotive Plastics such as high resistance to weathering, versatility in applications, and superior quality of designs make them the trendiest forms of automobile design materials. Strict governmental regulations pertaining to the vehicular emissions are encouraging the automotive companies to switch their preferences from metals like steel and aluminum to light-weight plastics.
On the flip side, Automotive Plastics are slightly expensive and hence is produced in lower volume which restricts its applications to low-volume applications further limiting its market growth to an extent. Besides, price volatility and demand and supply gap of the feedstock is one of the key factors, impeding the market growth of automotive plastics.
Nevertheless, the demand for emission control & weight reduction composites, high demand for improved vehicular designs is fostering the demand for automotive plastic materials, escalating the market growth. Also, expected technological advancements, through R&D are likely to present economical manufacturing processes reducing the selling cost of these plastics.
Global Automotive Plastics Market - Regional Analysis
The Asia Pacific accounts for the fastest growing Automotive Plastics Market capturing the largest market share of the global market. Factors substantiating the market growth include the huge consumption of these products in the ever increasing automotive and transportation industry in this region. India, China, and Japan are the major markets in this region owing to their well-established established automotive sectors.
Europe is the second most significant market in the Global Automotive Plastic Market. The automotive industry in the region is witnessing a steady rise in the demand for the lightweight automotive parts. Countries namely Germany, U.K., France, and Italy, are the major markets in this region on account of established automotive industries. The automotive industry is increasingly consuming these plastics components for manufacturing a number of under-hood parts.
North America is another lucrative market for Automotive Plastics globally, owing to the growing demand for these products for the manufacturing of aftermarket products of the interiors and exterior Body. The US backed by the presence of the burgeoning automotive industry accounts for the major contributor to the market growth.
The Middle East & Africa is growing at a significant rate owing to the growth of the automotive sector. GCC Countries such as UAE, Saudi Arabia, and Qatar will lead the market in the region throughout the forecast period. The Latin America region is anticipated to gain momentum due to the economic and political stability in Brazil. Attributing to the various automotive application such as under bonnet, interiors body, outer body, and electrical components the region Latin America is expected to witness a substantial growth during the review period.
Automotive Plastics Market - Competitive Analysis
The global market of Automotive Plastics appears to be highly competitive and fragmented. A number of large and small key players are operating in the market, churning the competition. To maintain their market position these players incorporate collaboration, acquisition, partnership, technology launch and expansion.
Key Players:
Akzo Nobel N.V. (Europe), BASF SE (Europe), Evonik Industries (Europe), Saudi Basic Industries Corporation (SABIC - Saudi Arabia), Teijin limited (Japan), DSM Company (Europe), The Dow Chemical Company (US), LyondellBasell Industries N.V. (US), E. I. Du Pont De Nemours and Company (US), and Quadrant group of companies (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Plastics Market.
Industry/innovation/Related News:
July 04, 2018 - Cooper-Standard Automotive Inc. (US), a leading global automotive supplier announced the acquisition of Lauren Plastics, LLC (US), a manufacturer and marketer of plastic products. This acquisition is expected to expand ISG's (The ISG business of Cooper Standard) sealing product line in key segments, including automotive distribution and aftermarket; as well as specialized products for the automotive and transportation markets.
June 26, 2018 – Viking Plastics, Inc. (US) one of the leading providers of molded plastic components and assemblies announced the acquisition of Genesis Plastics and Engineering LLC (US), a supplier of automotive interiors, seating and molded products. This acquisition is expected to add to Viking’s current line of custom injection molded products and assemblies for the automotive, expanding its expertise and customers by incorporating Genesis’ capabilities to manufacture new tools.
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