Synopsis of Automotive Plastic Market
The Global Automotive Plastic Market is expected to witness a significant growth of USD ~ 56.38 Billion by 2023 with CAGR of ~12.6% between 2016 and 2023.
Automotive plastic are essential in the design and manufacture of automotive components such as flooring and engine components, door panels, light weight plastic materials help to get improved fuel efficiency and allows designers to make innovative designs which are durable.
Automotive Plastic has found in various automotive applications such as interiors body, under bonnet, exterior body, and electrical components. Increasing in demand of automotive industries is likely to drive the Automotive Plastic Market growth particularly in Asia-Pacific and Europe. The major drivers of automotive plastics market are the increasing demand of lightweight materials and advancement in automobile exterior design in automotive industry. Whereas the major restrains of Automotive Plastic Market are fluctuation in price of raw materials growing environments concern during manufacturing of plastics which can hamper the growth of automotive plastics market.
Key Players:
The leading players profiled in the report by MRFR are BASF SE (Europe), Akzo Nobel N.V. (Europe), and Evonik Industries (Europe), Saudi Basic Industries Corporation (SABIC) Saudi Arabia, DSM Company (Europe), Teijin Limited (Japan), The Dow Chemical Company (US), E. I. Du Pont De Nemours and Company (US), LyondellBasell Industries N.V. (US), Quadrant group of companies (Japan) and others.
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Market Drivers and Restraints
The widespread application of Automotive Plastic in manufacturing various components of automobiles and increasing demand for automotive plastics owing to the rapid expansion of automotive industry are some of the major factors that are driving the growth of the Global Automotive Plastics Market. Increasing demand for lightweight materials in the automotive industry in order to reduce the fuel consumption by reducing the overall weight of the vehicle and control the emission rate of vehicles is fueling the expansion of the Global Automotive Plastics Market.
Advancement and increased complexities in the designing of automotive and incorporation of high-tech electronic components in the vehicles are generating high demand for automotive plastics, resulting in the growth of the Global Automotive Plastics Market.
However, the fluctuations in the prices of raw materials and growing environmental concerns related to plastic manufacturing are some of the major factors that can hamper the growth of the Global Automotive Plastics Market during the forecast period.
Segmentation
The Global Automotive Plastic Market is majorly segmented on the basis of Types, Application and Region. Based on Types of Automotive Plastic the market is segmented into polypropylene, polyurethane, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others (Polyvinyl Chloride, Polyethylene). Based on Application the market segmented into interiors body, under bonnet, exterior body, and electrical components and based on Region market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
Regional Analysis
Asia Pacific is the largest market of automotive plastic with various types of Automotive Plastic including as polypropylene, polyurethane, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others, in China region followed by India and Japan. Europe region holds the second position due to huge market of automotive industry. The third largest market of Automotive Plastic is North America. Latin America and Middle East also witnessed in growth of Automotive Plastic Market due to various automotive application such as interiors body, under bonnet, exterior body, and electrical components.
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