Market Overview:
Automotive Plastics play an important role in manufacturing and designing of various automotive components such as door panels, flooring and other interior as well as exterior body parts. As per the report that has been published by Market Research Future (MRFR), the Global Automotive Plastic Market is anticipated to expand remarkably at a strong CAGR of 12.6% during the forecast period of 2016-2023 and is registered to reach the valuation of USD 56.38 Bn by the end of 2023.
Industry Updates:
In July 2018, Plastic Omnium SA, a major plastic molder based in Paris, has announced that it will solely be focusing on automotive business by selling its environment business.
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.
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.
Market Segmentation:
The Global Automotive Plastic Market has been segmented on the basis of Type and Application.
Based on Type, the Automotive Plastic Market is segmented into polypropylene, polyurethane, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, polyvinyl chloride, polyethylene and others.
Based on Application, the Automotive Plastic Market is segmented into interiors body, under bonnet, exterior body, and electrical components.
Regional Analysis:
Geographically, the Global Automotive Plastic Market is segmented into five major regions such as Asia Pacific, Europe, North America, Latin America and the Middle East and Africa. Among these, the Asia Pacific region accounts for the largest share in the Global Automotive Plastic Market owing to the high rate of production of automobiles and increased export of Automotive Plastic due to the high demand all over the world.
The Automotive Plastic Market in the Europe region accounts for the second largest share in the global market owing to the brisk development of automotive industry and increasing automobile manufacturing and export in this region. The North America region stands third in the Global Automotive Plastic Market with respect to the market size. The Automotive Plastic Market in the Latin America and the Middle East and Africa region is majorly driven by the increasing demand for lightweight materials in the automotive industry.
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