Automotive Plastics Market Research, Growth Opportunities, Analysis and Forecasts to 2023

The Global Automotive Plastics Market is growing continually, mainly due to the augmenting demand for lightweight plastic components in the automotive industry. These lightweight polymers witness a huge uptake and demand in the manufacturing of vehicles. The Automotive Polymer or plastic controls the fuel consumption & carbon footprint and increases the fuel efficiency of vehicles. Also, these polymers allow designers to implement innovative and durable designs. The heightened demand, in turn, drives the growth of the Automotive Plastics Market.

According to Market Research Future (MRFR), the Global Automotive Plastics Market is expected to garner significant gains by 2023. In its recently published analysis, MRFR also asserts that the market would register a 10.45% CAGR throughout the assessment period i.e., from 2018 to 2023.

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The market is predominantly driven by improving the economic conditions, worldwide that are fostering the automotive sales, increasing consumers’ purchasing power. Moreover, the increasing demand from consumers for luxury cars with improved exterior designs that can give the maximum feeling of comfort, as well as, fuel efficiency.

Additional properties of Automotive Plastics, such as high resistance to heat & weathering and versatility in applications & designing make them the trendiest forms of materials used in automobile manufacturing.

Furthermore, stringent government regulations pertaining to the vehicular emissions are boosting the size of the market by encouraging the automotive companies to switch to these lightweight components from metals like steel and aluminium.

Conversely, the high cost of Automotive Plastics impedes the growth of the market, restricting its uses to low-volume applications. Besides, volatility in the prices and demand-supply gap in the raw materials necessary for the production is obstructing the growth of the Automotive Plastics Market, majorly.

However, the augmenting demand lightweight components that control the emission and fuel consumption would support the growth of the market through the review period. Also, technological advancements expected to be transpired in the future would reduce the selling cost of these plastics, presenting cost-competitive technologies for manufacturing.

Global Automotive Plastics Market - Segmentation

The Report is segmented into three market dynamics to widen the scope of understanding,

By Type: Polypropylene, Acrylonitrile-butadiene-styrene, Polyurethane, Polyamide, Polycarbonate, and Polymethyl Methacrylate, among others (Polyethylene, Polyvinyl Chloride, others).

By Application: Under Bonnet, Interiors Body, Exterior Body, and Electrical Components, among others.

By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).

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Global Automotive Plastics Market - Geographical Analysis

The Asia Pacific region leads the Global Automotive Plastics Market, with the largest market share. Massive consumption of these composites in the burgeoning automotive industry in the region substantiates the regional market growth.

Furthermore, the rapidly developing economies such as Japan, China, and India drive the regional market growth, majorly, heading with their well-established automotive sectors.

The Europe Automotive Plastics Market takes the second lead, heading with the presence of a well-established Automotive Industry that is witnessing a high demand for lightweight components. Moreover, the automotive sectors in Germany, the UK, France, and Italy are increasingly consuming plastics components for manufacturing several under-hood parts.

The Automotive Plastics Market in North America is rapidly emerging as a profitable market globally. The growing demand for lightweight plastics for the manufacturing of aftermarket products of the interiors and exterior body drives the regional market growth. The US accounts for the largest market for Automotive Plastics in North America.

Automotive Plastics Market - Competitive Analysis

Fiercely competitive, the Automotive Plastics Market appears to be highly fragmented, characterized by the presence of several well-established players. These players increasingly seek a substantially large revenue and market expansion through various strategic initiatives, such as mergers & acquisitions, collaboration, and product launch. They also invest colossally in research & development activities to innovate and develop a cost-effective product portfolio.

Major Players:

Players leading the Global Automotive Plastics Market, include Akzo Nobel N.V. (Europe), Evonik Industries (Europe), BASF SE (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), and Quadrant group of companies (Japan), among others.

Industry/Innovation/Related News:

August 26, 2019 --- Canadian General-Tower Ltd. (CGT), a leading global manufacturer of coated fabrics and plastic films for automotive and industrial applications, announced the acquisition of the assets of two companies in France, AlkorDraka Industries and Alkor Medical Tubing, to add capacity for plastic films and increase its presence in Europe. With annual sales of USD 250 MN, CGT ranks among the top 30 North American film and sheet manufacturers.

CGT’ footprint in Europe was limited to a sales office in Lyon and France, until now. The acquisition gives CGT a manufacturing base in Europe and adds to its existing portfolio. CGT is evolved into topcoats and cover stocks for automotive seating and instrument panels as well as pool liners and building products like roof membranes and decking surfaces.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
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Automotive Plastics Market 2019 - Trends Forecast Analysis by Manufacturers, Regions, Type and Application to 2023

Automotive Plastics are specially developed polymers for the design and manufacturing of automotive parts such as flooring, engine components, and door panels, etc. This lightweight polymer helps to control fuel consumption and carbon footprint, increasing the fuel efficiency of vehicles. Moreover, these plastics also allow designers to implement innovative and durable designs. Resultantly, these light-weight polymers witness a huge uptake and demand in the manufacturing of vehicles. The heightened demand leads to driving the growth of the Automotive Plastics Market.

The Automotive Plastics Market has been witnessing steady growth over the past few years mainly due to the improving economic condition, worldwide that is enhancing consumers’ purchasing power. Consumers nowadays are demanding luxuries vehicles with the advancements in automobile exterior design that can give maximum fuel efficiency. This demand is escalating the market on the global platform, ascending the demand for the lightweight automotive components.

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Acknowledging the exponential accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Automotive Plastics Market will achieve yet another ascending level by 2023, registering a CAGR of approximately 10.45% throughout the forecast period (2018 to 2023).

Some of the properties of automotive plastics such as high resistance to heat & weathering and versatility in applications & designing make them the trendiest forms of materials used in automobile manufacturing.

Additionally, factors such as the stringent governmental regulations pertaining to the vehicular emissions are increasing the size of the market by encouraging the automotive companies to switch their preferences from metals like steel and aluminum to light-weight plastics.

Nevertheless, factors such as the exceeding demand for emission and weight control composites alongside the high demand for improved vehicular designs would support the growth of the market over the forecast period. Also, technological advancements expected to be transpired soon are likely to present economical manufacturing processes reducing the selling cost of these plastics.

Automotive Plastics Market - Segments

For ease of understanding the report has been segmented into three key dynamics: -

By Types: Comprises - Polypropylene, Polyurethane, Acrylonitrile-butadiene-styrene, Polyamide, Polymethyl Methacrylate, Polycarbonate, and Others (Polyvinyl Chloride, Polyethylene).

By Applications: Interiors Body, Under Bonnet, Exterior Body, and Electrical Components among others.

By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.

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Global Automotive Plastics Market - Regional Analysis

The Asia Pacific region, heading with its burgeoning automotive and transportation industry accounts for the dominating market in the Global Automotive Plastics Market, capturing the largest market share. Factors that are substantiating the growth of the regional market include the massive consumption of these composites in the ever increasing automotive and transportation industry in this region. Rapidly developing economies such as Japan, China, and India backed by their well-established automotive sectors, account for the major Automotive Plastics Markets in the APAC region.

The Automotive Plastics Market in the European region accounts for the second most significant market, globally. The already well-established, robust automotive industry in the region is witnessing a steady rise in the demand for the lightweight automotive component. Moreover, the automotive industry in major countries such as Germany, the U.K., France, and Italy is increasingly consuming these plastics components for manufacturing a number of under-hood parts.

North America Automotive Plastics Market is rapidly emerging as a profitable market, globally. Factors such as the growing demand for light-weight plastics for the manufacturing of aftermarket products of the interiors and exterior body are some of the major driving forces propelling the growth of the market. The US backed by the presence of the burgeoning automotive industry accounts for the major contributor to the growth of the market.

On the other hand, the Automotive Plastics Market in the Middle East & African (MEA) region is growing at a significant rate predominantly led by the growth of the automotive sector. Some of the GCC countries like the UAE, Saudi Arabia, and Qatar are leading the automotive plastics market in the region.

Automotive Plastics Market - Competitive Analysis

Highly competitive, the Global Automotive Plastics Market appears to be fragmented with a large number of big and small key players operating in the market, churning the competition. These players are investing substantially in incorporating strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion and thus to maintain their positions in the market.

Major Players:

Key players leading the Global Automotive Plastics Market include Akzo Nobel N.V. (Europe), Evonik Industries (Europe), BASF SE (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), and Quadrant group of companies (Japan) among others.

Industry/innovation/Related News:

April 04, 2019 --- Trinseo (the US), a material solutions provider and manufacturer of latex binders, plastics and synthetic rubber announced the launch of a lightweight plastic that can replace metal in semi-structural components. This new long-glass-fiber-reinforced acrylonitrile butadiene styrene (ABS LGF) alloy provides thirty percent weight savings compared to aluminum or magnesium.

In the scenario where auto manufacturers strive to reduce raw material costs and part weights, Trinseo’s ABS LGF alloy will undoubtedly help to an extent. Trinseo presented its invention at VDI’s Plastics in Automotive Engineering (PIAE) conference, held April 3-4, 2019 in Mannheim, Germany.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com

Automotive Plastics Market 2019 | Industry Sales, Supply and Consumption Analysis and Forecasts to 2023

Market Insights:

The Automotive Industry has been growing at a healthy, and consistent pace. The market forecast by Market Research Future for the Global Automotive Plastic Market suggests growth at a promising CAGR of 12.6% during the projection period from 2016 to 2023. Automotive Plastic is essential in the design and manufacturing process of automotive vehicles. Automotive Plastics are used for a wide number of components ranging from electrical components and interior body parts to flooring and engine components. The growth of the market at the projected rate of growth is expected to reveal a market value of USD 56.83 Bn by 2023.

Fuel efficiency has become one of the utmost important features an automotive vehicle can have due to the rising fuel prices and the non-renewable nature of petroleum-based fuel. This combined with the widespread and growing demand for automotive vehicles is expected to drive the Automotive Plastic Market. Automotive Plastics are far more durable and are incredibly lightweight, thus making vehicles more affordable and fuel efficient. The high demand for automotive vehicles in emerging economies of the world, as well as consistent demand in developed economies, is expected to propel the market. With environmental consciousness rising, many consumers are opting for fuel-efficient vehicles. Moreover, developing economies are witnessing economic changes which are increasing disposable incomes. As a result, the demand for automotive vehicles has increased. In developed economies, there is a huge culture of owning personal vehicles. As such, the demand is consistent. Advancements in automotive manufacturing and exterior design is expected to contribute to the growth of the global market.

However, it should be noted that the market faces challenges such as fluctuations in the pricing of raw materials as well as the increasing concern regarding plastic consumption in an increasingly environmentally conscious global environment.

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Key Players:

The Dow Chemical Company, BASF SE, DSM Company, Evonik Industries, E. I. Du Pont De Nemours and Company, Akzo Nobel N.V., Teijin limited, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., and Quadrant group of companies are the prominent market players that have been analyzed in MRFR's competition tracking of the Global Automotive Plastic Market.

Market Segmentation:

Market segments have been determined by MRFR for the Global Automotive Plastic Market on the basis of Types, Application and Region. Types of Automotive Plastic have been segmented to include polyurethane, polypropylene, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others. The others segment has been further divided to include polyethylene and polyvinyl chloride.

Applications of Automotive Plastics can be found in under bonnet, interiors body, exterior body, and electrical components.

Regions covered in the analysis of the Global Automotive Plastics Market include Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa.

Regional Analysis:

The Asia Pacific holds the largest share of the Global Automotive Plastic Market due to its market position as one of the largest producers of automotive plastics. China, followed by India and Japan leads the APAC regional market. The regions swift economic improvement has drastically increased disposable incomes and has led to an increased demand for affordable, and fuel-efficient automotive vehicles. Moreover, emerging economies in the region have increasingly established themselves as a manufacturing hub for automotive vehicles due to the reduced operating costs in the region as well as the high demand for automotive vehicles. Europe and North America are other significant regions in the market due to the consistent demand for vehicles in the developed countries in these regions.

Meanwhile, with similar growth factors as the Asia Pacific, the Latin America and Middle East & Africa markets are expected to witness growth due to the rapidly emerging economies in the region.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com