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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