The GMI Research predicts that the Automotive Plastics Market will encounter an escalation in demand over the forecast period. This is because of the aggravating demand for eco-friendly transportation, increasing apprehension to reduce pollutants in the environment, and inadequate accessibility of fossil fuels.
Introduction of the Automotive Plastics Market
Automotive plastics are plastics used in applications such as under bonnet, interior, exterior, and others in automobiles because of their comprehensive benefits such as enlarged vehicle life, greater design freedom, minor corrosion, higher variability in incorporating components, enhanced security, and comfort.
Key Players of Market:
- BASF SE
- Covestro AG
- Röchling SE & Co. KG
- Saudi Basic Industries Corporation (SABIC)
- AkzoNobel N.V
- DOW Inc.
- Evonik Industries AG
- Royal DSM N.V
- Borealis AG
- Magna International, Inc
Automotive Plastics Market Dynamics
The augmenting production of the automotive, rising establishment of enhanced vehicle design and potential, as well as the surging demand for lightweight, better performing, and power-saving vehicles from consumers throughout the world, are the factors predicted to bolster the growth of the global automotive plastic market size. In addition, these plastic-based exterior parts are immensely advantageous during an accident because of their sheer weight, impact resilience, polymer-based security, and design adjustability, which further paves the way for market growth. Besides this, the aggravating usage of plastics to develop exterior items such as car door cladding, seatbelts, and airbags has propelled the market growth. The rising commercialization of vehicles and the introduction of connected cars with sophisticated electronic features are driving the market growth.
However, as per the Automotive Plastics Market Demands Analysis, the inflated re-engineering cost of plastics and inadequate infrastructure and consciousness among manufacturers is restraining the market growth. Additionally, the Global Automotive Plastics Market Report states that the widespread outbreak of the coronavirus crisis resulted in considerable disturbances in the supply of vehicle parts, temporary closure of production equipment, and reduction in the production and sales, which have hampered the market growth.
Material Segment Drivers
Based on the material, polypropylene (PP) is predicted to fuel at a faster rate over the coming years because of its beneficial properties, including enormous flexural power, enhanced chemical resilience, tolerant to moisture, electricity resistance, economically, and strength. Additionally, aggravating use of PP in passenger cars for several uses such as car batteries, bumpers, cladding, and dashboards, is propelling the Automotive Plastics Market Size.
Geographical Drivers
Based on the regional coverage, Asia-Pacific is contemplated to witness higher growth in the coming years. This is because of their rising usage in vehicles and mechanized parts manufacturing in China, India, South Korea, and Japan. Moreover, as per the Automotive Plastics Market Global Forecast, in accordance with the International Energy Agency (IEA), China reported for 47% of the global electric car supply in 2019, which is proliferating the market growth.
Automotive Plastics Market Segmentation:
Segmentation by Material
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Polyamide
- Others
Segmentation by Application
- Exterior
- Interior
- Under Bonnet
- Others
Segmentation by Vehicle Type
- Conventional Vehicles
- Electric Vehicles
Segmentation by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
About GMI Research
The market research and consulting enterprise imparts business perception and research reports to support clients in formulating strategic norms and attain a feasible growth in the market domain. The large team of GMI Organisation experts offer a comprehensive solution for the client. The market research reports include a complete analysis, which includes sophisticated prediction, competitive landscape, crucial factors impacting the market growth, and other perceptions to assist companies in making intended decisions.
