Publishing: November 2021 | Report Code: AT11869 | Available Format: PDF
The global automotive plastics market is projected to showcase growth in the coming years, on account of the increasing demand for automobile furnishings, such as light panels & displays. Additionally, manufacturers across the world are shifting from heavy metals to lightweight plastics for vehicle interiors, in order to reduce the overall weight of vehicles, which would further help increase fuel efficiency.
The automotive plastics market has been categorized into polypropylene, polyurethane, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, high-density polyethylene, polycarbonate, polybutylene terephthalate, and others, on the basis of type. Among these, polypropylene is projected to account for a significant market share throughout the forecast period. This can be attributed to the advantages associated with polypropylene, which include flexibility, high durability, and high abrasion resistance, owing to which it serves as a material of choice for automobile manufacturers.
The automotive plastics market has also been categorized on the basis of application, into interior, exterior, under bonnet, powertrain, electrical components, and chassis. Of these, the interior category is expected to account for a high-volume demand for automotive plastics during the forecast period. Automotive plastics have an aesthetic appearance, which makes them highly suitable for usage in vehicle interiors for seats and storage areas. Additionally, such plastics possess properties to reduce vibration in case of vehicle collisions, thereby resulting in less threat to the passengers.
Geographically, Asia-Pacific (APAC) is expected account for the largest market share during the forecast period. This can be ascribed to the vast automotive manufacturing base in countries such as China, South Korea, Thailand, Indonesia, and India, which is creating a high demand for polymers for automobiles. Additionally, the availability of low-cost raw material and the low cost of transporting goods in China serve as advantages for the country market growth. Moreover, several automotive manufacturers are shifting their base from North America and Europe to developing countries such as India, Vietnam, and Thailand, owing to the availability of low-cost labor there. Such factors are expected to propel the automotive plastics market in the region.
In the recent years, there has been rapid developments in vehicle designing, which have led to a significantly high demand for automotive plastics. The growing preference and transition toward aesthetically appealing vehicle interiors are encouraging automotive manufacturers to adopt these polymers in vehicles. Additionally, the usage of polymer materials such as polypropylene, polyurethane, and polyvinyl chloride helps in reducing the overall weight of the vehicle, which, in turn, improves the fuel efficiency as well.
Although the cost of polymers is comparatively less than that of metals, the design and manufacturing of polymer components incur a significantly high cost. This curtails the usage of automotive plastics among small-scale automobile manufacturers, which, in turn, hampers the market growth to a certain extent.
Some of the companies operating in the global automotive plastics market are Covestro AG, Adient plc, BASF SE, Evonik Industries, Akzo Nobel N.V., Hanwha Azdel Inc., Teijin Limited, Magna International Inc., SABIC, Quadrant AG, Borealis AG, and Lear Corporation.
The study provides the historical as well as the forecast market size for the automotive plastics market.
The automotive plastics market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
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