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Automotive Plastics Market Overview
The global automotive plastics market size is expected to increase at a significant rate in the coming years, owing to the growing application of high-performance plastics, as an alternative to metals, glass, and rubber. Stringent government regulations regarding corporate average fuel economy (CAFE), in regions such as North America, and high global automobile sales are the other growth drivers for the industry.
The performance of high-performance plastic remains same or even improved, while at the same time it also reduces the overall weight of the automotive components. Examples of these components are door trims, headlights, dashboards, battery casings, oil pans, fuel pumps, filter casings, and cooling water tanks. The superior properties of such plastics, such as flexibility and versatility, have led to technological and design innovations in the automotive industry.
Based on product type, the automotive plastics market can be categorized into polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), polymethyl methacrylate (PMMA), polycarbonate (PC), polyamides, and polyphenylene sulphide (PPS). Among these, PP is expected to dominate the market, in terms of consumption, owing to its high chemical and water resistance and continuous development of enhanced PP types with low weight, to replace steel.
Based on application, the automotive plastics market can be divided into interior, exterior, and under-the-hood. It is estimated that the interior division is dominating the market, as the use of automotive plastics in interior components, such as dashboard and panels and door panels, is quite high. However, the use of plastics in the exterior parts of automobiles will rise in the future, due to the continuous research and development (R&D) that will offer such materials a high mechanical strength, comparable to conventionally used materials. The under-the-hood division is also expected to grow at a considerable rate in the near future.
Based on geography, the automotive plastics market can be categorized into Asia-Pacific (APAC), North America, Europe, and Latin America, Middle East, & Africa (LAMEA). Among these, the APAC region is expected to be the largest market for automotive plastics in the forecast period (2020–2030), due to the high economic growth rate and rising per capita and disposable incomes of developing countries, such as China and India.
Automotive Plastic Market Dynamics
The increasing penetration of electric vehicles (EV), worldwide, and shift toward the use of lightweight, but durable materials, is a major trend being observed in the automotive plastics market. Moreover, the use of non-conductive materials, for smooth and safe operations of the electronic modules, is imperative in EVs. Further, such vehicles require the parts to be lightweight, to increase their efficiency; hence, the manufactures are shifting to advanced plastic materials with improved qualities, in producing the vehicles.
The key drivers which are responsible for the growth of the automotive plastics market are the advancements in the automotive industry, development of automotive plastics with superior qualities, such as impact and scratch resistance, thermal stability, and abrasion resistance, and strict government regulations aimed at reducing the vehicular emissions, all of which are leading to the shift to lightweight plastics.
The factors which are hampering the growth of the automotive plastics market are the high cost associated with the raw material and non-degradable nature of automotive plastics. In addition to this, the huge investments in the development of alternatives to automotive plastics, such as carbon-fibers, is posing challenges to the growth of the automotive plastic market.
Competitive Landscape in Automotive Plastic Market
The key players in the global automotive plastics market are focusing majorly on R&D, acquisitions, mergers, and partnerships. In addition to this, a good number of companies have planned and invested in the expansion of their production capabilities, to increase their presence and enhance their product portfolio. The major players in the global market are Akzo Nobel N.V., Hanwha Azdel Inc., Teijin Limited, BASF SE, Evonik Industries AG, Quadrant AG, Magna International Inc., Lear Corporation, Saudi Basic Industries Corporation (SABIC), and Covestro AG.
The report covers a country-wise automotive plastics market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Italy, Spain, Austria, China, Japan, India, South Korea, Brazil, Mexico, South Africa, Argentina, and the U.A.E.
Automotive Plastics Market Size Breakdown by Segment
The Automotive Plastics Market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Product Type
Based on Application
Based on Vehicle Type
Based on End Use