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Automotive Thermoplastics Market Overview
Thermoplastics are used in wide variety of applications in the automotive industry. The growing use of the thermoplastics in manufacturing different vehicle parts, such as battery frames, bearing parts, and vehicle-body, is the main reason contributing toward the growth of the global automotive thermoplastics market.
On the basis of application, the automotive thermoplastics market has been categorized into exterior, interior, chassis, and powertrain. Among these, thermoplastics are most popularly used for exterior parts of a vehicle, such as roof, doors, hood, body in white, and deck lids, in order to ensure lightness, toughness, and strength of the vehicle.
Based on geography, the automotive thermoplastics market has been categorized into North America; Europe; Asia-Pacific (APAC); Latin America; and Middle East, and Africa (MEA). Globally, APAC is the largest market for automotive thermoplastics, and this market is also expected to witness the fastest growth during the forecast period. This can be attributed to the fact that APAC is the largest automobile producing region in the world. For instance, it produced 52.5 million units of vehicles in 2018. Moreover, with the growing urbanization and increasing disposable income of individuals, there has been a significant growth in the demand for automobiles, which, in turn, is boosting the demand for automotive thermoplastics.
Automotive Thermoplastics Market Dynamics
The growing use of carbon fiber reinforced plastic (CFRP), developed from thermoplastics, in luxury and racing vehicles is a major trend witnessed in the automotive thermoplastics market, owing to its added advantages over other plastics. For instance, the CFRP-based components when used in the vehicle, help in making it much lighter, along with the desirable strength.
One of the major drivers for the growth of the automotive thermoplastics market is the increasing demand for fuel-efficient and lightweight vehicles. Thermoplastic components are popular for reducing weight of the vehicle, thereby increasing its fuel economy. This feature contributes toward the increasing demand for thermoplastics for automobile applications.
One of the major restraining factors for the automotive thermoplastics market is the high cost of raw materials of thermoplastics, especially carbon fibers. This is one of the main reasons why the CFRP-based components are not very popular for economical or executive vehicles, unlike their usage in luxury vehicles. Thus, the high cost of thermoplastics is an area of concern for players in the market.
Automotive Thermoplastics Market Competitive Landscape
Some of the major companies operating in the global automotive thermoplastics market are Toray Industries Inc., BASF SE, Dow Chemical Co. Ltd., Celanese Corp., Teijin Ltd., Quickstep Holdings Ltd., Jushi Group Co. Ltd., Saudi Basic Industries Corp. (SABIC), Nippon Sheet Glass Co. Ltd., and Gurit Holding AG.
The report covers country-wise automotive thermoplastic market analysis. Some of the major countries covered in the report are the U.S., Canada, U.K., France, Germany, Russia, Italy, China, Japan, India, South Korea, Australia, Brazil, Argentina, Mexico, South Africa, Egypt, U.A.E., Saudi Arabia, and others.
Automotive Thermoplastics Market Segmentation
By Raw Material
By Resin Type