Automotive Plastics Market Drivers, Regional Outlook and Business Development Analysis till 2025
30th Oct 2020 - Global Automotive Plastics Market is anticipated to reach USD 68.5 billion by 2025. To make cars safer and fuel efficient, plastics are being used extensively. It renders vehicles lightweight and increases their fuel efficacy by reducing carbon emissions. The Automotive industry is a major market for plastic processors.
The factors that propel
the growth of the automotive plastics industry include strict government
regulations regarding fuel consumption along with rising sales of automobiles,
and growing use of plastics for the production of lightweight vehicles. In
addition, decrease in vehicular emission, increasing prices of steel and iron,
sturdiness, recyclability, and strength of modern plastics are expected to
drive the market.
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On the other hand,
there are factors that may hamper the growth of the market including rising
demand for biodegradable plastics, high process engineering cost, volatile cost
of raw material, and high investment required in material research. Automotive Plastics Market is anticipated
to grow at a significant CAGR of 11.8% in the upcoming period as the scope,
product types, and its applications are increasing across the globe. The market
may be explored by product type, application, and geography.
Automotive Plastics
industry by product type could span Polyamide (PA), Acrylonitrile Butadiene
Styrene (ABS), Polymethyl Methacrylate (PMMA), Polypropylene (PP),
Polycarbonate (PC), Polyvinyl Chloride (PVC), Polyethylene (PE), and others.
The “Polypropylene” segment accounted for the largest market share of the
market and led the overall market in 2016; the reason being, at high
temperature it has excellent chemical and electrical resistance; it is
lightweight material, and is inclusively used as a noise & vibration
dampener and thermal insulator in vehicular components. In addition, it is
translucent, semi-rigid; and offers fundamental hinge property.
The key applications that could be explored in the Automotive Plastics
Market include Chassis, Powertrain, Under the Hood
Components, Electrical Components, Exterior Furnishings, and Interior
Furnishings. The “Interior furnishings” segment accounted for the largest
market share of the market in terms of volume had developed as the dominant
application in 2016;the reason being use of plastics in automobile furnishings
like fascia systems, light display & panels, steering wheels and seat
covers; followed by Exterior furnishings.
Some of the key players that fuel the growth of the Automotive Plastics industry comprise BASF SE, AkzoNobel N.V, Covestro, Johnson Controls, Evonik Industries AG, Magna International, SABIC, Momentive Performance Materials Inc., Borealis AG, The Dow Chemical Company, Hanwha Azdel Inc., Teijin Ltd, Lear Corp., Owens Corning, Royal DSM N.V, Quadrant AG, and Grupo Antolin, among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Asia-Pacific accounted
for the major share of the Automotive Plastics Market Size in 2016 and will
continue to lead in the forecast period. The factors that could be attributed
to the growth include growing manufacturing base and rising investments in
advanced technologies of vehicular production and increasing production in
developing regions like Thailand, China, Indonesia, India, and Vietnam;
followed by Europe.
On the other hand,
European market accounts for the significant share of Automotive Plastics
industry in terms of revenue owing to use of advanced technology and
high-quality plastics as they are energy effective and help in reducing the
overall weight of the vehicle. In addition, automakers from European countries
have to shift from diesel engines to electrified motors to meet higher emission
standards.
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