The global automotive plastics market size reached US$38.7 billion in 2021 and is projected to reach US$51.65 billion by 2027, growing at a CAGR of 4.60% during 2022-2027.
SHERIDAN, WYOMING, USA, April 23, 2022 /EINPresswire.com/ — According to the latest report on automotive plastics by the IMARC groupTitled “Global Automotive Plastics Market Size, Share, Industry Trends, Growth, Opportunities and Forecast 2022-2027”, the global automotive plastics market reached a value of US$38.7 billion in 2021. For Looking ahead, IMARC Group expects the market to reach a value of US$51.65 billion by 2027, exhibiting a CAGR of 4.60% during the period 2022-2027.
Automotive plastics are plastic materials used to manufacture automotive components. They are obtained from polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC) and polycarbonate (PC). They are increasingly replacing steel and other traditional materials in automotive parts due to their improved corrosion resistance, durability, resilience and toughness. As a result, automotive plastics are used in the production of interior and exterior furnishings, powertrains, chassis, bumper seats, fuel systems, body panels, electrical components, exterior trim, padding and fluid reservoirs.
Base year: 2021
Forecast year: 2022-2027
Automotive Plastics Market Trends and Drivers:
The global automotive plastics market is mainly driven by the significant growth in the automotive industry. Automotive plastics also help reduce fuel consumption by reducing overall vehicle weight and improving durability.
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Additionally, rising sales of electric and hybrid vehicles (EV/HV) are also fueling the growth of the market. In addition, governments of various countries have introduced stringent emissions and fuel economy regulations for vehicles, thereby increasing the demand for fuel-efficient transportation systems.
Additionally, extensively funded research and development (R&D) activities and technological advancements by automobile manufacturers are expected to facilitate the growth of the market in the coming years.
Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Analysis and segmentation of the global automotive plastics market 2022-2027:
The competitive landscape of the market has been studied in the report along with the detailed profiles of key players operating in the market.
Asahi Kasei Corporation, BASF SE, Borealis AG, Covestro AG, Dow Inc., Koninklijke DSM NV, Lanxess AG, Lear Corporation, LyondellBasell Industries NV, Saudi Basic Industries Corporation, Solvay SA and Teijin Limited.
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The report has segmented the market based on region, vehicle type, material, and application.
Breakdown by type of vehicle:
• Conventional and traditional vehicles
• Electric vehicles
Breakdown by material:
• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinyl chloride (PVC)
• Acrylonitrile butadiene styrene (ABS)
• Polyurethane (PU)
• Polymethyl methacrylate (PMMA)
• Polycarbonate (PC)
Breakdown by application:
• Electrical components
• Interior furnishings
• Outdoor furniture
• Under the hood
Breakdown by region:
• North America: (United States, Canada)
• Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, others)
• Middle East and Africa
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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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