DUBLIN, May 20, 2022–(BUSINESS WIRE)–The “Automotive Plastics Global Market Report 2022, By Product Type, By Application” report has been added to ResearchAndMarkets.com’s offering.
The global automotive plastics market is expected to grow from $33.37 billion in 2021 to $36.29 billion in 2022 at a compound annual growth rate (CAGR) of 8.77%. The market is expected to reach $51.19 billion in 2026 at a CAGR of 8.98%.
Major players in the automotive plastics market are BASF SE , Borealis AG, Covestro AG , DuPont, Evonik Industries, SABIC, Magna International, Inc., Akzo Nobel NV, Arkema SA, Grupo Antolin-Irausa SA, LyondellBasell Industries Holdings BV , Momentive Performance Materials Inc, Teijin Limited, The Dow Chemical Company, and Zoltek Companies Inc..
The automotive plastics market consists of sales of automotive plastic products by entities (organizations, sole traders, and partnerships) that refer to the plastic material that is used in making different vehicle parts. These plastic components mainly replace the various metal parts in automobiles as they provide similar properties such as stiffness, flame retardancy, and others.
The main types of automotive plastics are polypropylene (pp), polyurethane (pu), polyvinylchloride (pvc), polyamide (pa), acrylonitrile butadiene styrene (abs), high density polyethylene (hdpe), polycarbonate (pc), and polybutylene terephthalate ( pbt). The Polypropylene (PP) automotive plastics refer to a thermoplastic polymer that is tough, rigid, and crystalline in nature. The various applications of automotive plastics are interior, exterior, and under bonnet, which are used in conventional/traditional vehicles, and electric vehicles.
Asia Pacific was the largest region in the automotive plastics market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for lightweight and electric vehicles is significantly contributing to the growth of the automotive plastics market. The increase in the use of plastic components in the automotive industry has boosted the advancements in the design of automobiles. It also reduces the consumption of fuel in vehicles , as less weight requires less energy when the vehicle is accelerated.
According to the International Energy Agency (IEA), global electric car sales reached a record of 3 million in 2020, which is a rise of 40% from 2019. It is estimated that there will be 10 million electric cars on the road by the next decade. Therefore, the increasing demand for lightweight and electric vehicles is driving the growth of the automotive plastics market.
Technological advancements is a key trend gaining popularity in the automotive plastics market. Technological advancement is the discovery of knowledge that advances the understanding of technology. For instance, in 2021, Covestro AG launched new 3D printing material, recycled Polyethylene Terephthalate (rPET), which is used for 3D pellet printing using technology known as fused granulate fabrication (FGF), which helps in the manufacturing of large-sized parts. This technology has applications in the automotive industry for the manufacturing of interior parts.
In March 2021, Lear Corp., an automotive technology company, acquired M&N Plastics for an undisclosed amount. This acquisition helps Lear Corp. increase its capabilities to design and produce complex electrical components in various automobiles. M&N Plastics is a specialist manufacturer of various engineered automobiles plastic components for the automotive industry.
Key Topics Covered:
1. Executive Summary
2. Automotive Plastics Market Characteristics
3. Automotive Plastics Market Trends And Strategies
4. Impact Of COVID-19 On Automotive Plastics
5. Automotive Plastics Market Size And Growth
5.1. Global Automotive Plastics Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Automotive Plastics Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Automotive Plastics Market Segmentation
6.1. Global Automotive Plastics Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Automotive Plastics Market, Segmentation By Product Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Acrylonitrile Butadiene Styrene (ABS)
High Density Polyethylene (HDPE)
Polybutylene Terephthalate (PBT)
6.3. Global Automotive Plastics Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Automotive Plastics Market Regional And Country Analysis
7.1. Global Automotive Plastics Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Automotive Plastics Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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