Press release
Automotive Plastics Market Size, Analysis, Industry Trends, Forecast 2023 by BASF SE, Akzo Nobel N.V., Evonik Industries, Saudi Basic Industries Corporation, DSM Company, Teijin limited, The Dow Chemical Company, LyondellBasell Industries N.V
Automotive Plastic Market is expected to grow at 12.6% CAGR During 2016-2023
Volvo has set a goal of using at least 25 percent recycled plastics in new Volvo car models from 2025 as a part of an anti-pollution plan. Recycled plastics such as from fishing nets or old bottles in car dashboards which would not affect safety or quality, will be used. Volvo is an established company in the automotive market, aiming to be more eco-friendly by implementing this plan during the production of its cars.
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Market Segmentation
MRFR reports that the Global Automotive Plastic Market is segmented based on Types, Application and Region.
By Types, the Automotive Plastic Market has been segmented on the basis of polypropylene, polyurethane, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others (polyvinyl chloride, polyethylene). Growth of polypropylene market is results from high production of niche cars such as multipurpose vehicles and small city cars due to growing economy.
By Application, the market has been segmented on the basis of interiors body, under bonnet, exterior body, and electrical components. High quality plastics are used for interiors of a vehicle in steering wheels, air ducts, auto upholstery and many other interior components. They add comfort, reduce noise level, and improve the aesthetic appeal of the vehicle, leading to massive product sale.
Regional Analysis
The Global Automotive Plastic Market is regionally spread across North America, Europe, APAC, Latin America, and Middle East & Africa.
On all accounts, the Asia Pacific region is by far the biggest market for Automotive Plastic Market. The flourishing market in the region can be attributed to the high production of automotive in countries like China followed by India and Japan. Growing economy, rapid industrialization, steadily increasing population and expanding automotive industry drives the market growth considerably.
On the other hand, Europe rests at the second position with the largest market after Asia Pacific. The automotive industry in Europe is thriving and enjoys a wide customer base due to its heavy demand. Therefore, the presence of well established automotive industry along with formidable companies manufacturing automotives drive the demand for high production of Automotive Plastic in the region.
North America, across all regions, is well positioned on the third spot with the third largest market for Automotive Plastic. Strong economy and high disposable income in turn have led to increased vehicle purchases. Moreover, increasing application in fuel systems, electrical components, and upholstery and body panels resulting in passenger safety and convenience and also minimizing manufacturing costs stimulates market growth in the region.
Also, Latin America and Middle East have exhibited steady growth in the Automotive Plastic Market. Booming manufacturing base and growing investments in advanced technologies for vehicular production are set to bring about a new era of automobiles, positively impacting the market in the region. Furthermore, government aide and policies supporting the environment will also boost the market growth.
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Market Overview
Market Research Future (MRFR) reports that the Global Automotive Plastic Market is projected to accrue substantial revenue worth USD 56.38 BN at 12.6% CAGR during the forecast period (2016-2023). For obvious reasons, the Automotive Plastic Market is proportional to the automotive industry. A massive expansion in the automotive sector has been observed in the past decade which has led to a huge need for plastic in automotive sector as well. Plastics elements like polycarbonates, polyesters, polypropylene, polyurethanes, and polyamides are used in various parts of a vehicle, as they contribute to more energy efficiency, weight reduction, corrosion resistance, design flexibility, durability, along with optimum performance at lower costs. Superior properties such as these foster technological innovations as well as design freedom. Streamlined mass production leads to provision of technologically sophisticated and cost-efficient products with high sustainability. Thus, the shift in focus towards high performance plastics in place of conventional metals and rubber will bolster the global market size eminently. Furthermore, rigid government policies across the globe compelling automobile manufacturers to seek alternative methods of weight reduction to improve efficiency also fuel the market growth.
Consolidation can be expected in the form of fluctuating raw material cost negatively affecting the market growth. However the future of the Global Automotive Plastics Market is promising on account of opportunities in the passenger cars, light commercial vehicles, and heavy commercial vehicles.
Not only this, emerging trends are also making their way into the market that will further impact the dynamic of the Automotive Plastics Industry, that include development of recycling technologies for plastics along with replacement of PA 66 with cheaper and advanced PA 6.
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