Automotive Plastic Market Growth, Trends and Forecast 2018 - 2023 | Key Profiles - AkzoNobel N.V, BASF SE, Covestro AG, Evonik Industries, Johnson Controls, Magna International, Momentive, SABIC, The Dow Chemical Company and Teijin Ltd

The Automotive Plastics are widely used in the automobile industry. Properties such as heat resistance, high tensile strength, chemical & electrical resistance make them suitable for their use in the interiors of automobiles, electrical components, hood components and chassis among others. The demand for automobiles is set to have a positive impact on the global market for the Automotive Plastic.

The Global Automotive Plastic Market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to be the fastest growing market, owing to the increasing number of automobiles. It is estimated that the polypropylene (PP) segment is set to observe the highest CAGR during the forecasted years. The advantages such as lightweight, chemical & electrical resistance are the major factors attributing to the growth of this segment.

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North American region is expected to grow at a steady CAGR due to extensive consumption of Automotive Plastic coupled with the increasing adoption rate. In this region, the U.S. and Canada have achieved a significant place in the market. The presence of the big automobile companies coupled with the stringent federal regulation to control vehicle emission is substantially adding to the growth of the market in the region.

A moderate development is achieved in the European market due to the growing adoption of the product. The developed automobile sector coupled with the implementation of Euro 6 and Euro 7 emission guideline is expected to further boost the market growth. Moreover, the low weight of automobile plastics enhances the fuel efficiency of vehicles which in turn is positively affecting the growth of the market in this region.

Segmentation

The Global Automotive Plastic Market is segmented into product type, application, and region. On the basis of the product type, the market is segregated into acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), polymethyl methacrylate (PMMA), polyamide (PA) and others. The market by the application is segmented into powertrains, electrical components, interior furnishings, exterior furnishings, under the hood components, chassis, and others.

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