Press release
Automotive Plastic Market Trend with Global Foresight 2023 | Exclusive Manufacturers - BASF SE, Akzo Nobel, Evonik Industries, Saudi Basic, DSM, Teijin, The Dow Chemical, E. I. Du Pont De Nemours, LyondellBasell Industries, Quadrant group of companies
Automotive Plastic Market is expected to witness a significant growth of USD 56.38 Billion by 2023 with CAGR of 12.6% between 2016
UK parts manufacturer, Axon Automotive, has moved locations to a 45,000 sq ft factory site to accommodate increased demand. The company’s export business has grown considerably over the last two years. The company is best known for its carbon-fiber-reinforced plastic AxontexTM composite beam making process technology which is used to make super-lightweight vehicle chassis and structural components. The new site will see Axon expanding its engineering projects and a permanent demonstration production line.
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Amidst the process of acquisition by LyondellBasell Industries, Ohio-based Company, A.Schulman is set to launch new products. The company is launching Eco-Flex bland recycled thermoplastic vulcanizate which offers combined performance features of rubber with conventional thermoplastics. Additionally, the material is expected to provide cost savings and are recyclable.
Market Segmentation
Segmentation analysis of the Global Automotive Plastic Market has been done by type, application, and region.
By Types, the market has been segregated to include polypropylene, acrylonitrile-butadiene-styrene, polyurethane, polyamide, polymethyl methacrylate, polycarbonate, and others.
By Application, the market has been divided into, interior body, under the bonnet, exterior body, and electrical components. Of these, the interior body segment is expected to grow at the highest CAGR due to an increase in demand for Automotive Plastics in parts such as light displays, steering wheels, and other components.
By Region, the global market has been divided into North America, Europe, the Asia Pacific, the Middle East & Africa and Latin America.
Market Insights
According to Market Research Future (MRFR), the Global Automotive Plastics Market is predicted to value an estimated $56.38 billion by the end of 2023 and observe a significant CAGR of 12.6% during the forecast period 2016 to 2023. Due to rising fuel costs, the demand for fuel-efficient automobiles is at an all-time high. As a result, automotive plastics have proven to be extremely popular in the automotive industry due to their lightweight feature which lends itself to improving the fuel efficiency of the final product and services as a key driver of market growth.
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Various components that make up a vehicle can be fashioned out of plastic, which has led to rapid growth in applications for automotive plastics. Durability and flexibility of plastics allow for functional and aesthetic designs that contribute toward overall fuel efficiency. In the coming years, it is expected that the demand for lightweight materials in the exteriors of automotives will advance market growth.
The existence of a massive Global Automotive Industry, which is witnessing an especially high demand from emerging economies has to lead to increased production and in turn increase in demand for automotive plastics, thus motivating market growth.
Fluctuating costs of raw material and a growing concern regarding the impact of plastics on the environment are expected to pose restraints on the Global Automotive Plastics Market. However, the potential for new applications in external parts of cars, which presently use metals, and the use of recycled plastic for automotive parts is expected to provide opportunities for the market thus facilitating overall growth.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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