Press release
Global Automotive Plastics Market 2024 - Analysis and Forecasts by Leading Players Delphi, Lear Corporation, Evonik, SABIC, Solvay, DSM, Adient, The Dow Chemical Company, BASF, Celanese
Automotive Plastics Market
The increasing acceptance of plastic parts across the automotive sector is indeed one of the pivotal driving forces of global automotive plastics market. The types of automobiles notwithstanding – heavy-duty trucks, electric vehicles, or sports cars, it is now rather evident that the sole aim of automakers is to reduce vehicle weight to combat the issues related to emission targets and fuel economy. Novares Group is one of the many companies that has been rather proactive in this regard, and in the process has conveniently secured a strong position for itself in automotive plastics industry.
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Merely a few days earlier, one of the leading players in automotive plastics market, BASF, commenced a new production facility in Korea to manufacture polyarylsulfone thermoplastic Ultrason that would potentially fulfill the product’s demand across the automotive, electronics, and aerospace sectors. This new establishment is expected to increase Ultrason’s capacity by 6,000 tons to 24,000 tons on an annual basis.
Incidentally though, BASF has already established a plant in Germany where it produces a wide range of plastic products used for manufacturing heat resistant and lightweight automotive parts. In fact, BASF’s polyarylsulfone thermoplastic Ultrason has accomplished quite some fame in global automotive plastics market, pertaining to its superior temperature resistance strength. On the grounds of this very feature, Hyundai has also deployed the material for its headlight reflectors in its new auto model. Quite overtly, BASF’s decision to further expand its production facilities for Ultrason is likely to prove beneficial for augmenting the firm’s stance further in automotive plastics industry.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Adient plc.
• BASF S.E.
• Bayer MaterialScience LLC (Covestro AG)
• Borealis AG
• Celanese SO.F.TER. Spa
• Delphi Automotive PLC
• DSM
• Evonik Industries
• Grupo Antolin
• Hanwha Azdel Inc.
• Lear Corporation
• LG Chem
• Owens Corning
• Quadrant AG
• RTP Co.
• S&E Specialty Polymers
• SABIC
• Solvay SA
• SRF Ltd.
• Teijin Ltd.
• Toyoda Gosei
• The Dow Chemical Company
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In what may seem to be another pivotal instance in automotive plastics market, Exxon Mobil is looking forward to expanding its petrochemical production, on the grounds of which the firm plans to work on a new plastics plant on the Gulf Coast. Apparently, the company would be producing polypropylene at this plant, the operations of which are scheduled to commence by 2021. The advanced material produced at this plant is expected to be used across the packaging, aerospace, and automotive sectors.
Exxon Mobil’s initiative also comes along the heels of the fact that lightweight plastics are significantly replacing steel components in automotive applications, that would boost the demand for polypropylene based parts. The main objective behind using such plastic materials in automotive applications is to maintain fuel efficiency and weight of the vehicles. As the company makes way for more polypropylene production, it is likely to encourage other players to follow suit, further augmenting automotive plastics market trends in the years to come.
- Automotive Plastics Market, By Application
• Power Train
• Electrical Components
• Interior and Exterior Furnishings
• Under the hood
• Chassis
• Others
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BASF, Delphi, Celanese, DSM, Evonik, SABIC, RTP, Lear Corporation, Borealis AG, Adient and Covestro are the prominent industry participants in the automotive plastics market. Companies are focusing towards investing in R&D activities to comply with government standards and enhancing their product portfolio by forming joint ventures and partnerships.
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Global Market Insights, Inc.
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