Press release
Automotive Plastics Market Size, Share & Trends Analysis Report By Product, Application & Forecasts 2025 | Magna International Inc., Lear Corporation, Adient PLC, BASF SE, Compagnie Plastic Omnium, Borealis AG, Covestro AG, Evonik Industries AG, Saudi Bas
Automotive Plastics Market
In recent times, the global automotive industry is working hard to develop new plastic materials to increase the fuel efficiency of automobiles due to exceptional climate change issues. Additionally majority of the greenhouse gas (GHG) emissions are estimated to be correlated with vehicles in the road transport industry. Above mentioned facts have forced original equipment manufacturers to increase focus on automotive light weighting.
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Rising effort from vehicle manufacturers to reduce overall weight of the vehicle is expected to increase adoption of composites in automotive production. Additionally, demand for plastic materials to reduce carbon emission and improve vehicle design will open new avenues for plastic producers to increase their production capacities to cater growing industry requirements.
Increasing penetration of carbon fiber composites in high end cars is expected to gain market traction over the coming years. Adoption of polymers in chassis, hood, roof, fender, floor panel, bumper, tailgate, and c-piller are gaining momentum in luxury cars. Growing consumer inclination towards vehicle design, safety features, and new variants are expected to increase demand for composite materials over the coming years.
Large number of automotive manufacturers operating in Europe and United States are working on vehicle reduction plans in order to fulfil stringent environmental norms and regulations. For instance, US Environmental Protection Agency (EPA) in association with US National Highway Traffic Safety Administration (NHTSA) are working on program to improve efficiency of commercial and heavy duty vehicles and reduce carbon emission. These regulations are expected to increase composites market concentration in automotive industry. Thus in turns, will offer opportunity for plastics industry.
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Increasing production of plastic materials
In terms of material type, the market is segmented as Polypropylene, Acrylonitrile butadiene styrene (ABS), Polyurethane, Polyethylene, Polycarbonate, Polyvinyl chloride, and others. Acrylonitrile butadiene styrene, Polycarbonate, and Polyurethane are most popular plastic materials used in automotive applications.
Automotive industry expansion in developing countries, rising demand for lightweight vehicles is expected to drive ABS plastic market. Easy availability of raw materials, low operating cost, high ductility, high stiffness, and high tensile strength makes ABS best option for automotive applications. In 2019, the global production of ABS plastics exceeded 11 million tons, with Asia Pacific accounted for more than 40% of the production capacity.
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Apart from ABS plastic, polycarbonate material is highly utilized in making automotive parts. Its application areas include bumpers & body panels, dashboards, headlamp lenses, exterior cladding, and lighting in automotive. In 2019, the global polycarbonate production capacity exceeds 5.2 million tons, with more than 50% of production capacities were recorded by China, United States, South Korea, and Japan. Leading polycarbonate manufacturers with production market share are Covestro (29.0%), Sabic (28.0%), Mitsubishi (11.0%), Teijin (8.0%), LG Chem (5.0%), Trinseo (4.0%), Formosa (3.9%), and Samsung (3.0%).
Manufactures operating in automotive plastics manufacturing are increasing their production capacities by expansion and new product development strategies in order to cater growing buyer's requirements. For instance, in November 2019, BASF introduced smart Verbund project in China to produce thermoplastic polyurethane and engineering plastics to serve growth industries in Asia. Additionally, emergence of electric vehicle industry is expected to increase automotive plastics industry market growth over the coming years.
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Asia Pacific to dominate global automotive plastics market
Asia pacific automotive plastics market accounted for more than 40% of overall market share in 2019. Easy availability of raw materials and labour has increased penetration of automotive production facilities in developing nations such as in India, China, Vietnam, Indonesia, and Thailand is expected to offer lucrative opportunity for raw material suppliers in this region. Continuous research & development followed by new product development in plastics is expected to open new opportunities in this industry over the coming years. Increasing production of passenger cars in Asia Pacific economies is expected to further propel the plastics industry for component manufacturing. For instance, in China more than 23 million passenger vehicles produced in 2019.
Key Market Players
Magna International Inc.
Lear Corporation
Adient PLC
BASF SE
Compagnie Plastic Omnium
Borealis AG
Covestro AG
Evonik Industries AG
Saudi Basic Industries Corporation Sjsc (SABIC)
Grupo Antolin-Irausa S.A.
Following is a detailed snapshot of most prominent segments in global automotive plastics market:
Segmentation by material type: Global Automotive Plastics Market
Polypropylene
Polyurethane
Polyvinyl Chloride
Acrylonitrile-Butadiene-Styrene (ABS)
Polycarbonate
Polyethylene
Others
Segmentation by application: Global Automotive Plastics Market
Interior
Exterior
Under Bonnet
Regional Segmentation: Global Automotive Plastics Market
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
Key Market Movements
Growing R&D activities and development in the production of vehicle light weighting
Increasing penetration of automotive production facilities in Asia Pacific
Rising consumer demand for safety and enhanced features
Adoption of composites in automotive manufacturing
Stringent government regulations towards increasing carbon emission
Key Questions Answered
Market valuation in terms of value and volume of the global automotive plastics market from period ranging 2015-2025
Comprehensive market evaluation across major regions based on market segmentation
A thorough rundown on market dynamics such as drivers, threats, challenges, and opportunities
A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
Major highlights on winning marketing strategies adopted by leading players
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Adroit Market Research provide quantified B2B research on numerous opportunistic markets, and offer customized research reports, consulting services, and syndicate research reports. We assist our clients to strategize business decisions and attain sustainable growth in their respective domain. Additionally, we support them with their revenue planning, marketing strategies, and assist them to make decisions before the competition so that they remain ahead of the curve.
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