Automotive Plastics Market Growing At A CAGR Of 11% By 2020| Toray Industries Inc, Bayer, Teijin, Dow, DuPont, Evonik, Lear Corporation, Magna International, BASF, Koninklijke DSM, LyondellBasell, Borealis, Zoltek Companies Inc, Quadrant, SABIC, Jonson En

Recent research and the current scenario as well as future market potential of "Global Automotive Plastics Market 2020".

The Global Automotive Plastics Market is growing at a CAGR of 11 % during the forecast period (2020-2027).

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Automotive plastics are specially engineered materials possessing superior properties and broad range functionalities. They possess essential properties like low weight, flexibility, enhanced mechanical strength, resilience, corrosion resistance, and appealing aesthetic looks. They are widely used in the automotive segment in the manufacturing of small bearings, bumper seats, door panels, mirror housings, and wheel covers. They are majorly preferred in the automotive segment owing to their potential in reducing the weight of the vehicle thereby contributing in reducing the overall carbon emissions of the vehicle.

The Global Automotive Plastics Market was worth USD XX billion in 2018 and is forecasted to reach USD XX billion by 2026, growing at a CAGR of XX% during the forecast period 2019-2026.

Global Automotive Plastics Market- Market Dynamics

Rising automotive sales, demand for fuel-efficient and lightweight cars, customers preferring improved aesthetics, abundant availability of raw material and stringent government regulations are the major factors boosting the global automotive plastics market.

Streamlining the interiors and the exteriors of the vehicle with plastics is a vital phenomenon contributing in the reduction of the noise and vibrations and the overall weight of the car thereby resulting in decreasing the carbon emissions of the vehicle. Major countries of the world imposing stringent norms on automobile emissions is one of the major driving factors of this market. According to the Euro 5b tier, which was approved on September 2011 by the European emission standards, the permissible levels of NOx emissions for diesel vehicles were 0.180 g/kg, and particulate matter was 0.005 g/kg. Due to increasing levels of environmental pollution, it has recently launched the Euro 6d mandated which will be approved in January 2020. According to the Euro 6d emission mandates, the allowable limit for NOx emissions are 0.080g/kg and particulate matter emissions are 0.0045 g/kg. Moreover, according to the International Organization of motor vehicles manufacturers (OICA), 96.8 million vehicles were sold globally in 2017 compared to 93.9 million and 89.7 million in 2016 and 2015 respectively. Owing to these reasons, stringent regulations imposed by the major countries of the world and rising automotive sales are the significant factors fueling the growth of the global automotive plastics market.

However, rising research and development costs of high-performance plastics, expensive raw material, environmental policies concerning non-degradable nature of plastics are the crucial factors restraining the global automotive plastics market.

Plastic pollution is a rising concern these days owing to non-degradable and non-decomposable nature of plastics. According to the United Nations Environmental Organization, more than 300 million tons of plastic waste is produced annulay, which is same as the total weight of the entire human population. It is estimated that more than 8.3 billion tons of plastic has been produced since the early 1950s and only 9% of this has ever been recycled and the unrecycled plastic ending up either in a landfill or in the natural environment. Owing to these reasons, environmental policies concerning the non-degradable nature of plastics is a crucial factor impeding the growth of the global automotive plastics market.
Global Automotive Plastics Market-Segmentation Analysis

The Global Automotive Plastics Market has been segmented by end-user application, product type, and geography.

Based on the product type, the market is segmented as Poly Propylene, Poly Vinyl Chloride (PVC), Poly Urethane (PU), Poly Amide (PA), Poly Carbonate (PC), Poly Methyl Methacrylate (PMMA), High Density Poly Ethylene (HDPE) and others. Polypropylene is the dominant segment of the global automotive plastics market owing to its high resistance to chemical spillage and water penetration. According to a research article published by Sumitomo Chemicals Japan, more than half of all the plastic components used in automotive applications are made of polypropylene. Polypropylene is used in the manufacturing of a variety of parts including bumpers, instrument panels, door trims, chemical tanks, cable insulation, gas cans, and carpet fibers. According to the Association of Plastics manufacturers, out of the 49.9 metric tons demand in the European Union in 2016, the need for polypropylene was about 9.8 metric tons, the highest among all the plastic types. Owing to these reasons, Polypropylene is expected to dominate the global automotive plastics market in the future.

Based on the application, the market is segmented as the interior, exterior, under the bonnet, instrument panel, electrical components, powertrains, chassis, and others. Plastics are widely used in improving the aesthetic performance of the vehicle owing to their scratch resistance properties. Automotive plastics are commonly used in the interiors of the car in the manufacturing of door panels, instrument panels, dashboard components, and other essential parts. Owing to these reasons, the interior segment is anticipated to dominate the global automotive plastics market in the future.

Global Automotive Plastics Market-Geographical Analysis

The Global Automotive Plastics Market is segmented into North America, Europe, Asia Pacific, South America and Rest of the world.

The Asia Pacific region is further segmented into the following areas as China, Japan, India, South Korea, Australia, and others. The Asia Pacific region is the dominant segment in the automotive plastics market owing to the rising automobile market in countries like China, India, and Japan. Increasing per capita incomes of people in India, China and South Korea and small families preferring fuel-efficient cars are the major contributing factors for the Asia Pacific region to dominate the global automotive plastics market. According to the International Organization of motor vehicles manufacturers (OICA), out of the 96.8 million vehicles sold globally, more than 48 million cars were sold in the Asia Pacific region with China alone accounting for more than 29 million car sales followed by 5.2 million in Japan and 4 million in India. The number of cars sold in the Asia Pacific region in 2016 was 4.69 million compared to 4.34 million in 2015. Moreover, according to the statistics by the World Bank, the time taken for China's GDP per capita to double was only 10.84 years, followed by the Korea Republic with 11.7 years. Owing to these reasons, the Asia Pacific region is anticipated to dominate the global automotive plastics market in the future.

Global Automotive Plastics Market-Competitive Analysis

Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness. For instance, in January 2019, Evonik acquires a US-based start-up, Structured Polymers Inc, a technology startup for 3D printing materials and this acquisition will give Evonik an opportunity for Evonik to expand its portfolio of specialty polymers.

New product launches and expansion of facilities are some other vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate. For instance, in April 2018, Quadrant Engineering Plastic Products announced the launch of additional colors for its Ketron PEEK product portfolio. This extended color range is a market development for more design options offered to design engineers. Furthermore, Borealis AG is increasing its polypropylene capacity in Europe to strengthen its long-term commitment to meet the European customer's needs for innovative polypropylene.

Scope of the Report:

The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles. The Global Automotive Plastics Market is segmented based on the type of the product as Poly Propylene, Poly Vinyl Chloride (PVC), Poly Urethane (PU), Poly Amide (PA), Poly Carbonate (PC), Poly Methyl Methacrylate (PMMA), High Density Poly Ethylene (HDPE) and others. Based on the application, the market is segmented as the interior, exterior, under the bonnet, instrument panel, electrical components, powertrains, chassis, and others. Based on the geography, the market is segmented into North America, South America, Europe, Asia Pacific and Rest of the World (ROW).

The report profiles the following companies - Toray Industries Inc, Bayer Material Science AG, Teijin Limited, Dow Du Pont, Evonik Industries AG, Lear Corporation, Magna International, BASF SE, Koninklijke DSM, Lyondell Basell, Borealis AG, Zoltek Companies Inc, Quadrant AG, SABIC and Jonson Control.

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Why Purchase the Report?
Visualize the composition of the Global Automotive Plastics Market across each indication, in terms of type, application, material, and function highlighting the key commercial drivers, restraints and market players.
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Excel data sheet with thousands of data points of the Global Automotive Plastics Market - level 4/5 segmentation.
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