Automotive Plastics Market Top Key Players - Borealis AG, Covestro AG, Evonik Industries AG, SABIC (Saudi Arabia), Grupo Antolin-Irausa S.A., Novares Group, GW Plastics

The automotive plastics market was estimated at $XX Billion in 2021, growing at –% CAGR till 2026.Plastics usage in tailgates has been growing at double digits in the past 5 years and with the rise in power tailgates(including hands-free), plastics will have further headway to grow in the auto industry.

Western Europe has a lower consumption of plastics per vehicle than the United States, due to a smaller average size of the car in the region. Plastics consumption (in kg per vehicle) is the lowest in China compared to the other regions. China’s plastics consumption is expected to increase faster than in other regions as it grows from a lower base.

The Importance being given to the plastic integration within the Automotive Sector has increased alongside the usage of lighter metals due to increased consideration towards Environmental Decontamination and further Recycling procedures. This has made the industry cautious about the plastic end user potential with a possible integration being done into the automotive parts in various levels of requirements.

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AUTOMOTIVE PLASTICS MARKET DYNAMICS

Continental structural plastics (CSP) supplied Ford Motor Company with industry’s first composite, dual-wall-dash engine shroud for use in the 2020 Ford Explorer. This sheet molded compound (SMC) advanced composite shroud significantly reduces the powertrain NVH experienced in the vehicle cabin. CSP VICTALL announced that China based Jiangling motors corporation (JMC) will use advanced composites for the pickup boxes of its new Yuhu 3 and Yuhu 5 pickup trucks.

ELECTRIC VEHICLE PLASTICS MARKET

In 2020, 3.2 Million units of Plug in EVs were sold globally +40% YOY. The volume of electrified vehicles was ~5 Million units. The growing penetration of electric propulsion in the past 5 years has made every auto supplier sit up and take notice and it’s not any different in case of automotive plastics suppliers.

AUTOMOTIVE PLASTICS MARKET SEGMENTATION

By Product Type
• Polypropylene – PP
• Polyurethane – PU
• Polyamide – PA
• Polyvinyl Chloride – PVC
• Acrylonitrile Butadiene Styrene – ABS
• Polycarbonate – PC
• Polyethylene – PE

By Vehicle Class / Type
• Light Motor Vehicle
• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Electric Vehicle

By Internal Placement Area
• Body Structuring
• PowerTrain / Drivetrain
• Suspension
• Internal Component parts
• External Feature Parts
• Sensor Systems
• Chassis Structure
• Engine Systems

By Regional Classification
• Asia Pacific Region – APAC
• Middle East and Gulf Region
• Africa Region
• North America Region
• Europe Region
• Latin America and Caribbean Region

RECENT DEVELOPMENTS IN AUTOMOTIVE PLASTICS MARKET

When considering the pre pandemic situation within the global scenario, the expansion in the production facilities and support requirements for plastic based manufacturing being integrated into the automotive sector.

This expansion was seen in large numbers and volumes alongside possible price fluctuations in key raw materials like polypropylene, polyurethane, and acrylonitrile butadiene styrene may have adverse impact on the automotive plastics market.

AUTOMOTIVE PLASTICS MARKET TRENDS

• Engineered polymers and plastics are continuing to replace aluminium and other metals in automobiles, with the average car interior now being made up of over 50% plastics.
• Due to carbon fibre’s high cost in the past, it was typically reserved for luxury and custom vehicles. But today, because some companies offer carbon fibre composites that are considerably cheaper than before, more manufacturers are expected to take advantage of this lightweight material. In addition to its weight reduction properties, a major advantage of a carbon fibre composite is its superior strength compared with steel.

COMPETITIVE LANDSCAPE
In H2- 2019, despite sales slowdown, many auto plastics and interior suppliers expanded their presence. For example, Yanfeng Automotive interiors strengthened its presence in Serbia (eastern Europe),French automotive supplier Novares Group inaugurated an expansion project at its Arouca manufacturing facility in northern Portugal, to specifically manufacture parts for PSA Group.

COMPANY PROFILES
Borealis AG
Covestro AG
Evonik Industries AG
SABIC (Saudi Arabia)
Grupo Antolin-Irausa S.A.
Novares Group
GW Plastics
Viking Plastics
GEIGER Automotive
BASF SE
Compagnie Plastic Omnium
Continental Structural Plastics

Read More Information: https://mobilityforesights.com/product/automotive-plastic-market/

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This release was published on openPR.