Global Automotive Plastics Market to Exhibit Sound Market Expansion Owning to Diverse Applications, Favorable Government Norms

The automotive industry has exhibited sound growth in the past few decades which has positively impacted the demand for various automotive raw materials. Automotive plastics have emerged as a great automotive raw material owing to their versatility in application and lightweight nature in comparison to traditional materials such as cast iron and steel. Government norms to contain CO2 emissions, boost road safety, and consumers' demand for better fuel efficiency have driven automotive manufacturers to adopt high-grade plastics to manufacture modern automobiles. Beyond these functional benefits, automotive plastics provide greater control to manufacturers to achieve the desired aesthetic and ergonomic requirements of the consumers. Fairfield Market Research notes that these factors are expected to steer the global automotive plastics market toward robust maturity over the forecast period of 2022-2026.

Fairfield Market Research projects that the global automotive plastics market will reach a valuation of US$ 68.6 Bn by the year 2026 at a stable CAGR of 7.7%. This figure was at US$ 48.7 Bn in 2018. The expected market valuation points toward the promising business opportunities residing in the global automotive plastics market. Encouraged by these sound growth prospects, key market players are all set to pursue strategic partnerships, open innovation, and intense innovation.

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Multiple Applications Diversify Growth Prospects; Polypropylene to Exhibit Paced Growth

Automotive plastics offer significant versatility in applications, from exterior materials such as bumpers to soft plastic upholstery in the interiors. The automotive industry employs over 39 types of plastics including polypropylene (PP), polyamide (PA), polyvinyl chloride (PVC), polyurethane (PU), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), and polycarbonate (PC). The PP plastic exhibited a robust growth in 2020 owing to its usage in interiors, exteriors, and under the hood applications. Its market is expected to attain a valuation of US$ 13.5 Bn by 2026 at a promising CAGR of 7.8%. The under the hood segment is expected to exhibit to become the fastest-growing application category due to favorable government regulations and consumer preference for lightweight and fuel-efficient automobiles. Due to PP's high-temperature nature, its application as an under the hood component is expected to witness an upsurge during the forecast period. Other applications of automotive plastics include upholstery, interior trims, under the hood components, exterior parts, fuel system, powertrain components, instrumental panels, dashboard, bumper, air-conditioning system, and lighting.

Flourishing Automotive Sector to Catalyze Growth in Automotive Plastics Market of Asia Pacific

The Asia Pacific region is the world's largest automotive hub, with economies such as China, India, Japan, and South Korea providing strong tailwinds to its automotive plastics market. Moreover, strong manufacturing sector, increasing demand for automobiles, FDI-friendly government norms, and availability of relatively cheaper labor are some of the key drivers propelling APAC's automotive plastics market toward steady expansion. On the other hand, the automotive plastics market of North America and Europe is embracing significant expansion owing to stringent road safety and environmental norms and sound adoption of electric mobility.

Some of the key market players in the global automotive plastics market include SABIC, BASF SE, LyondellBasell Industries N.V., Borealis AG, Covestro AG, LG Chem, LANXESS AG, INEOS, Asahi Kasei Corporation, Celanese Corporation, and Koninklijke DSM N.V.

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The Global Automotive Plastics Market is Segmented as Below:

By Product Coverage
• Polypropylene (PP)
• Polyurethane (PU)
• Polyamide (PA)
• Polyvinylchloride (PVC)
• High Density Polyethylene (HDPE)
• Acrylonitrile Butadiene Styrene (ABS)
• Polycarbonate (PC)
• (Including PBT, PMMA, PET, LDPE, etc.)

By Application Coverage
• Interior
• Exterior
• Electronics and Light
• Under the Hood
• (Chassis, Powertrain Components, etc.)

By Geographical Coverage
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Leading Companies
• LyondellBasell Industries N.V.
• BASF SE
• SABIC
• Covestro AG
• Borealis AG
• LG Chem
• LANXESS AG
• Celanese Corporation
• INEOS
• Asahi Kasei Corporation
• Koninklijke DSM N.V.

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