Press release
Automotive Plastics market is projected to reach USD 54.68 Billion by 2030 : Cognitive Market Research
Automotive Plastics market is projected to reach USD 54.68 Billion by 2030 : Cognitive Market Research
- Automotive plastics are materials used in the manufacturing of automotive components and parts that replace traditional materials like metals and glass. These plastics offer several advantages over traditional materials, such as being lightweight, durable, and resistant to corrosion, chemicals, and impact. Automotive plastics are used in various parts of a vehicle, including the body panels, interior components, electrical systems, and under-the-hood applications.
Summary:
- The Global Automotive Plastics market size will be USD 54.68 Billion by 2030 and is expected to grow at a CAGR of 5.53% from 2023 to 2030.
"To know more about The Automotive Plastics Market statistics click here: https://www.cognitivemarketresearch.com/automotive-plastics-market-report
Market Dynamics:
• Factors Affecting Automotive Plastics Market Growth
The increasing adoption of lightweight materials due to the growing focus on vehicle weight reduction and emission control are major factors supporting the growth of the automotive plastics market. Moreover, with the increasing demand for electric vehicles, the need for lightweight materials is increasing, and plastics are well-suited to meet this demand, which in turn, drives the growth of the automotive plastics market. Furthermore, advances in plastic materials and processing technologies are allowing for greater performance and functionality in automotive applications, such as improved thermal stability, enhanced color and texture options, and increased resistance to UV rays which is expected to augment the market growth in the coming years.
Market Segmentation:
Product
• Acrylonitrile Butadiene Styrene (ABS)
• Polypropylene (PP)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polycarbonate (PC)
• Polymethyl Methacrylate (PMMA)
• Polyamide (PA)
• Others
By Product, the Polypropylene segment held the largest market share!
Based on Products, the polypropylene segment held the largest market share in the year 2022. Polypropylene (PP) is a widely used material in the automotive industry for plastic components due to its unique properties and advantages such as being lightweight, cost-effective, durable, and providing design flexibility.
Application
• Powertrain
• Electrical Components
• Interior Furnishings
• Exterior Furnishings
• Under the Hood
• Chassis
By Application, the Interior Furnishings segment is projected to register the fastest growth during the forecast period, from 2023 to 2030.
Based on application, the interior furnishings segment is projected to dominate the market during the forecast period. This growth is attributed to the wide usage of products in designing interior furnishing components such as seat bases, seat covers, steering wheels, load floors, headliners, and body and light panels.
Process
• Injection Molding
• Blow Molding
• Thermoforming
• Other
The Major Players in Automotive Plastics Market are:
BASF, Dow Chemical, Bayer Material Science, Johnson Controls, AkzoNobel, SABIC, Momentive Specialty Chemicals, Lear Corp., Quadrant AG, Borealis, Teijin, Evonik Industries
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Regional Analysis:
• Asia Pacific Contributed a Major Share of the Automotive Plastics Market
Asia Pacific region dominated the automotive plastics market in the year 2022. This growth is attributed to the increasing demand for automotive plastic components, the growing manufacturing base, and the presence of a large automobile industry. Furthermore, automotive plastics offer several benefits, including lower weight and greater design flexibility, which have led to their increased usage in the automotive industry. The Asia-Pacific region has been quick to adopt these materials to improve fuel efficiency followed by government regulations to reduce carbon emissions in the region. This factor is expected to fuel the market growth during the forecast period.
News:
• SABIC Launched Recycled Automotive Grades Under TRUCIRCLE Portfolio of Circular Solutions
In September 2021, SABIC introduced the company's first automotive grades containing mechanically recycled content within the company's TRUCIRCLE portfolio of circular solutions and services. The new resins are SABIC T2E-3320EH PP compound, a high-flow, low-emission, talc-filled polypropylene (PP); XENOY T2NX2500UV resin, an unfilled, UV-stabilized blend of polycarbonate (PC) and polyethylene terephthalate (PET); and XENOY T2NX5230 resin, a mineral-filled PC/PET blend.
• SABIC launched high-performance automotive PP compounds
In August 2022, SABIC has introduced the SABIC PP compound G3430X and SABIC PP compound G3440X grades, two new short-glass fiber-reinforced polypropylene compounds offering enhanced performance and processing for demanding automotive under-hood, exterior and interior applications.
Browse here for Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Automotive Plastics Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Automotive Plastics Market Segmentation
1.5.1 Automotive Plastics Market Regional Fragmentation
1.5.1 Automotive Plastics Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Automotive Plastics Market
Chapter 4 Global Automotive Plastics Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Automotive Plastics Market by Product Segmentation Analysis (2018-2030)
Chapter 10 Global Automotive Plastics Market by Application Segmentation Analysis (2018-2030)
Chapter 11 Global Automotive Plastics Market by Process Segmentation Analysis (2018-2030)
Chapter 12 Global Automotive Plastics Market Regional Analysis
Chapter 13 North America Automotive Plastics Market Outlook (2018 - 2030)
Chapter 14 Europe Automotive Plastics Market Outlook (2018 - 2030)
Chapter 15 Asia Pacific Automotive Plastics Market Outlook (2018 - 2030)
Chapter 16 Latin America Automotive Plastics Market Outlook (2018 - 2030)
Chapter 17 Middle East and Africa Automotive Plastics Market Outlook (2018 - 2030)
Chapter 18 Research Findings
Customize the Report Edition (Is applicable, On Request, Subject to Data Available, At an Additional Cost)
To know more Automotive Plastics Market TOC click here: https://www.cognitivemarketresearch.com/automotive-plastics-market-report#table_of_contents
Related Reports:
• Automotive Foam Market - https://www.cognitivemarketresearch.com/automotive-foam-market-report
• Automotive Elastomer Market - https://www.cognitivemarketresearch.com/automotive-elastomer-market-report
• Electric Vehicle Plastics Market - https://www.cognitivemarketresearch.com/electric-vehicle-plastics-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Illinois, 60602
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Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us
About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operating across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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