Press release
Automotive Plastic Market Size Worth USD 78.19 Billion 2032| CAGR of 10.7%
In 2022, the global automotive plastic market had a size of USD 31.32 Billion. It is projected to reach USD 78.19 Billion by 2032, with a revenue CAGR of 10.7% during the forecast period. The increasing demand for lightweight vehicles is a key driver of market growth. Automotive plastic is used to reduce the weight of vehicle parts, resulting in better fuel efficiency and reduced carbon emissions. As a result, the automotive industry is seeing a significant demand for lightweight materials, which is driving demand for automotive plastics.
The shift toward electric vehicles is also boosting the demand for automotive plastics since they are essential for electric vehicle batteries and charging infrastructure. Automotive plastics are utilized in battery casings, connections, and other components due to their lightweight and excellent insulating properties. The growing demand for automotive plastics is expected to propel the market's revenue growth.
Automotive Plastic Market Segments:
The market's growth is driven by several factors, including the increasing demand for lightweight vehicles. Automotive plastic is utilized in parts to reduce vehicle weight, leading to improved fuel efficiency and lower carbon emissions. This trend has resulted in a high demand for lightweight materials in the automotive industry, which is driving the demand for automotive plastics.
The shift toward electric vehicles is another significant driver of market growth. Automotive plastics are essential for electric vehicle batteries and charging infrastructure, which is driving demand for these materials. They are utilized in battery casings, connections, and other parts due to their lightweight and excellent insulating properties. The growing demand for electric vehicles is expected to further increase the demand for automotive plastics in the coming years.
The report coverage for the global automotive plastic market includes revenue forecasts, company ranking, competitive landscape, growth factors, and trends. The segments covered in the report include Product Type Outlook, Application Outlook, and Regional Outlook. With the historical data from 2020-2021 and the base year for estimation set at 2022, the forecast period for the global automotive plastic market is from 2022-2032. The quantitative units for this period are revenue in USD Billion.
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Automotive Plastic Market: Strategic Developments
A memorandum of understanding was signed by Sabic and Plastic Energy, a British recycling company, in 2021 to construct a commercial plant in the Netherlands that will manufacture recycled polycarbonate plastics from mixed plastic waste. The objective of this partnership is to address the issue of plastic waste by establishing a circular economy for plastic.
In 2020, BASF SE and Toyota Motor Europe collaborated to supply BASF's Ultramid nylon resin for Toyota's most recent hybrid vehicles. The use of Ultramid resin in Toyota's vehicles reduces the weight of the car and enhances fuel efficiency.
Dow Inc. declared in 2020 that it had formed a collaboration with UPM Biofuels to create renewable plastics. The partnership's goal is to generate plastics from renewable raw materials, resulting in a decrease in the carbon footprint of plastic production.
LG Chem Ltd. announced in 2019 that it would invest $391 million in expanding its electric vehicle (EV) battery plant in China. The investment aims to reinforce LG Chem's position in the EV battery market and meet the rising demand for electric vehicles in China.
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Automotive Plastic Market: Competitive landscape
The global automotive plastic market is highly competitive, with numerous companies vying for a larger share of the market. Some of the leading players in the market include BASF SE, Dow Inc., LG Chem Ltd., Magna International Inc., Solvay S.A., Teijin Limited, Trinseo S.A., Lanxess AG, Sumitomo Chemical Co., Ltd., and Sabic. These companies are continuously innovating and investing in research and development to expand their product portfolios and stay ahead of the competition.
BASF SE is a prominent player in the automotive plastic market and is focused on developing sustainable solutions for the industry. The company has developed several innovative products such as Ultramid and Ultradur, which are used in various automotive applications to improve fuel efficiency and reduce emissions.
Dow Inc. is another major player in the automotive plastic market, and it has partnered with various companies to develop sustainable solutions for the industry. The company has collaborated with UPM Biofuels to produce renewable plastics from raw materials such as tall oil, a byproduct of the paper-making process.
LG Chem Ltd. is a leading supplier of electric vehicle batteries and has invested heavily in expanding its production capabilities to meet the growing demand for electric vehicles. The company is also focusing on developing new materials and technologies to improve the performance and durability of EV batteries.
Other significant players in the market include Magna International Inc., which specializes in developing lightweight components and systems for the automotive industry, and Sabic, which is a major producer of engineering plastics and resins for various applications, including automotive.
Overall, the automotive plastic market is highly competitive, with numerous players vying for a larger share of the market. The key players are investing heavily in research and development to develop sustainable and innovative solutions for the industry.
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