Press release
Innovating Exterior Automotive Plastics for Modern Vehicles
According to The Business Research Company's, The exterior automotive plastics market size has grown strongly in recent years. It will grow from $12.01 billion in 2023 to $12.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to industrialization of livestock farming, animal health and productivity, fluctuations in feed ingredient prices, globalization of livestock production, nutritional awareness, regulatory support, .
The exterior automotive plastics market size is expected to see strong growth in the next few years. It will grow to $16.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising demand for aquaculture feed, alternative protein sources, biosecurity concerns, impact of climate change, growing demand for animal protein.. Major trends in the forecast period include technological advancements in feed formulation, traceability and transparency, integration of digital technologies, innovations in feed additives, sustainable sourcing..
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Market Drivers and Trends:
Rising demand from the automotive industry is expected to propel the growth of the exterior automotive plastics market going forward. The automotive industry refers to the industry that comprises of sales and production of various vehicles such as passenger vehicles, hybrid vehicles, and motorcycles. Exterior automotive plastics play a significant role in the automotive industry, as they are used in the production of many parts of a vehicle's exterior, including body panels, bumpers, grilles, mirrors, and trim, these plastics are often preferred over traditional materials, such as steel or aluminum because they are lighter, more durable, and more resistant to corrosion. For instance, in April 2023, Statistics Canada, a Canada-based government agency, the total number of road motor vehicles registered in Canada increased by 1.9% from 2020 with 26.2 million in 2021. Further, in June 2021, according to the report published by OICA (International Organization of Motor Vehicle Manufacturers), a France-based international trade association for vehicles, global passenger car sales increased from 53.91 million in 2020 to 56.39 million in 2021. Therefore, the rising demand from the automotive industry drives the exterior automotive plastics market.
The adoption of sustainable products is a key trend gaining popularity in the exterior automotive plastics market. Companies operating in the exterior automotive plastics market are adopting sustainable products to sustain their position in the market. For instance, in September 2021, SABIC, a Saudi Arabia-based company engaged in engineering thermoplastics for lighting components and the emerging automotive application introduced recycled automotive grades, the company's first automotive grades within the company's TRUCIRCLE portfolio of circular solutions and services. The new resins include XENOY T2NX2500UV resin, an unfilled, SABIC T2E-3320EH PP compound, a high-flow, low-emission, talc-filled polypropylene; UV-stabilized blend of polycarbonate and polyethylene terephthalate; and XENOY T2NX5230 resin, a mineral-filled PC/PET blend that is applicable in the automotive industry. These are sustainable and contain up to 29% recycled content that offers excellent performance, providing automotive customers with new options that can help them address their sustainability goals.
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Major Key Players of the Market:
Arkema S.A.; BASF SE; Borealis AG; DuPont de Nemours Inc.; Royal DSM N.V.; Evonic Industries AG; ExxonMobil Corporation; Lanxess; LyondellBasell Industries N.V.; Convestro AG; Saudi Arabia's Basic Industries Corporation; Celanese Corporation; Salem Industrial Plastics; Lear Corporation; Magna International Inc.; Trinseo S.A.; Adient plc; Flex-N-Gate Corporation; Solvay S.A.; Teijin Limited; DSM Engineering Plastics; LG Chem Ltd.; Kuraray Co. Ltd.; Toyoda Gosei Co. Ltd.; Sumitomo Chemical Company Limited; Asahi Kasei Corporation; Kautex Textron GmbH & Co. KG; Ravago Group; Plastic Omnium Group; Hanwha Advanced Materials Corp.
Exterior Automotive Plastics Market 2024 Key Insights:
• The exterior automotive plastics market will grow to $16.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• The Role Of Automotive Industry Demand In Fueling Growth For Exterior Automotive Plastics Market
• Companies Embrace Recycled Automotive Grades In The Exterior Automotive Plastics Market
• Asia-Pacific was the largest region in the exterior automotive plastics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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