Pune, India, November 24, 2021 (GLOBE NEWSWIRE) – According to a research study by Fortune Business Insights ™, the globe Market share of plastics in the automotive industry is projected to reach $ 53.85 billion by 2027. This is due to the growing automotive sector and the growing demand for additive manufacturing in the automotive sector over the forecast period. This information is published by Fortune Business Insights in its latest report. The report further notes that the market was $ 40.91 billion in 2019 and is expected to have a CAGR of 5.3% between 2020 and 2027.
Automotive plastics are a type of polymer used in the manufacture of automobiles. In general, four types of plastics are used, such as polyurethane, PVC, polypropylene, and polyamides. The plastics are mainly used to reduce vehicle weight, resulting in better fuel economy and better performance.
Companies represented in the automotive plastics market are as follows:
- Arkema SA (France)
- BASF SE (Germany)
- Borealis AG (Austria)
- DuPont (USA)
- DSM Engineering (Netherlands)
- Evonik Industries AG (Germany)
- ExxonMobil Corporation (USA)
- LANXESS (Germany)
- LG Chem (South Korea)
- LyondellBasell (Netherlands)
- SABIC (Saudi Arabia)
- Covestro AG (Germany)
- Arkal Automotive (USA)
- Other players
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What does the report contain?
The market report provides the detailed quantitative and qualitative analysis of various factors such as the key drivers and restraints that will affect the market growth. Additionally, the report offers insights into the regional analysis that covers the different regions and contributes to the growth of the market. Additionally, it encompasses the competitive landscape that includes leading companies and their adoption of strategies to introduce new products, announce partnerships and collaborations that will help the market grow between 2020 and 2027. In addition, the research analyst has adopted several research methods such as PESTEL and SWOT analysis to extract information on current trends and industry developments that will drive market growth in the years to come.
Increasing adoption of advanced technologies to promote growth
The growing demand for fuel efficient cars is driving manufacturers to adopt advanced technologies like additive manufacturing. The increasing acceptance of 3d printing Technology to develop lightweight and advanced plastic products is expected to drive demand for advanced automotive plastics around the world. In addition, the high disposable income and improved living standards of people around the world are driving automobile sales, which will contribute to the growth of the global automotive polymers market during the forecast period.
The exterior segment held 28.1% of the market share in 2019
The exterior segment, based on application, held a market share of around 28.1% in 2019 and is likely to gain momentum as automotive plastics become more prevalent in the exterior of vehicles to prevent corrosion and deformation of components.
North America remains dominant; Increasing demand for polymers for the automotive industry to support growth
Of all regions, North America is expected to remain the dominant position during the forecast period, taking the highest position in the global automotive plastics market size. This is due to the increasing demand in the region for automotive polymers due to their superior properties such as excellent heat resistance, low density and corrosion inhibition. North America was $ 5.93 billion in 2019.
The Asia-Pacific market is expected to experience exponential growth between 2020 and 2027, supported by the increasing use of automotive plastics in automotive manufacturing in the region.
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Key players are focused on expanding their facilities in order to strengthen their market positions
The global automotive polymer market is solidified by the presence of key players focused on expanding their manufacturing facilities to meet the growing demand for advanced automotive plastics. Additionally, other key players are pursuing strategies such as mergers and acquisitions, new product launches, and partnerships that are expected to bode well for market growth during the forecast period.
Key Industry Development:
October 2020 – Teijin announces its partnership with the AZL Partner Network, a cross-industry network for joint business development, organized by AZL Aachen GmbH. The company joins the broad network to develop multi-material automotive plastics for electric vehicles.
Main table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and Assumptions
- Market dynamics
- Market leader
- Market restrictions
- Market opportunities
- Important findings
- Major emerging trends – for major countries
- Major developments: mergers, acquisitions, partnerships, etc.
- Latest technological advancement
- Insights into the regulatory scenario
- Porter’s Five Forces Analysis
- Global Automotive Plastics Market Analysis, Insights, and Forecasts, 2016-2027
- Main results / summary
- Market analysis, insights and forecasts – by type
- Polypropylene (PP)
- Polyurethane (PU)
- Polyamide (PA)
- Polyvinyl chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polycarbonate (PC)
- Polyethylene (PE)
- Market analysis, insights and forecasts – by application
- Under the hood
- Market analysis, insights and forecasts – by region
- North America
- Asia Pacific
- South America
- Middle East & Africa
Table of contents continued…!
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Polyurethane market size, Share and industry analysis, by product type (rigid foam, flexible foam, molded foam, elastomers, adhesives and sealants, coatings and others), by application (furniture, construction, electronics, automotive and transport, packaging, shoes and others) and regional forecast 2019- 2026
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