Automotive Plastics Market to Worth USD 53.85 Billion by 2027 | Global Automotive Plastics Industry Size, Business Growth, and Forecast Report by Fortune Business Insights™
Companies covered in the automotive plastics market are Arkema SA (France), BASF SE (Germany), Borealis AG (Austria), DuPont (U.S.), DSM Engineering (The Netherlands), Evonik Industries AG (Germany), ExxonMobil Corporation (U.S.), LANXESS (Germany), LG Chem (South Korea), LyondellBasell (The Netherlands), SABIC (Saudi Arabia), Covestro AG (Germany), Arkal Automotive (U.S.), and more players profiled
Pune, India, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to research study by Fortune Business Insights™, the global automotive plastics market share is expected to hit USD 53.85 billion by 2027. This is attributable to the rising automotive sector and the growing demand for additive manufacturing in automotive sector during the forecast period. This information is published by Fortune Business Insights, in its latest report. The report further observes that the market stood at USD 40.91 billion in 2019 and is likely to exhibit a CAGR of 5.3% between 2020 and 2027. Automotive plastics are type of polymers adopted in the production of automobiles. Generally, four types of plastics are used such as polyurethane, PVC, polypropylene, and polyamides. The plastics are mostly used to reduce the vehicle weight that lead to better fuel consumption and performance.
Companies present in the Automotive Plastics Market, They are as follows:
The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Adoption of Advanced Technologies to Favor Growth
The growing demand for fuel-efficient automobiles is propelling manufacturers to adopt advanced technologies such as additive manufacturing. The increasing adoption of 3D printing technology to develop lightweight and advanced plastic products is expected to drive the demand for advanced automotive plastics across the globe. In addition to this, high disposable income and the improved living standards of the people globally is driving the sales of automotive that will contribute to the growth of the global automotive polymers market during the forecast period.
SEGMENTATION
Exterior Segment Held 28.1% of Market Share in 2019
The exterior segment, based on application, held a market share of about 28.1% in 2019 and is likely to gain momentum backed by the surging adoption of automotive plastics in the exterior of vehicles to prevent corrosion and deformation of components.
REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Demand for Automotive Polymers to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global automotive plastics market size during the forecast period. This is attributable to the increasing demand for automotive polymers owing to their superior properties such as excellent heat resistance, low density, and corrosion inhibition in the region. North America stood at USD 5.93 billion in 2019.
The market in Asia-Pacific is expected to showcase an exponential growth backed by the increasing adoption of automotive plastics in the production of automobiles in the region between 2020 and 2027.
Browse Detailed Summary of Research Report with TOC:
Key Players Focus on Facility Expansion to Strengthen Their Market Positions
The global automotive polymers market is consolidated by the presence of key players that are focusing on expanding their production facilities to cater to the growing demand for advanced automotive plastics. Furthermore, other key players are adopting strategies such as merger and acquisition, the introduction of new product, and partnership that is anticipated to bode well for the market growth during the forecast period.
Key Industry Development:
October 2020 – Teijin announces its partnership with AZL Partner Network, a cross-industry network for joint business development organized by AZL Aachen GmbH. The company joins the wide network to develop multi-material automotive plastics for electric vehicles.
Major Table of Contents:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Key Developments: Mergers, Acquisition, ParBnership, etc.
Latest Technological Advancement
Insights on Regulatory Scenario
Porters Five Forces Analysis
Global Automotive Plastics Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Polypropylene (PP)
Polyurethane (PU)
Polyamide (PA)
Polyvinyl Chloride (PVC)
Acrylonitrile Butadiene Styrene (ABS)
Polycarbonate (PC)
Polyethylene (PE)
Others
Market Analysis, Insights and Forecast – By Application
Interior
Exterior
Under Bonnet
Market Analysis, Insights and Forecast – By Region
Plastic Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-Use (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile), and Regional Forecast, 2021-2028
Polyurethane Market Size, Share & Industry Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive & Transportation, Packaging, Footwear, and Others), and Regional Forecast 2019-2026
Fluoropolymers Market Size, Share & Industry Analysis, By Type (Polytetrafluoroethylene (PTFE), Polyvinylidene fluoride (PVDF), Fluorinated ethylene propylene (FEP), Ethylene Tetrafluoroethylene(ETFE), Perfluoroalkoxy alkanes (PFA), Polyvinyl fluoride (PVF), Others), By End-User (Industrial, Automotive, Electrical, Others (Food & Pharmaceutical, Cookwares, Medical)) Others and Regional Forecast, 2021-2028
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