The global automotive plastics market was valued at USD 31,692.1 million in 2018 and is expected to reach USD 75,704.4 million in 2026, growing at a CAGR of 11.5% from 2019 to 2026. Automotive plastics are mainly used for performance and safety advancement in luxury vehicles, SUVs, passenger cars, Minivan, and commercial. Automotive plastics have several properties including reliable, durable, strong, recyclable, scratch resistance, resistance to abrasion, improve vibration and noise control and allows molding, design, and integration of components in automobiles.
Rising demand of safety features and luxury components in
vehicles and increased demand for materials offering significant emission
reduction are expected to drive the growth of the automotive plastics market in
upcoming years.
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Growing demand for overall weight reduction in vehicles,
increase in demand for fuel-efficient vehicles, and increase in application
areas of automotive plastics are the main drivers for the market growth of the
global automotive plastics market during the forecast period. Moreover, the
automotive plastics are used in various automotive components and parts due to
its easy formability, heat resistant capability, easy manufacturing, impact
strength, and improved aesthetics are expected to enhance the market size
during the forecast period. Increase in demand for development of
thermoforming plastics, biodegradable plastics, polymethyl methacrylate (PMMA),
and rise in demand for light material with perfect heat resistance and
mechanical properties is expected to develop new & advanced plastic
materials. This also expected to open investment opportunities in the global
market for the manufacturers during the forecast period.
However, volatile prices of raw materials and growing
investment in plastics-alternative material research (such as carbon fibers)
are expected to hamper the growth of the global automotive plastics market
during the forecast period. Moreover, high capital cost and cost of plastic
materials is the prime challenge in the global automotive plastics market
during the forecast period.
Key Findings:
Based on product type, the Polypropylene segment is expected
to dominate the market with nearly 31% share in the global automotive plastics
market in 2018.
Based on Application, the interior segment accounts of the
largest share in the market and is expected to grow at a CAGR of around 13.5%
during the forecast period.
Asia-Pacific accounted for nearly 40% share of the global
automotive plastics market in 2018.
Automotive Plastics
Market Segmentation
By Product Type
1.Polypropylene
2. Polyurethane
3. Polyvinyl Chloride
4. Acrylonitrile-Butadiene-Styrene (ABS)
5. Polyamide
6. High-Density Polyethylene (HDPE)
7. Polycarbonate
8. Polybutylene Terephthalate (PBT)
9. Others
By Application
1. Interior
2. Exterior
3. Under-the-hood
4. Electrical components
Recent News:
- BASF SE introduced new automotive products from plastic
waste.
- BASF SE has developed the world's first particle foam
based on polyethersulfone.
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Information- https://www.alltheresearch.com/report/158/automotive-plastics-market
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