Automotive Plastic Market Expected to Value over USD 42 Billion by the end of 2030

Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Automotive Plastic Research Report.

Market Insights

According to Market Research Future (MRFR), the global automotive plastics market is predicted to value an estimated $42 billion by the end of 2030 and observe a significant CAGR of 4.4% during the forecast period 2023-2030. Due to rising fuel costs, the demand for fuel-efficient automobiles is at an all-time high. As a result, automotive plastics have proven to be extremely popular in the automotive industry due to their lightweight feature which lends itself to improving the fuel efficiency of the final product and services as a key driver of market growth.

Various components that make up a vehicle can be fashioned out of plastic, which has led to rapid growth in applications for automotive plastics. Durability and flexibility of plastics allow for functional and aesthetic designs that contribute toward overall fuel efficiency. In the coming years, it is expected that the demand for lightweight materials in the exteriors of automotives will advance market growth.

The existence of a massive global automotive industry, which is witnessing an especially high demand from emerging economies has to lead to increased production and in turn increase in demand for automotive plastics, thus motivating market growth.

Fluctuating costs of raw material and a growing concern regarding the impact of plastics on the environment are expected to pose restraints on the global automotive plastics market. However, the potential for new applications in external parts of cars, which presently use metals, and the use of recycled plastic for automotive parts is expected to provide opportunities for the market thus facilitating overall growth.

Market Segmentation

Segmentation analysis of the global automotive plastic market has been done by type, application, and region.

By types, the market has been segregated to include polypropylene, acrylonitrile-butadiene-styrene, polyurethane, polyamide, polymethyl methacrylate, polycarbonate, and others.

By application, the market has been divided into, interior body, under the bonnet, exterior body, and electrical components. Of these, the interior body segment is expected to grow at the highest CAGR due to an increase in demand for automotive plastics in parts such as light displays, steering wheels, and other components.

By region, the global market has been divided into North America, Europe, the Asia Pacific, the Middle East & Africa and Latin America.

Regional Analysis

Rising disposable incomes in developing economies like India and China combined with the massive consumer population present in the region have facilitated the increased demand for automotive,  making the Asia Pacific the leading regional market segment globally. The growth of the automotive industry due to the reason mentioned above are expected to be key drivers positively impacting the growth of the automotive plastic market. MRFR has predicted that the APAC region will be the fastest growing region with a considerable CAGR during the forecast period. Additionally, more automotive manufacturers are shifting operations to countries in this region, due to favorable government policies & programs and the abundant availability of cheap labor; this is expected to motivate market growth during the forecast period.

Europe, with the second largest market share, is expected to experience considerable market growth during 2017 to 2023 due to the increased use of automotive plastics in the wake of strict E.U regulations.

North America closely follows with the third largest market share. There is a strong presence of leading automotive manufacturers, and the rapid adoption of innovations in the region is expected to facilitate growth for the region in the next few years.

Key Players

Prominent market players which have been featured in MRFR's market report include E. I. Du Pont De Nemours and Company, BASF SE, Evonik Industries, AkzoNobel N.V., Saudi Basic Industries Corporation (SABIC), DSM Company, Teijin Limited, LyondellBasell Industries, N.V, Quadrant group of companies, Dow Chemical Company, DSM Company and others.

Latest Industry News

UK parts manufacturer, Axon Automotive, has moved locations to a 45,000 sq ft factory site to accommodate increased demand. The company's export business has grown considerably over the last two years. The company is best known for its carbon-fiber-reinforced plastic AxontexTM composite beam making process technology which is used to make super-lightweight vehicle chassis and structural components. The new site will see Axon expanding its engineering projects and a permanent demonstration production line.

Amidst the process of acquisition by LyondellBasell Industries, Ohio-based company, A.Schulman is set to launch new products. The company is launching Eco-Flex bland recycled thermoplastic vulcanizate which offers combined performance features of rubber with conventional thermoplastics. Additionally, the material is expected to provide cost savings and are recyclable.Get Full Information About This Report: automotive plastics market share