Automotive Plastic Market is an integral component used in the design and manufacture of automotive parts such as flooring, engine components, and door panels, etc. The lightweight plastic material helps to control the fuel consumption, increasing the fuel efficiency of the vehicles. It also allows designers to implement innovative and durable designs. Resultantly, the demand for light-weight plastic has been augmented drastically over the past few years.
Improving economy is fuelling the automotive industry lately, enhancing the consumers’ purchasing power. Resultantly, consumers are demanding luxuries vehicles with the advancements in automobile exterior design, and that can give maximum fuel efficiency. This, in turn, is ascending the demand for the lightweight automotive components, escalating the market value of automotive plastic on the global platform.
Acknowledging the kind of accruals the market is gaining currently, Market Research Future (MRFR) has recently published a study report giving out the complete market insight up to 2023. In its study report, MRFR asserts that the global automotive plastics market will garner a value of approx. 56.38 Billion USD by 2023 with a CAGR of ~12.6% between 2016 and 2023.
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Qualities of automotive plastics such as high resistance to weathering, versatility in applications, and superior quality of designs make them the trendiest forms of automobile design materials. Strict governmental regulations pertaining to the vehicular emissions are encouraging the automotive companies to switch their preferences from metals like steel and aluminum to light-weight plastics.
On the flip side, automotive plastics are slightly expensive and hence is produced in lower volume which restricts its applications to low-volume applications further limiting its market growth to an extent. Besides, price volatility and demand and supply gap of the feedstock is one of the key factors, impeding the market growth of automotive plastics.
Nevertheless, the demand for emission control weight reduction composites, high demand for improved vehicular designs is fostering the demand for automotive plastic materials, escalating the market growth. Also, expected technological advancements, through RD are likely to present economical manufacturing processes reducing the selling cost of these plastics.
Segmentation
The global automotive plastics market has been segmented by type and application.
Based on type, the global automotive plastics market has been segregated into polyamide, polymethyl methacrylate, polyurethane, acrylonitrile-butadiene-styrene (ABS), PVC, polycarbonate, polypropylene, and others. Polypropylene accounted for the largest market share in 2017 due to characteristics of water imperviousness, chemical resistance, and economically affordable costs. The segment can exhibit 10.11% CAGR during the forecast period. On the other hand, polyamide can register 12.10% CAGR over the assessment period owing to its increased use in engines and other components. It can touch a value of USD 3,837.4 million by 2023.
By application, the global market has been categorized into interior, electronics, exterior, powertrain, drivetrain, under the hood, instruments panel, and others. The interior application segment is expected to account for a major part of the market revenues by 2023 owing to customer demand for attractive aesthetics. Agreements between car makers and interior specialists can have an indelible impact on the segment growth. In 2019, EconCore had signed an agreement with Kotobukiya Fronte for producing honeycomb sandwich panels. On the other hand, the under the hood segment is bound to be lucrative for the global automotive plastics market due to its wear and chemical resistance.
Global Automotive Plastics Market - Regional Analysis
The Asia Pacific region, heading with its burgeoning automotive and transportation industry accounts for the dominating market in the global automotive plastics market, capturing the largest market share. Factors that are substantiating the growth of the regional market include the massive consumption of these composites in the ever increasing automotive and transportation industry in this region. Rapidly developing economies such as Japan, China, and India backed by their well-established automotive sectors, account for the major automotive plastics markets in the APAC region.
The automotive plastics market in the European region accounts for the second most significant market, globally. The already well-established, robust automotive industry in the region is witnessing a steady rise in the demand for the lightweight automotive component. Moreover, the automotive industry in major countries such as Germany, the U.K., France, and Italy is increasingly consuming these plastics components for manufacturing a number of under-hood parts.
North America automotive plastics market is rapidly emerging as a profitable market, globally. Factors such as the growing demand for light-weight plastics for the manufacturing of aftermarket products of the interiors and exterior body are some of the major driving forces propelling the growth of the market. The US backed by the presence of the burgeoning automotive industry accounts for the major contributor to the growth of the market.
On the other hand, the automotive plastics market in the Middle East African (MEA) region is growing at a significant rate predominantly led by the growth of the automotive sector. Some of the GCC countries like the UAE, Saudi Arabia, and Qatar are leading the automotive plastics market in the region.
Whereas, due to the economic and political stability in Brazil the Latin American region is gaining huge momentum. Moreover, various automotive parts manufacturing including under bonnet, interiors body, outer body, and electrical components that are expected to witness a substantial growth during the review period would foster the growth of the market.
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Automotive Plastics Market - Competitive Analysis
Highly competitive, the global automotive plastics market appears to be fragmented with a large number of big and small key players operating in the market, churning the competition. These players are investing substantially in incorporating strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion and thus to maintain their positions in the market.
Major Players:
Key players leading the global automotive plastics market include Akzo Nobel N.V. (Europe), Evonik Industries (Europe), BASF SE (Europe), Saudi Basic Industries Corporation (SABIC - Saudi Arabia), DSM Company (Europe), Teijin Limited (Japan), The Dow Chemical Company (US), E. I. Du Pont De Nemours and Company (US), LyondellBasell Industries N.V. (US), and Quadrant group of companies (Japan) among others.
Industry/innovation/Related News:
April 04, 2019 --- Trinseo (the US), a material solutions provider and manufacturer of latex binders, plastics and synthetic rubber announced the launch of a lightweight plastic that can replace metal in semi-structural components. This new long-glass-fiber-reinforced acrylonitrile butadiene styrene (ABS LGF) alloy provides thirty percent weight savings compared to aluminum or magnesium.
In the scenario where auto manufacturers strive to reduce raw material costs and part weights, Trinseo’s ABS LGF alloy will undoubtedly help to an extent. Trinseo presented its invention at VDI’s Plastics in Automotive Engineering (PIAE) conference, held April 3-4, 2019 in Mannheim, Germany.
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