Market Scope

The Automotive Plastics Market Is Expected To Exhibit A Significant CAGR Of 4.4% With The Market Size Of USD 38.7 Billion During The Forecast Period (2022-2030). Stringent environmental regulations doled by governments to control emission levels is predicted to be the major market driver. High carbon emission levels and volatile prices of end-users have led to the preference of plastics by various automotive manufacturers. Moreover, introduction of hybrid, plug-in, and other fuel cell systems in automobiles can influence the demand positively.

Emergence of various polymers such as polyamide, polycarbonate, and polyacetal are likely to fuel the global automotive plastics market growth. Introduction of new components, as well as new variants of passenger cars for enhancing the appeal of cars to customers, can bode well for the market. All of the mentioned factors are predicted to bolster the valuation of the market to touch USD 43,562.89 million by 2023.

But the toxic nature of plastics can pose a challenge to the market. However, automotive manufacturers encouraging the development of bioplastics as a viable solution can bring around the market revenues.

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.

Regional Analysis

The global precision automotive plastics market reports regions of prime importance, namely Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East Africa (MEA).

The APAC region had dominated the market in 2017 with a 52.35% share. It can reach a size of USD 23,580.26 million by 2023 by exhibiting a CAGR of 11.07% during the forecast period. Huge demand for lightweight components and stringent regulations pertaining to emission levels can drive the market demand exponentially.

Latin America can register a CAGR of 10.35% during the assessment period owing to the production of automobiles in Mexico and continuous economic stability. Huge investments by car manufacturers for the production of compact vehicles can trigger the demand for automotive plastics till 2023.

Competitive Outlook

Mitsubishi Chemical Corporation, TEIJIN LIMITED, Covestro AG, DowDuPont, Koninklijke DSM NV, BASF SE, SABIC, LANXESS, LyondellBasell Industries Holdings BV, and Evonik Industries AG are commendable players working in the global automotive plastics market.

Industry Update

Novares, a plastic solutions provider headquartered in France, has opened its first manufacturing unit in Russia in 2019. It will produce engine parts in 2020 with the factory graduating to produce roof bars by 2021.

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