Automotive Plastics Market 2019 | Growth – Key Futuristic Trends and Competitive Landscape 2023
Overview:
The latest report published Market Research Future (MRFR) reveals that the Global Automotive Plastics Market will witness a CAGR of 10.45% from 2018 to 2023 and reach a valuation of over USD 43,560 Mn. There is a tremendous upsurge in use of plastic in the automotive sector. Today, plastics are used in manufacturing a wide-range of automotive components. Use of plastics has also increased in automotive manufacturing owing to changing functional requirements. They are enabling carmakers to develop solutions that ensure future sustainability.
Increased demand for fuel efficient vehicles is a key factor supporting the growth of the Global Automotive Plastics Market. There is a shift in preference of consumers, more and more car buyers are now inclining towards vehicles that not only offers high performance but also fuel efficiency. Global sales of passenger and commercial vehicles have escalated over the years. Rising demand in emerging markets has opened new avenues for vehicle manufacturers. This has led to an increased automotive production, which is providing an impetus to the market. At the same time, increased focus of raw material innovation has resulted in development of efficient and sustainable plastics such as bioplastics. Despite such favorable business condition, challenges remain formidable for market players. Foremost threat being the fluctuation in the raw material prices. Furthermore, recycling of automotive plastic components poses a significant threat to raw material suppliers.
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Segmental Analysis:
MRFR’s report also include a comprehensive segmental analysis of the market based on Type, Application and Region.
By Type, the market has been segmented into polyurethane, polyamide, acrylonitrile-butadiene-styrene (ABS), polymethyl methacrylate, polypropylene, polycarbonate, PVC and others. The polypropylene segment currently accounts for more than one-third share of the market in terms of value and is projected to capture a CAGR of 10.11% during the assessment period. This primarily owing to the high durability of polypropylene as compared to other plastic variants. Moreover, it is a low-cost material with widespread availability. The polyamide segment is also expected to witness a healthy growth during the review period. Polyamide is witnessing a rapid adoption in the automotive sector owing to its favorable characteristics.
By Application, the market is segmented into instruments panel, powertrain, interior, under the hood, exterior, electronics, drivetrain and others. In 2017, the interior segment accounted for the dominant position in the market in terms of value. The segment is expected to reach a market valuation of over USD 17,200 Mn by the year 2023, reflecting a double-digit CAGR. Development of new-age automotive interior design, focusing on safety, comfort and spaces has led to an increased use of plastics. PET, ABS, PP, PVC are the most common types of plastics used for manufacturing vehicle interiors such as rims, instrument panels, dash and door panels, durable upholstery, lightweight seats, safety systems, sound control fabrics, among others.
Automotive Plastics Market: Competitive Landscape
MRFR in its report have mentioned some of leading market players, which include TEIJIN LIMITED, DowDuPont, Covestro AG, BASF SE, LyondellBasell Industries Holdings BV, Mitsubishi Chemical Corporation, Koninklijke DSM NV, Evonik Industries AG, SABIC and LANXESS.
Regional Analysis:
The regions covered in the report include North America, Europe, the Middle East & Africa (MEA), Asia Pacific and Latin America. Asia Pacific will continue to dominate the global automotive plastics market over the next couple of years. The market in APAC is projected to post a robust CAGR of 11.07% during the forecast period. Presence of a massive automotive manufacturing sector puts the region at an advantageous position. Emerging economies in the region are expected to play an important role in propelling the market forward in APAC. The rising number of vehicle buyers in countries such as China and India is paving the way for the automotive industry. Factors such as rampant industrial growth and rising per capita income can be linked with the exponential growth of the automotive sector in APAC.
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