Automotive Plastics Market Growth& Forecast Report by 2027; Major Growth Opportunities Fortune Business Insights
The
global automotive plastics market size is expected to hit USD 53.85 billion by
2027. This is attributable to the rising automotive sector and the growing
demand for additive manufacturing in automotive sector during the forecast
period. This information is published by Fortune Business Insights, in its
latest report, titled, “Automotive
Plastics Market Size, Share & Industry Analysis, By Type (Polypropylene,
Polyurethane, Polyamide, Polyvinylchloride, Acrylonitrile Butadiene Styrene,
Polycarbonate, Polyethylene, and Others), By Application (Interior, Exterior,
and Under Bonnet), and Regional
Forecast, 2020-2027.”
The
report further observes that the automotive
plastics market growth stood at USD 40.91 billion in 2019 and is likely
to exhibit a CAGR of 5.3% between 2020 and 2027.
COVID-19 Leads to Shutdown of
Production Facilities Hampering Growth
The automotive sector is facing
unprecedented loss owing to the declining sales and high availability of
inventory. Additionally, the onset of the novel coronavirus has led to a
complete halt in the production activities of several industries, including
automotive. This has disrupted the supply chain and reduced the procurement of
raw materials across the globe. This is expected to negatively impact the
market growth in the near future.
Automotive plastics are type of
polymers adopted in the production of automobiles. Generally, four types of
plastics are used such as polyurethane, PVC, polypropylene, and polyamides. The
plastics are mostly used to reduce the vehicle weight that lead to better fuel
consumption and performance.
What does the Report Include?
The market report includes detailed quantitative
and qualitative analysis of several factors such as the key drivers and
restraints that will affect market growth. In addition to this, the report
provides insights into the regional analysis that covers the different regions,
which are contributing to the growth of the market. Furthermore, it includes
the competitive landscape that involves leading companies and adoption of
strategies by them to introduce novel products, announce partnerships, and
collaboration that will contribute to the growth of the market between 2020 and
2027. Moreover, the research analyst has adopted several research methodologies
such as PESTEL and SWOT analysis to extract information about the current
trends and industry developments that will drive the market growth in the
forthcoming years.
DRIVING
FACTORS
Increasing
Adoption of Advanced Technologies to Favor Growth
The growing demand for fuel-efficient
automobiles is propelling the manufacturers to adopt advanced technologies such
as additive manufacturing. The increasing adoption of 3D printing technology to
develop lightweight and advanced plastic products is expected to drive the
demand for advanced automotive plastics across the globe. In addition to this,
high disposable income and the improved living standards of the people globally
is driving the sales of automotive that will contribute to the growth of the
global automotive polymers market during the forecast period.
Browse
summary:
https://www.fortunebusinessinsights.com/automotive-plastics-market-102023
SEGMENTATION
Exterior
Segment Held 28.1% of Market Share in 2019
The exterior segment, based on
application, held a market share of about 28.1% in 2019 and is likely to gain
momentum backed by the surging adoption of automotive plastics in the exterior
of vehicles to prevent corrosion and deformation of components.
REGIONAL
INSIGHTS
North
America to Remain Dominant; Increasing Demand for Automotive Polymers to Aid
Growth
Among all the regions, North America
is expected to remain dominant and hold the highest position in the global
automotive plastics market during the forecast period. This is attributable to
the increasing demand for automotive polymers owing to their superior
properties such as excellent heat resistance, low density, and corrosion
inhibition in the region. North America stood at USD 5.93 billion in 2019.
The market in Asia-Pacific is expected
to showcase an exponential growth backed by the increasing adoption of
automotive plastics in the production of automobiles in the region between 2020
and 2027.
COMPETITIVE
LANDSCAPE
Key
Players Focus on Facility Expansion to Strengthen Their Market Positions
The global automotive polymers market
is consolidated by the presence of key players that are focusing on expanding
their production facilities to cater to the growing demand for advanced
automotive plastics. Furthermore, other key players are adopting strategies
such as merger and acquisition, the introduction of new product, and
partnership that is anticipated to bode well for the market growth during the
forecast period.
Industry
Development:
October
2020 – Teijin announces its partnership with AZL Partner Network, a
cross-industry network for joint business development organized by AZL Aachen
GmbH. The company joins the wide network to develop multi-material automotive
plastics for electric vehicles.
Request a sample PDF ( includes
COVID-19 Impact Analysis):
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/automotive-plastics-market-102023
List
of the Companies Profiled in the Global Market for Automotive Plastics:
·
Arkema SA
·
BASF SE
·
Borealis AG
·
DuPont
·
DSM
Engineering
·
Evonik
Industries AG
·
ExxonMobil
Corporation
·
LANXESS
·
LG Chem
·
LyondellBasell
·
SABIC
·
Covestro AG
·
Arkal
Automotive
·
Other Players
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