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Global Automotive Plastics Market to Reach USD 33.25 Billion by 2027, Aided by the Adoption of Lightweight Materials Due to Stringent Emission

According to a new report by EMR titled, ‘Global Automotive Plastics Market Report and Forecast 2022-2027’, the global automotive plastics industry reached a value of about USD 21.01 billion in 2021. The industry is further expected to grow at a CAGR of about 7.95% in the forecast period of 2022-2027 to reach a value of around USD 33.25 billion by 2027.

In automotive manufacturing, traditional materials are being replaced by highly advanced polymers to improve qualities such as reduced weight, more appeal, and more fuel efficiency, thus augmenting the growth of automotive plastics. The growing popularity of lightweight automotive interior components, driven by the need for better fuel efficiency in vehicles, will continue fuelling the sales of automotive plastics. In addition, technological advancement for innovations and techniques for the development of specialised materials will boost the market's growth. Polyamide's growing use in automobiles and its combination with other thermoplastics like polyphenylene ether (PPE) to improve heat resistance will likely drive-up demand in the coming years. Increased demand for fuel efficiency, greater comfort, and sustainable materials for automotive components are major factors propelling the adoption of the product in the conventional cars segment. In addition, the flexibility offered by plastics, primarily in terms of weight and costs, could be an advantage to the suppliers as electric vehicles demand grows further. Other advantages of employing automotive plastics include toughness, durability, resilience, good corrosion resistance, and lower manufacturing costs. These advantages are also helping to boost the popularity of automotive plastics and, as a result, the automotive plastics market's overall growth.

Various strategic efforts have been recorded to increase market growth. For example, in May 2019, Covestro AG (OTCMKTS: COVTY) announced plans to expand its polycarbonate film production capacity at its Dormagen, Germany, facility. The facility, which was planned to open by the end of 2020, will produce PC films in automotive interiors, security cards, medical devices, and automotive displays, among other applications.

Market Analysis by Product, Process, Application, and Regions:

  • Based on product, the industry can be divided into Polyurethane (PU), Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), and Polyamide (PA), among others.
  • The process used in the industry can be categorised into injection moulding, blow moulding, and thermoforming, among others.
  • The product finds wide applications in powertrain, electrical components, interior furnishings, exterior furnishings, under-the-hood components, and chassis.
  • The regional markets for automotive plastics include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Increasing the disposable income of the consumers is expected to augment the market growth.
  • Growing middle-class population and industrialisation are expected to drive passenger vehicles, providing various growth prospects to the automotive plastics market.
  • Government support and a rise in government investment are also moving the automotive industry forward, which is expected to stimulate demand for automotive plastics.
  • The rising iron and steel prices are also likely to foster the demand for plastics in automobiles.

Key Offerings of the Report:

  • The EMR report gives an overview of the global automotive plastics market for the periods (2017-2021) and (2022-2027).  
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for the product, process, application, and major regions of automotive plastics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive plastics industry are BASF SE, Covestro AG, SABIC, Dow Inc., and Borealis AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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