As per an analysis by FMI, the global automotive plastics market is expected to surpass a valuation of US$ 9.5 billion by the end of 2021, exhibiting growth at a CARG of 9% over the forecast period 2021 to 2031. Owing to the increasing demand for better car aesthetics and interior, the market for automotive plastics is likely to project 1.80% year-on-year growth, reaching a market volume of around 7.5 million tons by 2021.
Increasing demand for commercial & passenger vehicles and flourishing automotive export industry are primal factors propelling the market growth. According to the China Association of Automobile Manufacturers, nearly 34,000 commercial vehicles and 117,000 passenger cars were exported from China in April 2021.
Due to their characteristics such as lightweight, resistance to abrasion, scratch proof, and high impact toughness, automotive plastics are considered as ideal choices for manufacturing bumpers, fenders, doors, and other automotive components. Thus, the surging number of passenger cars is estimated to present lucrative sales opportunities for the market over the coming years.
Polypropylene plastics are likely to dominate the material segment owing to the increasing demand for lightweight components by original equipment manufacturers (OEMs) and high vehicle production rates.
“To abide by government regulations towards environmental safety, automotive manufacturers are prioritizing towards reducing vehicle weight. This also is intended to curb the carbon emission. Such policies adopted by automakers are creating demand prospects for automotive plastics market,” says the FMI analyst.
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Key Takeaways from Automotive Plastics Market Survey
- Strict regulatory policies implemented by the government to curb vehicular carbon emission are fueling the demand for automotive plastics in Brazil.
- The market in Russia is likely to demonstrate steady growth, owing to rapid advancement in the electric vehicle section in the country.
- The China market is expected to dominate the BRIC countries on the back of high commercial and passenger vehicle sales.
- India is anticipated to emerge as a lucrative market supported by increasing usage of automotive plastics for manufacturing exterior and interiors components of vehicles.
- Based on material, the acrylonitrile butadiene styrene (ABS) segment is projected to expand at a robust pace favored by increasing application in vehicle interior design.
- Surging demand for commercial and passenger vehicles is spurring the sales of automotive plastics.
- Increasing government regulations to curb vehicular carbon emission is fueling the demand for automotive plastics.
- Rising demand to reduce the overall weight of the vehicle is driving the market growth.
- Growing consumer inclination towards passenger cars with a stunning interior is heightening the sales of automotive plastics.
- High cost of automotive plastics compared to metals such as aluminum is hampering the market growth.
- Lack of technologies and infrastructure required for re-engineering of plastic is restraining the growth of the market.
- Increasing awareness regarding adverse effects due to the use of plastic is posing a challenge for the market growth.
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Key players operating in the automotive plastics market are increasingly investing in research and development (R&D) to develop innovative products and improve value chain. Besides this, market players are also engaging in strategic collaboration with distribution channels players especially regional to address increasing customer demands. For instance,
- In March 2019, BASF SE, a leading multinational chemical company announced opening of a new R&D center in Shanghai, China. This special automotive application center is aimed at faster development of innovative products and to address the surging demand from various exterior and interior automotive applications.
Some of the key players operating in the automotive plastics market profiled by FMI are:
- BASF SE
- Dow Inc.
- AkzoNobel N.V.
- Covestro AG
- Evonik Industries AG
- Borealis AG
- Royal DSM N.V.
- Magna International, Inc.
- Teijin Limited
More Valuable Insights on Automotive Plastics Market
FMI, in its new report, offers an unbiased analysis of the global automotive plastics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in automotive plastics market with detailed segmentation:
- Under Bonnet
- Polypropylene (PP)
- Polyurethane (PU)
- Polycarbonates (PC)
- Polyvinyl chloride (PVC)
- Acrylonitrile butadiene styrene (ABS)
· Others (includes various plastics such as polyamide (PA), polyphenylene ether (PPE), polymethyl methacrylate (PMMA), polybutylene terephthalate (PBT))
Key Regions Covered:
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Key Questions Covered in the Report
- The report offers insight into automotive plastics market demand outlook for 2021-2031
- The market study also highlights projected sales growth for automotive plastics market between 2021 and 2031
- Automotive plastics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Automotive plastics market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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