The Global Automotive Plastics Market size is prognosticated to reach USD 59.95 billion by 2026, with a CAGR of 5.6 % within the forecast period, 2019 to 2026. The market value was USD 38.80 Billion in 2018.
List of best companies mentioned in Automotive Plastics Market research report includes;
- Arkema SA
- BASF SE
- Borealis AG
- DSM Engineering
- Evonik Industries AG
- ExxonMobil Corporation
- LG Chem
- Covestro AG
- Arkal Automotive
- Other Players
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As per a report published by Fortune Business Insights™ 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, 2019-2026”, This is owing to the increasing demand for reducing the overall weight of automobiles for better efficiency of the vehicle.
The report on the automotive polymers market is based on qualitative and quantitative analysis of the market. It mainly emphasizes on market dynamics such as growth drivers, restraints, key industry developments, interesting insights, and other Automotive Plastics Market trends.
Besides this, the report provides additional information such as regulatory approvals, segmentation of the market and the names of leading segments. List of significant players and the key strategies adopted by them is also provided in the report that will not only help players compete for the top position in the market competition but also attract high Automotive Plastics Market revenue in the forthcoming years.
Increasing Popularity of Polymer Paints to Driver Market
The increasing demand for lightweight vehicles is a major factor promoting the Automotive Plastics Market growth. Lightweight vehicles will comprise of parts made out of plastic instead of metal or steel. Strict rules are imposed by governments of various nations to control greenhouse gas emissions, and this is anticipated to help increase the automotive polymers market size in the years to come. Besides this, the rise in the popularity of electric vehicles is expected to help increase the automotive polymers market size in the forecast period.
The strong, flexible, and rigid nature of components made out of plastic is apt for use in automobiles. Thus, the rise in the use of polymers for manufacturing automotive parts is influencing the Automotive Plastics Market positively. This, coupled with the increasing demand for recyclable plastics from the packaging industry will help increase the overall Automotive Plastics Market size in the forecast duration. Furthermore, the rising popularity of automobile paints and dyes made out of plastic that guarantees resistance to abrasion is likely to attract high automotive polymers market revenue in the forecast duration.
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Key industry developments:
February 2018 – New projects in Asia and the Netherlands were announced by SABIC for increasing the production of two materials namely ULTEM and NORYL. This new production facility of polyetherimide, located in Singapore, is prognosticated to start operations from the year 2021.
Asia Pacific to Continue Dominance with Presence of Large Manufacturers
Geographically, Asia Pacific held the largest automotive polymers market share in 2018 on account of the presence of the two largest automotive manufacturing nations namely India, and China. Besides this, raw materials required for producing automobile components are available at low rates and this increases the number of automobile production without any financial hurdles.
The factor mentioned above is further anticipated to help this region continue dominating the market in the forecast period as well. On the other side, North America market will witness significant growth with the U.S. leading the region on account of surge in demand for automotive plastics. This is further attributed to the properties of polymers such as corrosion inhibition, low density, excellent heat resistance, and others. In 2018, this region generated USD 5.68 billion in automotive polymers market share.
Companies Engaging in Joint Ventures to Stand Ahead of Market Competition
Significant automotive polymers market manufacturers are adopting acquisition strategies, along with company collaborations, to make their mark in the world competition.