Automotive plastics market value expected to reach US $
LOS ANGELES, June 14, 2021 (GLOBE NEWSWIRE) – The Global Automotive Plastics Market is expected to grow at a CAGR of around 5.4% from 2020 to 2027 and reach a market value of over $ 53.9 billion by 2027.
Asia-Pacific Dominates Global Automotive Plastics Market
Asia-Pacific dominated the automotive plastics market, accounting for a significant market share. Shifting production bases from developed regions to emerging Asia-Pacific economies, especially China, India, Thailand, Vietnam, and Indonesia, is expected to drive market growth.
It is one of the most important factors in the growth of the global automotive plastics market. Thailand is a major automobile exporter in Asia. Japanese FDI is the main driver of the sector. The Chinese automotive sector is expanding rapidly and is poised to have a significant impact on the international trade scene in the near future, with a particularly strong position in the components sector. India, meanwhile, is strengthening its position thanks to strong domestic and foreign demand.
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China is known for its components, India for its two-wheelers and small vehicles, Thailand for its vans and passenger cars, and Indonesia for its utility vehicles. Thailand is increasing its exports to developed countries while strengthening its position within ASEAN. Indonesia is also expanding its trade ties with ASEAN. In addition to the traditional destinations of developed countries, India focuses on the Middle East and South Asia. These are the factors that are driving the expansion of automotive plastics in this region.
Europe is the world’s second largest automotive plastics market. High performance plastics are used by car manufacturers in Europe because they are energy efficient and help reduce vehicle weight. Strict emission standards in the region have forced European automakers to switch from diesel engines to electrified ones. During the forecast period, this is also expected to boost product demand.
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Globally, the recovery of the automotive industry, improved vehicle design capabilities and increased focus on reducing vehicle weight and controlling emissions are key factors in the growth of the plastics market. automobiles. Plastics are widely used in auto components and parts because they are easy to manufacture, can be sourced from renewable raw materials, and have improved designs. Reducing automobile mass is one of the main priorities of automobile manufacturers because it helps to reduce carbon emissions. Design engineers carefully evaluate materials for vehicle design in terms of cost, material strength, physical and chemical properties, workmanship, market availability, and recyclability. High speed steel (HSS), fiberglass, and sheet metal components are cheaper than aluminum, automotive plastics, and magnesium, but have less potential for mass reduction, increasing the demand for materials lightweight plastics.
High utility of PMMA in automotive production
The North American automotive industry has demonstrated significant growth potential for composites in a variety of applications. The high cost of composite materials, as well as the lack of cost effective manufacturing processes for high volume applications, have limited their use in the automotive industry. However, the increased focus on reducing vehicle weight and thus improving performance has encouraged companies to use PMMA composites and plastics.
The global automotive plastics market is segmented on the basis of product, process, and application. By product, the market is segmented into acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), polymethyl methacrylate (PMMA), polyamide (PA)), and others. By process, the market is separated into injection molding, blow molding, thermoforming and others. By application, the market is segmented into powertrains, electrical components, interior furnishings, exterior furnishings, under the hood and chassis.
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Some of the main competitors are Magna International Inc., Lear Corporation, Adient plc, BASF SE, Plastic Omnium, Borealis AG, Covestro AG, and among others.
Some of the major observations regarding the automotive plastics industry include:
- In August 2018, Magna International Inc. announced an acquisition with OLSA SpA. This acquisition will help the company expand and improve its lighting business solutions globally.
- In October 2018, Lear Corporation announced the opening of a new innovation center in Detroit, United States, for the development of new automotive products and technologies. This expansion has helped the company strengthen its automotive business.
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