Automotive Plastics Market Set for a Massive Hit in and Post 2021, with Corona Virus Outbreak Projected to Threaten Global Market

As per Future Market Insights (FMI) the global automotive plastics market is expected to register year-on-year (Y-o-Y) growth of 5.6% in 2021 to total 40,941.0 Kilo Tons. The conventional vehicle segment is anticipated to grow at 5.6% to reach 39,596.9 Kilo Tons, while the demand in the electric vehicle segment is expected to be up by 6.2% to reach 1,344.1 Kilo Tons.

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Automotive plastics are advanced materials used in vehicles to improve the functionality, appearance, and safety, resulting in high demand for the same. Besides this, stringent government regulations to curb vehicular emissions is encouraging consumers to prefer lightweight vehicles, which in turn is driving sales of automotive plastics.

The use of plastic components significantly reduces the overall curb weight of a vehicle by replacing aluminum and steel components. Lightweight cars are more fuel-efficient, which further helps reduce their CO2 emission.

In addition to this, increasing preference for aesthetic appearance in passenger cars is encouraging manufacturers to employ advanced plastics. These materials are easier to mold into desired shapes without adding to the vehicle’s overall weight.

As a result, component makers are aiming to provide revolutionary lightweight automotive components using improved plastic material processing technology to meet the growing demand for fuel-efficient vehicles.

As per FMI’s regional analysis, the Asia Pacific and Europe are projected to remain lucrative regions in the global automotive plastics market. Considering this, the global automotive plastics market is anticipated to reach a value of US$ 119,802.5 Mn by the end of 2031.

Key Takeaways from Automotive Plastics Market Study

  • The polypropylene material segment is estimated to account for 26.6% of the total automotive plastics consumption.
  • Based on applications, the interior components segment is expected to hold 63.1% of the total automotive plastics market share.
  • Sales of automotive plastics for conventional cars are anticipated to grow by 6.3% year-over-year in 2021.
  • Demand for automotive plastics in the U.S. is slated to rise by 5.6% year-over-year through 2031.
  • India is projected to account for 50.2% of the Southeast Asia Pacific automotive plastics market in 2021.
  • China will emerge as an attractive market, holding 69% of the East Asia automotive plastics market share.
  • Japan and South Korea are expected to account for 6.3% and 6.5% of the global automotive plastics market share respectively.

“In response to the growing demand for lightweight materials, manufacturers are launching products such as thermoplastic resins, which is anticipated to encourage developments in the automotive plastics market. Besides this, increasing adoption of electric and hybrid vehicles across the globe will continue fueling sales of automotive plastics over the assessment period,” says a FMI analyst.

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Competitive Landscape

Key players operating in the global automotive plastics market are

  • LyondellBasell Industries Holdings B.V,
  • Evonik Industries,
  • BASF SE,
  • Arkema Group,
  • DuPont de Nemours, Inc.,
  • The Dow Chemical Company,
  • Hexion Inc.,

As a part of their growth strategies, leading players are investing in research and development activities to expand their product portfolio. Apart from this, mergers, acquisitions and strategic collaborations will remain prominent growth strategies adopted by players to establish a firm foothold in the market. For instance:

  • In 2018, Du Pont launched a new product called Crastin, a thermoplastic PBT resin for applications in electric and hybrid-electric vehicle. These resins are ideal for high-voltage connectors.

Automotive Plastics Market by Category

By Material Type:

  • Polypropylene (PP)
  • Polyurethane (PUR)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polyvinyl Chloride (PVC)
  • Polyethylene (PE)
  • Polystyrene (PS)
  • Polycarbonate (PC)
  • Polyamide (PA)
  • Acrylic (PMMA etc.)
  • Plastic Composites
  • Others

By Application:

  • Interior Components
  • Exterior Components & Frame

By End Use:

  • Conventional Vehicles
    • Passenger Cars
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles
  • Electric Vehicles
    • Pure Electric
    • Hybrid Electric

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East

Key Questions Answered in the Report

  • What is the current automotive plastics market value?The automotive plastics market reached a valuation of US$ 61.58 Bn in 2021.
  • At what rate did the automotive plastics market grow between 2016 and 2020?The automotive plastics market registered growth at 0.20 CAGR between 2016 and 2020.
  • What are the key trends driving automotive plastics sales?Increasing demand for lightweight components in automotive vehicles, coupled with rising sales of electric and hybrid-electric vehicles across the globe are anticipated to drive automotive plastics sales over the forecast period.
  • Who are the leading players in the automotive plastics market?Leading players operating in the automotive plastics market include BASF SE, SABIC, Dow Chemical Company, DuPont and Lyondellbasell.
  • What will be the demand outlook for North America automotive plastics market?North America automotive plastics market is projected to grow at a healthy 6.30% CAGR during the forecast period.
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