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Key highlights of the report include:
Market Overview (2017-2027)
• Historical market size (2021): USD 21.01 billion
• Forecast CAGR (2022-2027): 7.95%
• Projected market size (2027): USD 33.25 billion
The automotive plastics market is expanding with the growth in automobile manufacturing. Increasing demand for passenger cars due to rapid urbanization and industrialization, growing middle class and rising disposable incomes are also driving automotive plastics market growth. As various governments implement strict initiatives to reduce vehicle emissions, the use of automotive plastics as an alternative to traditional metals is increasing and driving the growth of the market. With the increasing price volatility of iron and steel, the demand for automotive plastics is increasing sharply due to their cost-effectiveness, which is expected to support the market growth over the forecast period.
Industry definition and major segments of the Automotive Plastics Market
Automotive plastics refer to plastics used in automobiles to reduce their weight and improve their fuel efficiency. They are also used to increase automobile safety and performance. In addition, automotive plastics allow automotive components to be minimized to increase the flexibility of their designs. Polypropylene, polyurethane and polyvinyl chloride are among the most commonly used plastics in the automotive sector.
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The main products of automotive plastics are:
• Acrylonitrile Butadiene Styrene (ABS)
• Polypropylene (PP)
• Polyurethane (PU)
• Polyvinyl chloride (PVC)
• Polyethylene (PE)
• Polycarbonate (PC)
• Polymethyl methacrylate (PMMA)
• Polyamide (PA)
Based on processes, the market is segmented into:
• Injection molding
• Blow molding
Based on application, the market can be segmented into:
• Power train
• Electronic Components
• Interior design
• Exterior equipment
• Components under the hood
The regional markets for automotive plastics are:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Plastics Market Trends
The market growth is attributed to the introduction of various strict government regulations aimed at improving the fuel efficiency of vehicles. Because advanced plastic materials are lightweight, they are widely used to improve vehicle fuel economy while ensuring their safety and high performance. With the growing demand for plastics for powertrain applications, the automotive plastics market is booming. In the forecast period, the market is expected to be driven by the increasing preference for automobiles with greater safety, comfort, and sustainability. The growing popularity of electric vehicles in both developing and developed countries is expected to continue to have a positive impact on the automotive plastics market growth in the coming years.
Important market participants
The major players in the market include BASF SE, Covestro AG, SABIC, Dow Inc. and Borealis AG. The report covers the market shares, capacities, asset turnover, expansions, investments and mergers and acquisitions among other latest developments of these market players.
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