Global Automotive Plastics market was valued US$ 25 Bn in 2017 and is anticipated to reach US$ 60 Bn by 2026 at a CAGR of about 11.56 % during a forecast period.
Global Automotive Plastics market is segmented by product type, by application and by region. Automotive Plastics market is segmented into Polyurethane, PVC, Polyethylene, Polypropylene, ABS, Polycarbonate, Polyamide and Others. Interior, Exterior and Under Bonnet are application segment of Automotive Plastics market. Geographically into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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The future of the global automotive plastics market looks promising with opportunities in the passenger cars, light commercial vehicles, and heavy commercial vehicles. Automotive plastics are used for performance advancements and safety purposes in commercial vehicles, these lightweight Product Types provide fuel efficiency, scratch resistance, component integration, noise control and efficient design moulding along with vehicle weight reduction up to 10%.
The polyamide segment of the automotive Plastics market for passenger cars is projected to grow at the highest CAGR from 2018 to 2026, in terms of value. Polyamide is commonly known as nylon and finds major usage in automotive components due to its excellent mechanical properties and flexibility. Polyurethane (PU) based automotive Plastics industry demand may register gains at over 10% owing to lightweight and excellent durability, increased fuel economy, corrosion resistance, insulation and sound absorption properties.
Automotive Plastics industry demand from interior and exterior furnishings should surpass US$ 16 billion by 2026. Positive application outlook in dashboard, seating, instrumentation panel along with fascia and bumper will drive the market growth. Increasing environmental consciousness along with rising investments in innovations and creative aesthetics to accentuate the overall appeal of the cars is likely to boost industry growth.
The growth of the Asia Pacific automotive Plastics market for passenger cars can be attributed to the increasing demand for plastic materials for passenger vehicles from various countries of the region, such as China, India, and Thailand. Asia Pacific is projected to witness substantial growth over the next decade owing to expanding regional manufacturing base and increasing investments in advanced processing technologies. The market is expected to grow at a CAGR of 11.56% from 2018 to 2026.
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AkzoNobel N.V, BASF SE, Covestro, Evonik Industries AG, Johnson Controls, Magna International, Momentive Performance Materials Inc., SABIC, The Dow Chemical Company, Borealis AG, Hanwha Azdel Inc., Grupo Antolin, Lear Corp., Owens Corning, Quadrant AG, Royal DSM N.V, Teijin Ltd, Compagnie Plastic, Zoltek Companies Inc., DSM Engineering Plastics B.V., EXXON Mobile, Arkema, Johnson Controls, Bayer Material Science AG, China National Offshore Oil Corporation, Mitsubishi Chemical Holdings Corp., National Petrochemical Company, Grupa Azoty S.A are key players included in the automotive plastic market.
The Scope of Global Automotive Plastics Market:
Global Automotive Plastics Market by Product Type:
Global Automotive Plastics Market by Application:
Global Automotive Plastics Market by Region:
Middle East & Africa
Key Player Analysed in the Automotive Plastics Market Report:
Evonik Industries AG