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, and Teijin Ltd. among others are some of the prominent players at the forefront of competition in the Global Automotive Plastic Market and are profiled in MRFR Analysis.
Automotive Plastic Market – Market Overview
Automotive plastics are used to design and manufacture automotive components including flooring, and engine components, door panels, light weight plastic materials. This plastic is majorly processed into automotive owing to their ease of manufacturing possible, possible sources of manufacturing from renewable raw material and relative ease of improved design. Owing to the trend of light weight vehicle in automotive industry, the industry set to uplift consumption of plastic over the coming years.
Global Automotive Plastic Market is expected to witness a significant growth of USD 56.38 Billion by 2023 with CAGR of 12.6% between 2016 and 2023.
As per Organisation Internationale des Constructeurs d’Automobiles (OICA), automotive industry has produced overall 94.97 million vehicles expanding at 4.5% annual growth in 2016. Lifestyle changes, economic development, increasing spending economic power of middle class population have led the greater adoption of commercial as well as consumer vehicles over the past five years. In addition to this, rapid industrialization has fuelling the demand for commercial vehicles year by year. China was most promising market for vehicle production as well consumption as of 2016, expanding with good annual growth rate and it is expected to retain its dominance over the forecast period.
The trend for light weight vehicles in automotive industry has supported by plastics used in the automate production. As per the industry experts, this trend may continue in the coming years by consolidating plastics demand. Increasing research & development activities along with growing focus on technological innovations expected to provide fuel for the growth of this market over the review period. On the other hand, global market growth is held back by increasing environmental concern. Key industries across the globe are under tremendous pressure by regulatory bodies to development products which will have least impact on environment. Moreover, consistent price fluctuations in the raw material prices also limited the growth of this market. As per the study published by Market Research Future on automotive plastic market, the trend for light weight material projected to drive demand for automotive plastics in the coming years.
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Industry/ Innovation/ Related News:
- September, 2017- BASF SE come up with innovative solutions for automotive industry Internationale Automobil Ausstellung held in 2017. The company presented innovative catalysts, battery material and plastics. BASF presented engineering plastics for the car interior, the chassis and the powertrain. The company will be launching cost effective plastics for visually as well as chemically demanding applications. In addition to this, new plastics will be fulfilling strict regulation proposed by various governments and expected to adopt largely. Newly launched cost effective plastics expected to set enhance its consumption over the coming years.
- January 5-2017- Teijin acquired Continental Structural Plastics in exchange of USD 852 million. As agreed in acquisition Teijin will be holding full stakes of Continental Structural Plastics which is a foremost producer in automotive lightweight composite technologies. The acquisition will help Teijin to consolidate their global position in the FY 2018.
- August 24, 2017- HempAmericana and Hemp Auto Plastics & Cannabis Products to form Joint Venture Partner. This partnership brings R&D technology to HempAmericana which will generate substantial revenue to the bottom line. The IP brought together in this Joint Venture will allow the development of replacement plastics for the automotive industry, as one example of many new products to come in addition to their successful CBD Oils business.
- March 14, 2017- BASF to invest USD 25.3 Million to start new plastics additive plant in Shanghai China. BASF addressed significant growth offered by China market and they are invested to start plastic additive plant of 42,000 tons per year’s capacity. The new plant will be production plastics, and targeted to applicable in automotive, packaging, construction, and consumer goods industries.
- July 25, 2016- United Paint’s automotive interior rigid thermoplastics coatings business has acquired by Axalta. The temporary production will be remain at United Paint’s Southfield, Michigan facilities and it will get shifted after the financial transaction will be done. Acquisition will help Axalta to consolidate their automotive businesses and to strengthen their market leadership.
Automotive Plastic Market- Competitive Landscape
The global automotive plastic is highly matured market driven by flourishing growth in automotive industry. AkzoNobel N.V, BASF SE, Covestro, Evonik Industries AG, The Dow Chemical Company, Royal DSM N.V are the key shareholders in this market. Majority of the key market participants are investing in the expansion of their production capacities to strengthen their market position. As the global market has presence of actively operating Tier 1 players, thus, the market is expected to witness new product innovation led by technological innovations along with growing research development projects. After addressing dynamic growth in automotive industry, industry experts have asserts that this market will be having increasing penetration of new players to enjoy the profitability of this market. Taking into account global automotive plastics market will be swerving supreme competition over the forecast period of 2017-2023.
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