Automotive Plastics are used in the automobile industry owing to its excellent properties such as high tensile strength, abrasion resistance, vibration & noise control among others. It is extensively used in the electronic systems of automobiles and display panels, headliners, and load floors among others. The growth of automobile production across the globe is vitally affecting the growth of the Automotive Plastic Market.
The Global Automotive Plastic Market is being driven by growing number of automobiles throughout the globe. Moreover, it is estimated that the polypropylene (PP) is set to witness the highest growth due to the properties such as chemical & electrical resistance and light weight among others.
The Global Automotive Plastic Market is segmented into product type, application, and region. On the basis of the product type, the market is segregated into acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), polymethyl methacrylate (PMMA), polyamide (PA) and others. The market by application is segmented into powertrains, electrical components, interior furnishings, exterior furnishings, under the hood components, chassis, and others.
The interior application segment is anticipated to observe a higher CAGR during the forecast period. The growing application in light displays, steering wheels, fascia systems, rear package shelves, and ABS composites among others are contributing to the growth of the segment. The growing per capita disposable income coupled with the shifting of the automotive manufacturing base into the developing regions are the major factors attributing to the growth of the market.
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Some of the prominent players operating in the Global Automotive Plastic Market are AkzoNobel N.V (Netherland), BASF SE (Germany), Covestro AG (Germany), Evonik Industries (Germany), Johnson Controls (U.S.), Magna International (Canada), Momentive (U.S.)., SABIC (Saudi Arabia), The Dow Chemical Company (U.S.), and Teijin Ltd (Japan) among others.
The Global Automotive Plastic Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at a considerably higher CAGR. The presence of the most populated countries of the world such as India and China in this region has augmented the demand for automobiles, which, in turn, is anticipated to fuel the demand for automotive plastic in the region. Moreover, the shifting of the automotive manufacturing base into the region owing to the availability of cheap labor and encouraging government regulations is also contributing to the growth of the market.
The European region is estimated to witness a significant growth during the forecast period. The increasing use of automotive plastic owing to the strict EU regulations is driving the market growth. The implementation of Euro 6 and Euro 7 guidelines is further adding to the market growth.
The North American Automotive Plastic Market is mainly driven by the U.S. and Canada. The presence of the developed automobile industry and increasing adoption rate is contributing significantly to the growth of the market. Moreover, the increasing use of automotive plastic by the major automobile manufacturers especially in the highly advance electronics and sophisticated systems in the interiors of a luxury vehicle is further expected to surge the market growth.
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