The Automotive Industry has been growing at a healthy, and consistent pace. The market forecast by Market Research Future for the Global Automotive Plastic Market suggests growth at a promising CAGR of 12.6% during the projection period from 2016 to 2023. Automotive Plastic is essential in the design and manufacturing process of automotive vehicles. Automotive Plastics are used for a wide number of components ranging from electrical components and interior body parts to flooring and engine components. The growth of the market at the projected rate of growth is expected to reveal a market value of USD 56.83 Bn by 2023.
Fuel efficiency has become one of the utmost important features an automotive vehicle can have due to the rising fuel prices and the non-renewable nature of petroleum-based fuel. This combined with the widespread and growing demand for automotive vehicles is expected to drive the Automotive Plastic Market. Automotive Plastics are far more durable and are incredibly lightweight, thus making vehicles more affordable and fuel efficient. The high demand for automotive vehicles in emerging economies of the world, as well as consistent demand in developed economies, is expected to propel the market. With environmental consciousness rising, many consumers are opting for fuel-efficient vehicles. Moreover, developing economies are witnessing economic changes which are increasing disposable incomes. As a result, the demand for automotive vehicles has increased. In developed economies, there is a huge culture of owning personal vehicles. As such, the demand is consistent. Advancements in automotive manufacturing and exterior design is expected to contribute to the growth of the global market.
However, it should be noted that the market faces challenges such as fluctuations in the pricing of raw materials as well as the increasing concern regarding plastic consumption in an increasingly environmentally conscious global environment.
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The Dow Chemical Company, BASF SE, DSM Company, Evonik Industries, E. I. Du Pont De Nemours and Company, Akzo Nobel N.V., Teijin limited, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., and Quadrant group of companies are the prominent market players that have been analyzed in MRFR’s competition tracking of the Global Automotive Plastic Market.
Market segments have been determined by MRFR for the Global Automotive Plastic Market on the basis of Types, Application and Region. Types of Automotive Plastic have been segmented to include polyurethane, polypropylene, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others. The others segment has been further divided to include polyethylene and polyvinyl chloride.
Applications of Automotive Plastics can be found in under bonnet, interiors body, exterior body, and electrical components.
Regions covered in the analysis of the Global Automotive Plastics Market include Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa.
The Asia Pacific holds the largest share of the Global Automotive Plastic Market due to its market position as one of the largest producers of automotive plastics. China, followed by India and Japan leads the APAC regional market. The regions swift economic improvement has drastically increased disposable incomes and has led to an increased demand for affordable, and fuel-efficient automotive vehicles. Moreover, emerging economies in the region have increasingly established themselves as a manufacturing hub for automotive vehicles due to the reduced operating costs in the region as well as the high demand for automotive vehicles. Europe and North America are other significant regions in the market due to the consistent demand for vehicles in the developed countries in these regions.
Meanwhile, with similar growth factors as the Asia Pacific, the Latin America and Middle East & Africa markets are expected to witness growth due to the rapidly emerging economies in the region.
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