The Automotive Plastics Market is continuously growing across the world over the coming years. The major driving factor of the global Automotive Plastics market is the surging demand for materials offering significant emission reduction and increasing demand for lightweight materials for OEMs to reduce vehicle weight. However, the high cost of raw materials and the non-degradable nature of automotive plastic are some factors that limit the market growth. Automotive plastic is that plastic used in a wide range of automotive applications in manufacturing exterior and interior components like bumpers, doors, windows, headlights, side view mirror housing, trunk lids, hoods, grilles and wheel covers. Plastics are used in the automotive industry due to their good mechanical properties and excellent appearance. The major benefit of automotive plastic is minimal corrosion allowing for a longer vehicle market, flexibility in integrating components and recyclability of high-performance plastic. In addition, one more major benefit is reducing the overall weight without affecting the safety or performance of the vehicle.
Global Automotive Plastics Market valued at approximately USD 28.1 billion in 2020 is anticipated to grow with a healthy growth rate of more than 4.40% over the forecast period 2020-2027 and is estimated to reach USD 37.98 billion by 2027.
The regional analysis of the Global Automotive Plastics Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. Asia-Pacific is the dominant region across the world in terms of market share in 2017 owing to the growing production of vehicles and rising disposable income. North America is also anticipated a higher growth rate / CAGR over the forecast period 2019-2026. Europe is also contributing a significant growth rate in the global automotive plastics market.
The major market player included in this report are Magna International Inc., Lear Corporation, Adient PLC, BASF SE, Compagnie Plastic Omnium, Borealis AG
The detailed segments and sub-segment of the market are explained below:
By Product: Polypropylene, Polyurethane, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, High Density Polyethylene, Polycarbonate, Polybutylene Terephthalate, Others
By Application: Interior, Exterior, Under Bonnet,
By Regions: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Automotive Plastics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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