The global automotive plastics market size reached US$ 38.7 Billion in 2021 and is projected to reach US$ 51.65 Billion by 2027, CAGR of 4.60% during 2022-2027.
SHERIDAN, WYOMING, USA, April 23, 2022 /EINPresswire.com/ — According to the latest automotive plastics report by IMARC Group, titled “Global Automotive Plastics Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027”, the global automotive plastics market reached a value of US$ 38.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 51.65 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.
Automotive plastics are plastic materials used for manufacturing automotive components. They are obtained from polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), and polycarbonate (PC). They are increasingly replacing steel and other traditional materials in automotive parts due to their resistance to corrosion, improved durability, resilience, and toughness. As a result, automotive plastics are utilized in the production of interior and exterior furnishings, power trains, chassis, bumper seats, fuel systems, body panels, electrical components, exterior trims, upholstery, and liquid reservoirs.
Base Year: 2021
Forecast Year: 2022-2027
Automotive Plastics Market Trends and Drivers:
The global automotive plastics market is primarily driven by the significant growth of the automotive industry. Automotive plastics also aid in reducing fuel consumption by reducing the overall weight of the vehicle and improving its durability.
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Besides this, the rising sales of electric and hybrid vehicles (EVs/HVs) are also fueling the market growth. In addition, governments in various countries have introduced stringent emission and fuel economy regulations for vehicles, thus escalating the demand for fuel-efficient transportation systems.
Furthermore, extensive research and development (R&D) activities and technological advancements extensively funded by automobile manufacturers are expected to facilitate market growth in the upcoming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Plastics Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asahi Kasei Corporation, BASF SE, Borealis AG, Covestro AG, Dow Inc., Koninklijke DSM N.V., Lanxess AG, Lear Corporation, LyondellBasell Industries N.V., Saudi Basic Industries Corporation, Solvay S.A and Teijin Limited.
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The report has segmented the market on the basis of region, vehicle type, material and application.
Breakup by Vehicle Type:
• Conventional and Traditional Vehicles
• Electric Vehicles
Breakup by Material:
• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyurethane (PU)
• Polymethyl Methacrylate (PMMA)
• Polycarbonate (PC)
Breakup by Application:
• Electrical Components
• Interior Furnishings
• Exterior Furnishings
• Under the Hood
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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