Various grades of plastics are categorized based on their usage, composition, resistance; rigidity, cost, and weight. Their utilities in screw-on attachments in the furnishings to the more cost-intensive body parts in automobiles, everyday utilities, etc.; these materials have made huge headways into various industries, and one of the most profited end users for plastics has been the automotive industry. On top of that, the growing demand for light-weight, fuel efficient and high-performance vehicles from the consumer’s end are expected to inculcate massive investments and raise the manufacturing rate for automotive plastics. The global automotive plastics market is anticipated to raise its growth during the forecasting years of 2019-2027 with quantified and approximated 9.78% CAGR. The global market is expected to grasp a share valued $ 64,164 million by the end of 2027.
Plastics find vast applications within the automotive sector because of their ease of manufacture, possible sourcing from renewable raw materials and relative ease of improved design that turn them into the primary materials for various automotive parts and applications. They reduce vehicular weight alongside improving aesthetics, reducing the noise, vibrations, and cabin insulation. The high cost of raw material necessary to manufacture automotive plastics and massive investments required are expected to pose challenges for the global industry.
The global automotive plastics market is bifurcated into North America, Asia Pacific, Europe and the Rest of World. Although, the Europe automotive plastics market was valued at $XX million in 2018, and is projected to reach a staggering sum of $XX million by 2027 at a CAGR of xx% from 2019 to 2027. The regional automobile manufacturers are shifting to plastics primarily as they are prioritizing energy efficiency by reducing the weight of the vehicle over other factors. Also, their resiliency, high performance at low costs & durability towards the automobile add-ons make them more desirable. The automotive sector is one of the largest consumers of plastics in Europe and coupled with the high electric vehicle production in the region is expected to drive the growth of the automotive plastics market.
The companies and incorporations operating in the global market for automobile plastics employ organic and inorganic strategies for their growth. Some of these companies are Sabic, Teijin Ltd., Covestro AG, Chi Mei Corporation, Dow Chemical Company, KRD Sicherheitstechnik GmbH, Owens Corning Corporation, Evonik Industries, Renias Co., Ltd., Johnson Controls, Magna International, Sumitomo Chemical Co. Ltd., Idemitsu Kosan Co., Ltd., Royal DSM, BASF SE, Webasto SE, Lear Corporation, Mitsubishi Chemical Corporation, Engel Austria GmbH, Trinseo S.A. and AkzoNobel CV.