Isle of Man, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Known as the third largest consumer of plastic and engineered polymers, the automotive sector uses it in manufacturing interior and exterior components of cars. Plastic and polymers are used widely for bumpers, doors, windows, side-view mirrors, hoods, grilles, wheel covers, trunk lids, and headlights. The ongoing demand for automotive plastic is primarily because of its high performance, excellent visual appearance, and, more importantly, top-notch mechanical properties. The increased demand has led researchers, experts, and organisations to investigate more and conduct research in this area to gain better insights and make predictions. Hence, Douglas Insights has added automotive plastics market research reports to its comparison engine to make things easier and faster.
Douglas Insights is the world’s first comparison engine. The engine uses multiple research reports to compare and evaluate information. The comparison generates crucial insights and information for analysts to use for quality decision-making. Several automotive companies are actively using the Douglas Insights comparison engine to gain insights into the market trends, share, size, growth drivers, and possible inhibitors. Moreover, the digital tool empowers users to efficiently and effectively compare all existing research, publisher ratings, publication dates, and table of contents.
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By comparing valuable information in multiple research reports on the Douglas Insights comparison engine and using the data already available, auto companies can make lucrative investments and decisions to accelerate growth. According to the global automotive plastics market forecast, the compound annual growth rate of the industry from 2022 to 2029 is expected to grow by 7.9 percent.
Multiple factors trigger the high demand. Some of them include versatile properties of plastic, such as unmatched resistance to corrosion, scratch resistance, easy moldability, toughness, resiliency, durability, and thermal stability. Besides versatility, the automotive plastics market growth can also be attributed to the low cost. As compared to metal, plastic is more affordable. It offers high performance and visual appeal at a pocket-friendly price, thereby increasing the profit margins of the companies operating in the industry.
However, the major restraint for the market is the stringent regulations posed by the government to reduce vehicular emissions. The non-degradable nature of auto plastics poses a constant threat to the ecosystem and environmental sustainability. Automotive companies must research and gain more insights to find better solutions to boost their profit margins while avoiding landfills.
The demand for automotive plastics is segmented into polycarbonate, polyamide P.A., high density, polyethylene HDPE, Polyvinyl chloride PVC, polypropylene P.P., and acrylonitrile butadiene styrene ABS. Different types of plastics are used to manufacture vehicle components for luxury cars, too, such as infotainment systems, lighting systems, displays, fascia systems, and mishap recording systems.
The comparison engine by Douglas Insights provides companies in the automotive plastics market the power to evaluate and compare information and research reports fast. Industry players can use this in-depth data and findings concerning challenges, opportunities, market drivers, demographics, and economic factors expected to drive future growth. Accordingly, new strategies and campaigns can be devised to capture and penetrate new markets and experience exponential growth. The shift to plastics from metal has made suppliers, and manufacturers rethink new and innovative ways vehicles and materials are designed, constructed, and used.
The automotive plastics market is booming locally and internationally. Asia-Pacific has the highest automotive plastics market share globally, followed by regions like North America, Europe, the Middle East, Africa, and South America. The key industry players include AkzoNobel N.V., BASF SE, Covestro, Evonik Industries AG, Johnson Controls, and Magna International, to name a few. These companies are best positioned to meet the market surge owing to their investment in product innovations and proprietary technologies.
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Automotive Plastics Market Report Coverage
|Market Size in 2020||US$ 29.15 BN|
|Market Size Projection in 2030||US$ ** BN|
|Largest Market||North America|
|Report Segmentation||By Product, By Application, By Process, By Region|
|Regional Analysis||North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa)|
|Key Companies Covered||AkzoNobel N.V., BASF SE, Covestro, Evonik Industries AG, Johnson Controls, and Magna International|
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (PA)
- Electrical components
- Interior furnishings
- Exterior furnishings
- Under-the-hood components
- Injection Molding
- Blow Molding
Key questions answered in this report
- COVID 19 impact analysis on global Automotive Plastics industry.
- What are the current market trends and dynamics in the Automotive Plastics market and valuable opportunities for emerging players?
- What is driving Automotive Plastics market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the Automotive Plastics market?
- Key growth pockets on the basis of regions, types, applications, and end-users
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
- Statistics on Automotive Plastics and spending worldwide
- Recent trends across different regions in terms of adoption of Automotive Plastics across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Automotive Plastics Market, by Product, 2019-2027 (USD Billion)
1.2.2. Automotive Plastics Market, by Application, 2019-2027 (USD Billion)
1.2.3. Automotive Plastics Market, by Process, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Automotive Plastics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Automotive Plastics Market Dynamics
3.1. Automotive Plastics Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
18.104.22.168. Significant rise of the automotive industry
22.214.171.124. Ease of designing and weight reduction by plastic usage
3.1.2. Market Challenges
126.96.36.199. Less strength as compared to metal substitutes
3.1.3. Market Opportunities
188.8.131.52. Investments in recyclable plastics for automotive usage
…………… Table of content continued
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Automotive Composites Market: The market is predicted to increase in the upcoming years. The stringent lockdown and social distancing norms during the COVID-19 pandemic negatively affected the market's growth.
Aerospace Plastics Market: Growing demand for lightweight materials in the aviation industry has led to high demand aerospace plastics in the market. The lightweight of plastics have attracted manufacturers of the various end-user industries in the market.
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