The global Automotive Plastics Market size is
anticipated to reach USD 38.7 billion by 2028, according to a new report by
Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4%
from 2021 to 2028. A rising preference for high-performance plastics to
substitute conventional metals and rubber is expected to impel market growth.
The polyurethane product segment is
anticipated to witness significant growth over the forecast period owing to its
ability to infuse the characteristics of both plastics and rubber at a lower
weight compared to metal and other plastic materials. Increasing product demand
from the automotive industry for use in refrigeration insulation, interior
trims, and seat cushioning is expected to boost product demand over the
forecast period.
On the basis of application, the market is segmented
into powertrain, electrical components, interior furnishings, exterior
furnishings, under the hood, and chassis. Among them, the power train
application segment is expected to witness the fastest growth over the forecast
period. The rising application of plastics in powertrain engineering
is expected to support market growth in the coming years. It helps the
manufacturers of vehicles reduce weight and integrate complex parts, which
ultimately boosts performance, delivers higher productivity, and cost savings.
According to research conducted by E. I. du Pont de Nemours and Company,
currently, plastics penetration stands at 110-120 kilograms per car depending
on the engine size and region, while manufacturers are still exploring other
new opportunities for the usage of plastics.
In Asia Pacific, the market is expected to witness the
fastest CAGR during the forecast period. The growing automotive industry
coupled with the rising population and increasing disposable income of
middle-class families in the emerging economies of the region is likely to be
the primary driving factor in coming years. Moreover, strong government support
and initiatives and increasing investment by the government is also propelling
the growth of the automotive industry in the region, which, in turn, is
anticipated to fuel demand for the product in the region.
Related Press Release@ Automotive Plastics Market Report
Automotive Plastics Market Report
Highlights
- In North America, the market was valued at USD 4.8 billion in 2020
and is estimated to witness a CAGR of 3.4% from 2021 to 2028. Increasing
integration of in-car entertainment and communication systems, engine
electronics, advanced safety, and advanced driver-assistance systems are
boosting the demand for electrical components application, which, in turn,
is fueling the growth of the market in North America
- The polypropylene segment accounted for the largest revenue share
of more than 32.0% in 2020 and is estimated to maintain its dominance over
the forecast period owing to rising demand for lightweight automobile
parts
- The interior furnishings segment is expected to be the largest
application segment over the forecast period owing to rising product usage
for interior furnishings in automobiles including body and light panels,
seat covers, steering wheels, and fascia systems
- Various strategic initiatives were recorded over the past few years
in order to boost the growth of the market. For instance, in May 2019,
Covestro AG announced its plan to expand the production capacity of
polycarbonate films at its Dormagen site in Germany. The site, which is
expected to come on-stream by the end of 2020, will manufacture PC films
for applications such as automotive interiors, security cards, medical
devices, and automotive displays
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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