The global Automotive Plastics Market size is expected to reach USD 43.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. A rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel the market growth.
The COVID-19 pandemic negatively impacted automotive
plastics manufacturers by halting automotive production and reducing vehicle
demand due to global financial instability. The outbreak disturbed the entire
automotive supply chain on a worldwide scale. Since the market for automobiles
is entirely dependent on vehicle sales, this outbreak affected this market
significantly. However, the market grew substantially in 2021 primarily due to
the increased electric vehicle sales and is therefore expected to stimulate the
market growth over the forecast period.
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. In September 2021, Adient, a pioneer in automotive seating systems, and
Covestor confirmed a strategic alliance. The company will integrate cardyon, a
polyol made utilizing Covestro's CO2 technology as a self-sustaining material
in the manufacturing of hot cure-shaped polyurethane foam utilized as
cushioning in automotive seating systems.
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 saves cost. 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 register
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 the coming years. Moreover, strong government
support and initiatives and increasing investment by the government are
propelling the growth of the automotive industry in the region, which, in turn,
is anticipated to fuel the demand for the product in the region. In November
2021, the Indian Oil Corporation (IOC) and two other public sector oil
companies declared plans to build 22,000 charging stations for electric
vehicles over the next three to five years.
Related Press Release@ Automotive Plastics Market Report
Automotive Plastics Market Report
Highlights
- Increasing integration of in-car entertainment and communication systems,
engine electronics, advanced safety, and advanced driver-assistance
systems is boosting the demand for electrical components application,
which, in turn, is fueling the growth of the market in North America
- The polypropylene product segment accounted for the largest revenue
share of more than 30.0% in 2021 and is estimated to maintain its lead
over the forecast period
- The interior furnishings application segment is expected to be the
largest segment over the forecast period owing to the 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
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.
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