The research report “ Global Automotive Plastics Market: By Product Type (Acrylonitrile Butadiene Styrene (ABS), Polyethylene (High-density polyethylene (HDPE ) and Low-density polyethylene (LDPE)), Polybutylene terephthalate (PbT), Polymethyl Methacrylate (PMMA), Polyamide (PA), Polycarbonate (PC), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC) and Others (PET, and ASA)), By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), By Application (Powertrain, Electrical Components, Interior Furnishings, Exterior Furnishings, Under The Hood Components and Chassis) and Geography.– Global/Region/Country Forecast to 2027″, The Global Automotive Plastics Market was valued valued US $ 31.42 billion in 2020 and projected to grow at a CAGR of approximately 10.3% over the forecast period 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Global Automotive Plastics Market: By Product Type, By Vehicle Type, By Application and Geography.– Global/Region/Country Forecast to 2027″,
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Growing use of plastics in the automotive sector will foster the Global Automotive Plastics Market hugely
The global automotive plastics market was valued at US $ 31.42 billion in 2020 and is expected to increase at a CAGR of around 10.3% between 2021 and 2027. Automotive plastics are mainly used in making vehicle components. These plastics are materials replace metals in automobiles due to similar properties they have such as flame retardancy, stiffness, toughness, and stiffness and abrasion resistance. Flexibility and versatility are the characteristics of the plastic drive the advancement of several technologies for augmenting the design of automobiles. Technological advancements to develop specialized materials will impel the market growth. Increasing use of plastics in the automotive sector will drive the market growth. Rise in the lightweight vehicle production will also increase the demand for automotive plastics tremendously. Growing demand for electric vehicles globally is evaluated to enhance revenues in the market during the estimated period. The huge adoption of automotive plastic paints as well as dyes will also drive the market growth. In addition, perfect insulation properties as well as increasing safety concerns also accelerate the market growth. Huge applications of automobile plastics in interior automotive components like rear package shelves, headliners, load floors increasing demand for different automobile furnishing products like steering wheels, seat covers, fascia systems and light panels and displays will also drive the market growth.
The Automotive Plastics Market is expanding due to rising automobile demand:
Changing lifestyles and rising economic levels have resulted in a massive increase in the number of automobile users. Key manufacturers are focusing on developing and manufacturing high-performance automobiles and components, therefore traditional materials like metals, glass, and ceramic are being replaced with high-quality plastics. These plastics’ outstanding qualities, including as versatility, durability, and flexibility, have fueled advancements in automotive technology and design. Light panels and displays, steering wheels, fascia systems, and seat covers are all in high demand. The industry is also growing due to great insulating features and rising safety concerns.
Impact of COVID-19 on Automotive Plastics Market:
In addition, the report discusses the implications of COVID-19, including the industry’s initial response and strategies for ensuring business continuity in the coming years.
Asia pacific witnesses huge market revenue share in Global Automotive Plastics Market:
Asia Pacific recorded huge revenue share in the global automotive plastics market witnessing significant CAGR rate. Increasing usage of automobiles because of manufacturing industries in emerging economies of this region like China and India leads towards the market growth. Automotive plastics market in North America is hugely driven by the expert manpower, the urbanizations as well as increasing disposable earnings. Automotive industries in North America have shown several important growth opportunities for composites in different applications.
Competitive Analysis:
This market study does the elaborative industry analysis of the competitive landscape and dynamics. Different key insights depicted in the market analysis are the regulatory scenario in significant countries price trend analysis, current industry developments and competitive landscape along with their profiles. Industry players in the market are following efficient strategies and bringing new product launchings in the market.
Some major key players operating in the global automotive plastics market include AkzoNobel N.V., BASF SE, Bayer MaterialScience AG, Evonik Industries, Grupo Antolin-Irausa S.A., Johnson Controls, Lear Corporation, Lyondellbassell, Magna International Incorporated, Momentive Performance Materials Inc., Owens Corning Corporation, Royal DSM N.V., SABIC, Teijin limited and The Dow Chemical Company.
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