Automotive Plastics Market Driven By Rising Demand Of Safety Features, Luxury Components And Emission Reduction In Vehicles Driving the Industry
The global automotive plastics market was valued at USD 31,692.1 million in 2018 and is expected to reach USD 75,704.4 million in 2026, growing at a CAGR of 11.5% from 2019 to 2026.
The globalautomotive plastics marketwas valued at USD 31,692.1 million in 2018 and is expected to reach USD 75,704.4 million in 2026, growing at a CAGR of 11.5% from 2019 to 2026.
Automotive plastics are mainly used for performance and safety advancement in luxury vehicles, SUVs, passenger cars, Minivan, and commercial. Automotive plastics have several properties including reliable, durable, strong, recyclable, scratch resistance, resistance to abrasion, improve vibration and noise control and allows molding, design, and integration of components in automobiles.
Rising demand of safety features and luxury components in vehicles and increased demand for materials offering significant emission reduction are expected to drive the growth of the automotive plastics market in upcoming years.
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Growing demand for overall weight reduction in vehicles, increase in demand for fuel-efficient vehicles, and increase in application areas of automotive plastics are the main drivers for the market growth of the global automotive plastics market during the forecast period. Moreover, the automotive plastics are used in various automotive components and parts due to its easy formability, heat resistant capability, easy manufacturing, impact strength, and improved aesthetics are expected to enhance the market size during the forecast period. Increase in demand for development of thermoforming plastics, biodegradable plastics, polymethyl methacrylate (PMMA), and rise in demand for light material with perfect heat resistance and mechanical properties is expected to develop new and advanced plastic materials. This also expected to open investment opportunities in the global market for the manufacturers during the forecast period.
However, volatile prices of raw materials and growing investment in plastics-alternative material research (such as carbon fibers) are expected to hamper the growth of the global automotive plastics market during the forecast period. Moreover, high capital cost and cost of plastic materials is the prime challenge in the global automotive plastics market during the forecast period.
- Based on product type, the Polypropylene segment is expected to dominate the market with nearly 31% share in the global automotive plastics market in 2018.
- Based on Application, the interior segment accounts of the largest share in the market and is expected to grow at a CAGR of around 13.5% during the forecast period.
- Asia-Pacific accounted for nearly 40% share of the global automotive plastics market in 2018.
- In July 2019, BASF SE introduced new automotive products from plastic waste.
- In September 2018, BASF SE has developed the world’s first particle foam based on polyethersulfone.
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Press Release Distributed by The Express Wire
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