Dublin, March 28, 2022 (GLOBE NEWSWIRE) — The “Automotive Plastics Market – Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)” Report has been added to ResearchAndMarkets.com offering.
By the end of 2026, the automotive plastics industry is projected to reach a market value of US$68.6 billion from US$48.7 billion in 2018. Subsequently, it exhibits a stellar CAGR of 7.7%, providing ample opportunity growth for market players.
Growing concerns related to improving automobile performance, construction, safety, and functionality are driving demand for automotive plastics. These plastics provide corrosion resistance, operational flexibility, and optimal space utilization. Furthermore, plastic-based auto parts are built using efficient thermal insulation and noise reduction techniques, making them highly resistant in terms of safety.
The reduction in the weight of the car is directly related to fuel consumption. To this end, an average 10% reduction in car weight will consistently decrease fuel usage by approximately 7-8%. Rising demand for lightweight materials, vehicle electrification and rising sales are expected to bode well for the auto industry. Furthermore, in the span of 5 years, the market is forecast to expand by 5% with a relentless increase in sales of 100 million units.
Key Highlights of the Automotive Plastics Market:
Automotive plastics are widely used for the production of interior and exterior parts of vehicles. The interior applications segment had a significant 40% share of the overall automotive plastics market in 2020.
The indoor and outdoor applications segment is expected to account for 70% of the total market value by the end of 2026.
Under the hood, being the fastest growing app segment in terms of volume and value supported by government regulations on fuel carbon emissions and shifting buyer behavior towards fuel-efficient, lightweight vehicles.
India and South East Asia will be high growth markets due to favorable government policies such as Production Linked Incentive (PLI) coupled with increased vehicle ownership with rising per capita income levels in the coming years. five years.
In 2020, polypropylene (PP) emerged as the most sought-after automotive plastic, with the value of this market segment expected to reach US$13.5 billion by 2026, growing at 7.8% CAGR.
Favorable properties of automotive plastics for vehicle interior components to ensure perpetual market expansion
High strength and dimensional stability are key imperatives for growing interior applications. Plastics are widely used in the production of vehicle components such as underhood components, upholstery, interior trim, exterior parts, fuel system, dashboard, bumpers, lighting, and instrument panels. This wide range of applications is expected to bode well for the growth of the market.
Asia Pacific will outsell all other regional markets
Asia Pacific accounts for 50% of the automotive plastics market. Significant changes in customer preferences and growing demand for light vehicles are key factors that are increasing demand for automotive plastics in the region. Japan, South Korea, China, India and Southeast Asia are the beating heart of the automotive industry. The presence of major auto companies, coupled with low-cost labor and raw material availability, could fuel growth in these countries. Southeast Asia and India are likely to prosper thanks to technological advances and rising per capita income levels.
North America and Europe are also flourishing with various growth opportunities, backed by government support. The governments of these regions are developing rigorous policies and providing monetary assistance for the sustainable development of automobiles. Therefore, the auto plastics market in these counties is driven by stricter regulations to avoid CO2 emissions, adoption of turbocharged engines, and vehicle electrification.
The key players operating in the global Automotive Plastics market are
For more information on this report, visit https://www.researchandmarkets.com/r/7wmrii
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900