Automotive Plastics Market to Reach USD 71060 million by 2028 with a CAGR of 8.9%| Valuates Reports
BANGALORE, India, June 6, 2022 /PRNewswire/ -- The Global Automotive Plastics market is segmented by type (Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), Polyamide (PA), Others), By Application ( Automotive Bumpers, Flexible Foam Seating, Automobile Instruments Panels, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Plastic & Polymers Category.
The global Automotive Plastics market size is projected to reach USD 71060 million by 2028 from USD 42530 million in 2022 with a CAGR of 8.9% during the review period.
Major factors driving the growth of the Automotive Plastic Market
The growing focus on vehicle weight reduction and pollution control is propelling the automotive plastics market forward.
Moreover, due to their ease of manufacture, ability to get renewable raw resources, and improved designs, plastics are frequently employed in automotive components and parts.
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TRENDS INFLUENCING THE GROWTH OF Automotive Plastic Market
Increasing demand for Polypropylene is expected to drive the growth of the Automotive Plastics Market. Polypropylene is the most often used material in the automobile industry. It can be easily molded into practically any shape because it is a thermoplastic polymer. It possesses high chemical and heat resistance, as well as being impact resistant. You'll often find this plastic in car bumpers, gas cans, and even the carpet fibers of your car's interior flooring, given its long history. It's also a less expensive alternative to more expensive plastics with equivalent strength and durability, lowering manufacturing costs.
The Increasing use of automotive plastics in bumpers is expected to drive the growth of the Automotive Plastics Market. Plastic bumpers at the front and back protect and save lives. They've progressed into intricate, elegant, and well-engineered components. Plastic auto bumpers and fascia (front) systems provide for more design flexibility. Plastic bumpers have reinforcements that allow them to withstand as much impact as feasible. Some of these plastic items can be recycled. This allows the producer to lessen their environmental impact while also reusing leftover material at a low cost.
Growing demand for polyurethane foam is expected to propel the automotive plastics market. Because of the geometric design freedom that polyurethane foam provides, it is mainly used for the vehicle seat padding. Also, it may be tailored to the desired level of comfort for the car seat, either through the formulation or the manufacturing process. Polyurethanes' outstanding sound-absorbing and vibration-dampening properties contribute to high levels of comfort and safety.
Interior design has been a top concern for forward-thinking automakers. The manufacture of novel instrument panels is becoming increasingly difficult as consumers' demands for increased comfort in interiors rise. Advanced polymers have mostly replaced steel and aluminum in instrument panels, allowing manufacturers to reduce the cost of the instrument panel while also reducing its weight. Moreover, ABS, ABS/polycarbonate alloys, polycarbonates, polypropylene, modified polyphenylene ether (PPE), and SMA (styrene-maleic anhydride) resins are commonly used in instrument panels. Airbag housings, center stacks for instrument panels, and huge, integrated instrument panel elements can all benefit from these plastics. These factors are expected to drive the growth of the automotive plastics market.
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AUTOMOTIVE PLASTIC MARKET SHARE
Based on type, the PP segment will continue to dominate the automotive plastics industry because it is inexpensive, moldable into any design, and used in a range of applications in both interior and exterior elements.
Based on region, Asia-Pacific will continue to dominate the automotive plastics industry because of expanding industrial activity, lower labor, low-cost raw material availability, and growing economic expansion.
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Key Companies:
- AkzoNobel N.V.
- BASF
- Covestro
- Evonik Industries
- Johnson Controls International
- Magna International
- Momentive Performance Materials
- SABIC
- The Dow Chemical Company
- Borealis
- Hanwha Azdel
- Grupo Antolin
- Lear Corp
- Owens Corning
- Quadrant
- Royal DSM
- Teijin.
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SIMILAR REPORTS:
- The global Polyimide Films market size is estimated to be worth USD 1365 million in 2022 and is forecast to be a readjusted size of USD 2058.6 million by 2028 with a CAGR of 7.1% during the review period.
- The global Plastic Compounding market size is estimated to be worth USD 71340 Million in 2022 and is forecast to a readjusted size of USD 104090 Million by 2028 with a CAGR of 6.5% during the review period.
- The Global Plastic Recycling market size was USD 31340 million and it is expected to reach USD 44540 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 5.0% during 2021-2027.
- The global Automotive Connectors market size is estimated to be worth USD 20540 million in 2022 and is forecast to a readjusted size of USD 29130 million by 2028 with a CAGR of 6.0% during the review period.
- The global Automotive Aluminum market size is estimated to be worth USD 55580 million in 2022 and is forecast to be a readjusted size of USD 74490 million by 2028 with a CAGR of 5.0% during the review period.
- The global Thermoplastic Polyurethane (TPU) market size is estimated to be worth USD 1845.7 million in 2022 and is forecast to be a readjusted size of USD 2315.3 million by 2028 with a CAGR of 3.9% during the review period.
- The Polymethyl Methacrylate market was valued at USD 4752.2 million in 2022, and it is anticipated to reach USD 6589.9 million by 2028, registering a CAGR of about 5.6% during the forecast period (2022–2028).
- The global Acrylonitrile Butadiene Styrene (ABS) market size is estimated to be worth US$ 16800 million in 2022 and is forecast to be a readjusted size of USD 22520 million by 2028 with a CAGR of 5.0% during the review period.
- The global Glass Fiber Reinforced Thermo-Plastic (GFRTP) Composite market was valued at USD 5064 million in 2020 and it is expected to reach USD 10510 million by the end of 2027, growing at a CAGR of 11.0% during 2021-2027.
- The global extruded plastics market size was valued at USD 185.6 billion in 2020 and is projected to reach USD 289.2 billion by 2030 growing at a CAGR of 4.6% from 2021 to 2030.
- The global Plastic Bumpers market size is estimated to be worth USD 12730 million in 2022 and is forecast to be a readjusted size of USD 14500 million by 2028 with a CAGR of 2.2% during the review period.
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- Global Automotive Plastic Interior Trims Market Insights and Forecast to 2028
- Global Polypropylene Foam Plastics Market Insights and Forecast to 2028
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