Automotive Plastics Market: The rapid expansion of the automotive industry in emerging industrys ha

The automotive plastics industry is predicted to grow from $ 27.9 billion in 2020 to $ 43.8 billion by 2025, with a current CAGR of 11% throughout the forecast period. Plastics have played a central role in all areas of automotive engineering and continue to have an archetypal effect. The global automotive plastics industry is forecast to show a 10.45% annual compound rate during the forecast period (2018-2023). More than seven decades have passed since plastics were first introduced into the automotive industry. The appearance of thermoplastics, polyamide, polycarbonate and polyacetal has facilitated several revolutionary transformations in the sector. In addition to that, the introduction of alloys and other new polymer mixes lets the automakers to create future-ready automotive designs. Automotive plastics have been the material of choice to overcome some of the most critical challenges in modern automotive manufacturing. The rapid expansion of the automotive industry in emerging industrys has revealed new avenues of expansion for industry players.

Market drivers and restraints:

The primary drivers of the automotive plastics industrys are the potential of automotive plastics in massively reducing fuel consumption by reducing total vehicle weight, escalating iron and steel prices, and improving vehicle strength and durability. Modern automotive plastic. The main factors holding back industry expansion are the high cost of materials and the largest investment in research for alternative plastics (such as carbon fibers), especially by automakers. The opportunities of automotive plastics are seen in the advancement of latest composites. The escalating call for lightweight materials for automotive components due to stringent environmental and emissions regulations is predicted to boost the automotive plastics industry. Automotive plastics have been the material of choice to overcome some of the most critical challenges in modern automotive manufacturing. The rapid expansion of the automotive industry in emerging industrys has revealed new avenues of expansion for industry players.

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Report segmented as:

By type:

• Polypropylene
• Polyurethane
• PVC
• Acrylonitrile – Butadiene – Styrene (ABS)
• Polyamide
• Polycarbonate
• Polymethyl Methacrylate
• Others

By application:

• Interior
• Exterior
• Under the hood
• Powertrain
• Drivetrain
• Instruments Panel
• Electronics
• Others

Geographical analysis:

The Asia-Pacific region is predicted to dominate the automotive plastics industry during the forecast period, due to growing call from emerging economies such as China, India and Thailand. In addition, the presence of major automotive manufacturing and OEM companies is predicted to further contribute to the expansion of the automotive plastics industry in the region. Among the regions, the Asia-Pacific automotive plastics industry is predicted to grow at the highest C AGR between 2020 and 2025, in value terms. Asia-Pacific is the largest industry for automotive plastics, followed by Europe and North America. Escalated concentrations of passenger vehicle manufacturing industries and growing call for passenger vehicles, three- and two-wheelers in China and some other countries in Asia and the Pacific, such as India and Japan, are contributing to expansion in the industry.

Important market players:

The significant players working in automotive plastic industry involve, Akzo Nobel N.V., BASF SE, Bayer MaterialScience AG, Borealis AG, Evonik Industries AG, Grupo Antolin-Irausa S.A., Hanwha Azdel Inc., Johnson Controls Inc., Lear Corporation, Magna International Inc-, Momentive Performance Materials Inc., Owens Corning, the Quadrant group of companies, Koninklijke DSM N.V., Saudi Basic Industries Corporation (SABIC), TEIJIN LIMITED, The Dow Chemical Company and Zoltek Companies Inc.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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