According to a new market report published by BlueWeave Consulting, the global automotive plastic market was valued at US$ 23.62Bn in 2017 and is expected to expand at a CAGR of 12.72% from 2018 to 2025, reaching US$59.1Bn by the end of the forecast period.
Rising trend of installing infotainment (entertainment) system, touch screen dashboard navigation system and satellite radio, help drivers stay connected and entertain on the road. Shifting consumer focus from car’s performance to convenient infotainment systems with the latest tech features are accelerating automotive plastic demand. The automotive plastic market looks promising with opportunities in electric vehicles, lightweight commercial vehicles, and passenger cars. The automotive manufacturers are considering lighter, less expensive automotive parts, also installing new electronics in vehicles driving numerous innovations in the industry
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Increasing demand for light weighted vehicles to gain higher fuel efficiency is driving the global automotive plastic market
Automotive plastics are being used in exceptionally advanced ways to make cars safer and highly fuel efficient. They are at the heart of solutions which make vehicles more lightweight and help in the reduction of carbon emissions. In addition, it also provides safety benefits to vehicles by offering airbags and seat belts. Automotive plastics help to facilitate innovative design and contouring. Rising car makers demand to meet sustainability goals using recycled materials with a motive to limit environmental pollution has increased automotive plastic application in several number of car parts.
The Polypropylene was the largest segment in the global automotive plastic market in 2017, and is estimated to witness the highest growth during 2018-2025. On the application basis, the market is segmented into Power Trains, Electrical Components, Interior & Exterior Furnishing, Fuel System, Chassis and Engine Components. The Interior & Exterior Furnishing accounted for the largest segment in the global automotive plastic market in 2017 with a growing CAGR of over 13.38%
On the basis of region, the market is segmented into five parts namely North America, Europe, Asia Pacific, LATAM and MEA.
The Asia Pacific was the largest region in the global automotive plastic market in 2017 with 48.73% and it is estimated to record a CAGR of 14.23% during 2018-2025.
Companies, such as BASF SE, Evonik Industries AG, LG CHEM., SABIC., Exxon Mobil Corporation and DowDupont are the key players in automotive plastics which are essential for global automotive market. In terms of product offerings, SABIC and BASF SE are the major players in the market, providing automotive plastics for various purposes.
Market Segmentation: Global Automotive Plastic Market
- Acrylonitrile Butadiene Stylene
- Polyvinyl Chloride
- Polymethyl methacrylate
- Power Trains
- Electrical Components
- Interior & Exterior Furnishing
- Fuel System
- Engine Components
- North America
- Asia Pacific
- Rest of the World
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