Automotive plastics are expected to have a market value of $ 53.9 billion by 2027: Acumen Research and Consulting
Los Angeles, June 14, 2021 (Global News Agency) – Global automotive plastics market It is expected to grow at an average annual growth rate of about 5.4% from 2020 to 2027, and to reach a market value of more than $ 53.9 billion in 2027.
Asia Pacific dominates the global automotive plastics market
The Asia-Pacific region dominates the automotive plastics market and has a significant market share. The relocation of production sites from developed regions to emerging economies in the Asia-Pacific region, in particular China, India, Thailand, Vietnam and Indonesia, should stimulate market growth.
It is one of the most important factors in the growth of the global automotive plastics market. Thailand is a major exporter of automobiles in Asia. Japanese direct investment is the driving force behind this industry. China’s auto industry is expanding rapidly and is preparing to have a significant impact on international trade, particularly in the parts industry, in the near future. On the other hand, India is consolidating its position due to strong domestic and foreign demand.
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China is famous for its parts, India is famous for its two-wheelers and compact cars, Thailand is famous for its pickups and passenger cars, and Indonesia is famous for its commercial vehicles. Thailand is increasing its exports to developed countries while strengthening its position in ASEAN. Indonesia is also expanding trade relations with ASEAN. In addition to the traditional destinations of developed countries, India is also focused on the Middle East and South Asia. These are all factors driving the expansion of automotive plastics in the region.
Europe is the second largest automotive plastics market in the world. European car manufacturers use high-performance plastics because they save energy and help reduce vehicle weight. Strict emission standards in the region have forced European automakers to switch from diesel engines to electric motors. This should also boost product demand in the forecast period.
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On a global scale, the recovery of the automotive industry, the improvement of automotive design skills, and the increasing emphasis on the weight reduction and emissions control of automobiles are key drivers of the growth of the automotive plastics market. Plastics are often used in auto parts because they are easy to manufacture, can be made from renewable resources, and have an improved design. Reducing the quality of cars is a top priority for automakers as it helps reduce CO2 emissions. Designers carefully evaluate vehicle construction materials for cost, material strength, physical and chemical properties, manufacturability, market availability, and recyclability. High speed steel (HSS), fiberglass and sheet metal are cheaper than aluminum, automotive plastics and magnesium, but have less potential for weight reduction, increasing the demand for lightweight plastic materials.
High practical suitability of PMMA in the automotive industry
The North American automotive industry has proven that composites have tremendous growth potential in various applications. The high cost of composites and the lack of inexpensive manufacturing processes for high volume applications limit their use in the automotive industry. However, the increasing emphasis on reducing vehicle weight and thereby increasing performance has encouraged companies to use composites and PMMA plastics.
The global market for plastics for the automotive industry is divided into products, processes and applications. The market is divided into acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC) and polymethyl methacrylate (PMMA), polyamide (PA) ) and other. Depending on the process, the market is divided into injection molding, blow molding, thermoforming, etc. Depending on the application, the market is divided into powertrain, electrical components, interior decoration, exterior decoration, hood and chassis.
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Some of the leading competitors are Magna International Inc., Lear Corporation, Adient plc, BASF SE, Plastic Omnium, Borealis AG, Covestro AG, etc.
Some key observations about the automotive plastics industry are:
- In August 2018, Magna International announced an acquisition with OLSA SpA. This acquisition will help the company expand and improve its solutions for the lighting business worldwide.
- In October 2018, Lear Corporation announced the opening of a new innovation center in Detroit, USA, for the development of new automotive products and technologies. This expansion helps the company strengthen its automotive business.
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