Automotive Plastics Market Value To Reach $ 53.9 Billion By 2027: Astute Research and Advice
Acumen Research and Consulting, a global provider of market research studies, in a recently published report entitled “Automotive Plastics Market – Global Industry Analysis, Market Size, Opportunities, and Forecast 2020-2027”
/ A News / – LOS ANGELES, June 14, 2021 (GLOBE NEWSWIRE) – The Global automotive plastics market is expected to grow at a CAGR of around 5.4% from 2020 to 2027 and reach a market value of over $ 53.9 billion by 2027.
Asia Pacific dominates the global automotive plastics market
The Asia-Pacific region dominated the automotive plastics market with a significant market share. The relocation of manufacturing sites from developed regions to emerging economies in the Asia-Pacific region, particularly China, India, Thailand, Vietnam and Indonesia, is expected to spur market growth.
It is one of the most important factors in the growth of the global automotive plastics market. Thailand is an important Asian automobile exporting country. Japanese direct investment is the main driver of the sector. The Chinese automotive sector is expanding rapidly and is poised to have a significant impact on international trade in the near future, with a particularly strong position in the components sector. India, on the other hand, is strengthening its position due to strong domestic and foreign demand.
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China is known for its components, India for its two-wheelers and small vehicles, Thailand for its pick-up trucks and cars, and Indonesia for its commercial vehicles. Thailand is increasing its exports to developed countries while strengthening its position in ASEAN. Indonesia is also expanding its trade ties with ASEAN. In addition to the classic industrialized countries, India focuses on the Middle East and South Asia. These are the factors driving the expansion of automotive plastics in this region.
Europe is the second largest automotive plastics market in the world. High-performance plastics are used by car manufacturers in Europe because they are energy efficient and help reduce vehicle weight. Strict emission standards in the region have forced European automakers to switch from diesel engines to electric drives. This should also boost product demand in the forecast period.
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Globally, the recovery of the automotive sector, improved vehicle design skills, and an increased focus on vehicle weight reduction and emissions control are key drivers for the growth of the automotive plastics market. Plastics are widely used in automotive components and parts because they are easy to manufacture, can be obtained from renewable resources, and have an improved design. Reducing vehicle mass is a top priority for automakers as it helps reduce CO2 emissions. Designers carefully evaluate materials for vehicle design in terms of cost, material strength, physical and chemical properties, manufacturability, market availability, and recyclability. High speed steel (HSS), fiberglass and sheet metal components are cheaper than aluminum, automotive plastics and magnesium, but have less potential for mass reduction, which increases the demand for lightweight plastic materials.
High benefits of PMMA in automotive production
The North American automotive industry has shown significant growth potential for composites in a variety of applications. The high cost of composites and the lack of inexpensive manufacturing processes for high volume applications have limited their use in the automotive industry. However, the increased emphasis on reducing vehicle weight and thereby improving performance has encouraged companies to use composites and PMMA plastics.
The global market for plastics for the automotive industry is segmented by product, process and application. According to products, the market is divided into acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), polymethyl methacrylate (PMMA), and polyamide (PA) ), and other. Depending on the process, the market is divided into injection molding, blow molding, thermoforming and others. Depending on the application, the market is divided into powertrain, electrical components, interior fittings, exterior fittings, engine compartment and chassis.
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Leading competitors include Magna International Inc., Lear Corporation, Adient plc, BASF SE, Plastic Omnium, Borealis AG, Covestro AG and others.
Some of the key observations related to the automotive plastics industry are:
- In August 2018, Magna International Inc. announced an acquisition with OLSA SpA. This acquisition will help the company expand and improve its lighting solutions 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 helped the company strengthen its automotive business.
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June 14, 2021, 3:26 PM GMT
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