What are the effects of the COVID-19 crisis on the automotive plastics market?

The automotive plastics market study by Future Market Insights (FMI) offers convincing insights into the most important growth drivers and barriers that will affect the growth path through 2031. The study also highlights opportunities that exist in key segments such as material type, application, end use and region. It examines in detail the various strategies of the major players in the market.

The ESOMAR-certified market research company Future Market Insights (FMI) predicts in its latest analysis that the automotive plastics market will show growth compared to the previous year (YoY) 5.6% in 2021 with an overall rating of around $ 61.58 billion in 2021.

Due to the increasing global demand for lightweight vehicles, the global automotive plastics market is becoming a healthy CAGR of 6.9% between 2021 and 2031 and exceeds a rating of $ 119.80 billion by the end of 2031.

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The rapid expansion of the automotive plastics market is due to the increasing production of vehicles, the implementation of strict emission control regulations and the increasing acceptance of lightweight construction materials in the automotive industry.

According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached over 40.33 million in 2021 (Jan-June). The demand for plastics for the automotive industry is increasing in response to the increasing production of lightweight vehicle components. According to FMI, the demand for plastics in the automotive industry is increasing overall 40,941.0 kilotons in 2021.

Automotive plastics are generally durable, strong, recyclable, scratch-resistant, abrasion-resistant, and lightweight. They improve vibration and noise control and enable the design, molding and integration of components in automobiles. These properties make automotive plastics very popular in vehicle construction.

The implementation of stringent emissions regulations is encouraging automotive OEMs to replace metal parts with components made from polymers. Coupled with this, the increase in the production of electric vehicles will drive demand for automotive plastics as automakers want to offer higher fuel efficiency.

According to FMI, the polypropylene segment is estimated at around 26.6% of all plastics consumption in the automotive industry. Polypropylene has become a commonly used plastic in the automotive sector. As a thermoplastic polymer, polypropylene can easily be brought into almost any shape. As a result, it is widely used in passenger cars, particularly in the manufacture of vehicle bumpers.

“Plastic sales in the automotive industry are expected to pick up as the focus on manufacturing lightweight vehicles increases. Some of the leading market players have recognized this as a lucrative opportunity to increase their presence through product launches,” says an FMI analyst.

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Key findings from the automotive plastics market survey

  • With increasing production and increasing sales of vehicles, China is becoming the most lucrative market for automotive plastics with a share of 69% of sales in the East Asian market.
  • The US market will show growth of 5.6% year over year (YoY) through 2031 due to increasing demand for lightweight vehicles.
  • In 2021, India is projected to account for 50.2% of the South Asian market.
  • Due to the widespread use of light electric vehicles and the presence of leading automobile manufacturers, Japan is expected to account for 6.3% of the world market.
  • Based on the application, the interior components segment is expected to hold around 63.1% of the total automotive plastics market share.
  • The conventional vehicles segment is expected to grow by 6.3% in 2021 compared to the previous year

Key driver

  • The increasing demand for light vehicles will drive automotive plastics sales as manufacturers look for alternatives to replace heavy metal parts of vehicles.
  • Strict emissions control regulations and rising fuel costs will have a positive impact on the growth of the automotive plastics market.
  • The increasing production of electric and hybrid vehicles will drive demand for lightweight automotive plastics.

Key restrictions

  • The disruption in automotive production caused by COVID-19 will adversely affect the automotive plastics market.

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Competitive landscape

The major players in the automotive plastics market are focused on increasing their production to meet the increasing demand from the automotive industry. They have pursued various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to gain a competitive advantage in the marketplace.

  • In September 2021, Sabic, a global leader in the chemical industry, introduced the company’s first automotive grades with mechanically recycled content to the company’s TRUCIRCLE portfolio for circular solutions and services. The new resins are SABIC T2E-3320EH PP-Compound, a high-flow, low-emission, talc-filled polypropylene (PP); XENOY T2NX2500UV resin, an unfilled, UV-stabilized blend of polycarbonate (PC) and polyethylene terephthalate; and XENOY T2NX5230 resin, a mineral-filled PC / PET blend. All three materials contain up to 29% recycled content and offer excellent performance.
  • In September 2021, the Washington-based American Chemistry Council (ACC) and the Department of Energy’s Oak Ridge National Laboratory (ORNL) announced a five-year MOU to advance end-of-life and circular solutions for durable plastics .

Some of the key players in the automotive plastics market profiled by FMI are:

  • LyondellBasell Industries Holdings BV
  • Evonik Industries
  • BASF SE
  • Arkema group
  • DuPont de Nemours, Inc.
  • The Dow Chemical Company
  • Hexion Inc.
  • Momentive performance materials
  • Hanwha group
  • Saudi Basic Industries Corporation (SABIC)
  • Formosa plastics
  • Sumitomo Chemical Co., Ltd.
  • Mitsui Chemicals, Inc.
  • Zoltek
  • Covestro AG
  • Eastman Chemical Company

Further insights into the global sales outlook for automotive plastics

FMI provides an unbiased analysis of the automotive plastics market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study provides convincing insights into the global demand for automotive plastics with a detailed segmentation according to:

Material type:

  • Polypropylene (PP)
  • Polyurethane (PUR)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polyvinyl chloride (PVC)
  • Polyethylene (PE)
  • Polystyrene (PS)
  • Polycarbonate (PC)
  • Polyamide (PA)
  • Acrylic (PMMA etc.)
  • Plastic composites
  • Other

Use:

  • Interior components
  • Exterior parts & frames

End use:

  • Conventional vehicles
    • Passenger cars
    • Light commercial vehicles
    • Heavy commercial vehicles
  • Electric vehicles
    • Purely electric
    • Hybrid electric

Region:

  • North America
  • Latin America
  • Europe
  • East asia
  • South Asia Pacific
  • middle East

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Key questions addressed in the Automotive Plastics Sales Outlook report

  • The report offers an insight into the outlook for automotive plastics demand for 2021-2031
  • The market study also underlines the forecast sales growth for the automotive plastics market between 2021 and 2031
  • The Automotive Plastics Market Survey identifies key growth drivers, restraints, and other forces affecting the prevailing trends, as well as assessing the current market size and forecast, as well as technological advances in the industry
  • Analyzing the automotive plastics market share of the major companies in the industry and reporting on strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships and others

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving customers in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. The latest market research reports and industry analysis from FMI help companies overcome challenges and make critical decisions with confidence and clarity in the midst of breakneck competition. Our bespoke and syndicated market research reports provide actionable insights that drive sustainable growth. A team of knowledgeable analysts at FMI continuously track emerging trends and events in a variety of industries to ensure our clients prepare for the evolving needs of their consumers.

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