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Los Angeles, June 14, 2021 (Global News Agency) – Global Automotive Plastics Market It is expected to grow at a compound annual growth rate of about 5.4% from 2020 to 2027, and reach a market value of more than US$53.9 billion in 2027.
Asia Pacific dominates the global automotive plastics market
The Asia-Pacific region dominates the automotive plastics market and occupies a considerable market share. The shift of production bases from developed regions to emerging economies in the Asia-Pacific, especially China, India, Thailand, Vietnam and Indonesia, is expected to drive market growth.
This is one of the most important factors driving the growth of the global automotive plastics market. Thailand is a major exporter of automobiles in Asia. Japanese FDI is the main driving force of this industry. China’s automobile industry is expanding rapidly and is preparing to have a significant impact in the field of international trade in the near future, especially in the parts industry. 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 small cars, Thailand is famous for its pickups and passenger cars, and Indonesia is famous for its utility vehicles. Thailand is increasing its exports to developed countries while also strengthening its position in ASEAN. Indonesia is also expanding trade relations with ASEAN. In addition to the traditional destinations of developed countries, India also focuses on the Middle East and South Asia. These are all factors driving the expansion of automotive plastics in the region.
Europe is the world’s second largest automotive plastic market. European carmakers 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 engines. During the forecast period, this is also expected to boost product demand.
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Market drivers
On a global scale, the recovery of the automotive industry, the improvement of automotive design capabilities, and the increasing emphasis on automotive weight reduction and emission control are key factors driving the growth of the automotive plastics market. Plastics are widely used in auto parts because they are easy to manufacture, can be obtained from renewable raw materials, and have improved designs. Reducing the quality of cars is one of the top priorities of car manufacturers because it helps reduce carbon emissions. Design engineers carefully evaluate vehicle design materials in terms of cost, material strength, physical and chemical properties, manufacturability, market availability, and recyclability. High-speed steel (HSS), fiberglass, and sheet metal parts are cheaper than aluminum, automotive plastics, and magnesium, but they have less potential for weight reduction, thereby increasing the demand for lightweight plastic materials.
Market opportunities
High practicability of PMMA in automobile production
The North American automotive industry has proven that composite materials have huge growth potential in various applications. The high cost of composite materials and the lack of cost-effective manufacturing processes for high-volume applications limit their use in the automotive industry. However, the increasing emphasis on reducing vehicle weight and thereby improving performance has encouraged companies to use composite materials and PMMA plastics.
Segment Outlook
The global automotive plastics market is segmented according to products, processes and applications. By product, the market is segmented into acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), polycarbonate (PC), and poly Methyl methacrylate (PMMA), polyamide (PA)), and others. According to the process, the market is divided into injection molding, blow molding, thermoforming and so on. According to the application, the market is segmented into powertrain, electrical components, interior decoration, exterior decoration, under the hood and chassis.
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Competitive landscape
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 include:
- In August 2018, Magna International announced an acquisition with OLSA SpA. This acquisition will help the company expand and enhance its lighting business solutions on a global scale.
- 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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