LONDON, March 02, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive plastics market, increasing demand for lightweight and electric vehicles is significantly contributing to the growth of the automotive plastics market. The increase in the use of plastic components in the automotive industry has boosted advancements in the design of automobiles. It also reduces the consumption of fuel in vehicles, as less weight requires less energy when the vehicle is accelerated. According to the International Energy Agency (IEA), global electric car sales reached a record of 3 million in 2020, which is a rise of 40% from 2019. It is estimated that there will be 10 million electric cars on the road by the next decade. Therefore, the increasing demand for lightweight and electric vehicles is driving the growth of the automotive plastics market.
The global automotive plastics market size is expected to grow from $33.37 billion in 2021 to $36.29 billion in 2022 at a compound annual growth rate (CAGR) of 8.77%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive plastic market is expected to reach $51.19 billion in 2026 at a CAGR of 8.98%.
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Technological advancement is a key trend gaining popularity in the automotive plastics market. Technological advancement is the discovery of knowledge that advances the understanding of technology. For instance, in 2021, Covestro AG launched a new 3D printing material, recycled Polyethylene Terephthalate (rPET), which is used for 3D pellet printing using a technology known as fused granulate fabrication (FGF), which helps in the manufacturing of large-sized parts. This technology has applications in the automotive industry for the manufacturing of interior parts.
Major players in the automotive plastics market are BASF SE, Borealis AG, Covestro AG, DuPont, Evonik Industries, SABIC, Magna International, Inc., Akzo Nobel N.V, Arkema SA, Grupo Antolin-Irausa S.A, LyondellBasell Industries Holdings BV, Momentive Performance Materials Inc., Teijin Limited, The Dow Chemical Company, and Zoltek Companies Inc.
The global automotive plastics market outlook is segmented by vehicle type into conventional/traditional vehicles, electric vehicles; by product type into Polypropylene (PP), Polyurethane (PU), Polyvinylchloride (PVC), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), High Density Polyethylene (HDPE), Polycarbonate (PC), Polybutylene Terephthalate (PBT); by application into interior, exterior, under bonnet.
Asia-Pacific was the largest region in the automotive plastics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Plastics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive plastics market overviews, automotive plastics market analyze and forecast market size and growth for the whole market, automotive plastics market segments and geographies, automotive plastics market trends, automotive plastics market drivers, automotive plastics market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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