Increasing demand for lightweighting to support emission norms drive the Automotive Plastics Market to grow at 10.5% till 2026.
The recent report by leading market research firm Stratview Research on the Automotive Plastics Market provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
According to the report, the Automotive Plastics market is driven by factors such as growing demand for lightweight property that significantly helps in the weight-reduction of vehicles and enables them to achieve better fuel efficiency. In addition, different countries are introducing stringent emission norms, which fuel the growth.
Some of the key players in this space include Magna International, Lear Corporation, Adient, BASF SE and Compagnie Plastic Omnium.
The report estimates the intensity of drivers and constraints and provides the users with several graphical illustrations of the critical insights.
Market Segmentation:
The automotive plastic market is segmented based on the data needs of multiple stakeholders across the industry value chain. In terms of products, the study has considered Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polyamide, HDPE, Polycarbonate, PBT, and others. Interior, Exterior, and Under Bonnet are included in the application. The regional focus comprises North America, Europe, Asia-Pacific, and the rest of the world.
Based on the product type, the polypropylene segment held the largest share of the market in 2019 and is expected to remain dominant during the forecast period, owing to its excellent mechanical properties such as design flexibility, lightweight, and low cost. On the other hand, the polyamide segment is expected to grow fastest in the next five years, the report said.
Based on the application type, the interior segment is estimated to be the market's largest segment due to its ability to possess scratch resistance and offer aesthetics and a good surface finish. In addition, its use in various interior components, such as door panels & consoles, interior lighting, and instrument panels, is driving the segment's growth during the forecast period.
In terms of regions,Asia-Pacific is estimated to be the largest and fastest-growing automotive plastics market for passenger cars during the forecast period, with China, Thailand, and India being the major countries as the growth engines. The market is driven by the increasing per-capita income of individuals in the region, leading to a rise in demand for passenger cars, which is driving the automotive plastics market for passenger cars in the Asia-Pacific region.
COVID-19
Stratview Research noted that COVID-19 had put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the market's supply chain, production, and demand. The report has incorporated both direct and indirect impacts of the pandemic.
Courtesy: Stratview Research. NB: Photo is representational; courtesy: BASF.