Automotive Plastics Market Share and Growth-2021
Automotive Plastics Market overview:
The automotiveplastics marketis predicted to grow from $ 28.8 billion in 2020 to $ 47.6 billion in 2025, ata compound annual expansion rate (CAGR) of 10.5% over the foreseen period. Morethan seven decades have passed since plastics were first introduced to theautomotive industry. The emergence of thermoplastics, polyamides,polycarbonates and polyacetals has facilitated several revolutionarytransformations in the sector. Furthermore, the introduction of alloys andother innovative polymer blends enables automakers to develop future-proof cardesigns. The rapid expansion of the auto industry into emerging markets hasrevealed new avenues of expansion for market players.
Impact of Covid 19 on the AutomotivePlastics Market:
Covid-19 is affecting the European plastics industry in variousways. More than three-quarters of plastics companies reported lower sales thisspring compared to April 2019, with about half facing a sales decline of atleast 20%. While public backlash against plastics has been a concern for mostof the plastics industry in recent years, most European companies have saidthat the pandemic is having a positive impact on the public image of plastics.Among plastics companies reporting lower sales compared to April 2019, smallercompanies appear to be hit the hardest, with nearly 60% saying their sales aredown at least 20%, compared to around 45 % of medium to large size companies.
Market drivers and restraints:
The growing preference forhigh-performance plastics to replace conventional metals and rubber ispredicted to drive market expansion. However, the quality of plastics largelydepends on their properties, functions, and applications. Simplified massproduction has made it possible to provide technologically sound andcost-effective products with high durability. The polyurethane product segmentis predicted to see significant expansion due to its ability to infuse thecharacteristics of plastics and rubber with a lower weight than metal and otherplastics. The growing call for automotive products for use in coolinginsulation, interior trim and seat upholstery has greatly influenced theexpansion of the segment in recent years. This is predicted to continuethroughout the foreseen period. Automotive plastics call in Asia Pacific ispredicted to experience the fastest CAGR during the foreseen period. Theexpansion of the auto industry, along with population expansion and risingdisposable income for middle-class families in the region's emerging economies,is likely to be the main determining factor in the coming years. Additionally,strong government support and initiatives and increased government investmentare also fueling the expansion of the automotive industry in the region, whichin turn is predicted to fuel call for products in Asia Pacific.
Click on the link below for Table ofContent:
https://www.marketdataforecast.com/market-reports/automotive-plastics-market/table-of-contents
Report segmented as:
By type:
· Polypropylene
· Polyurethane
· Polyvinyl chloride
· ABS
· Polyamide
· HDPE
· Polycarbonate
· PBT
By application:
· Interior
· Exterior
· Under bonnet
Geographical analysis:
The Asia-Pacific region is predicted to dominate the marketfor automotive plastics for passenger cars during the foreseen period, due toescalating call from emerging economies such as China, India and Thailand.Furthermore, the presence of large car manufacturing companies and OEMs ispredicted to further contribute to the expansion of the automotive plasticsmarket for passenger cars in the region. Across regions, the Asia Pacificautomotive plastics market for passenger cars is predicted to grow at thehighest CAGR between 2020 and 2025, in value terms. North America is predictedto post gains of more than 8.8% on schedule. The escalating prevalence ofstrict government regulations to reduce automotive emissions has led to agrowing preference for plastics over conventional metals, which is predicted todrive the automotive plastics market. Rising iron and steel prices and thesignificant potential of automotive plastics to reduce the weight of vehicles,thereby reducing fuel consumption, are predicted to stimulate call forproducts. Escalating technological innovation in the automotive industry andgrowing call for light electric vehicles are predicted to further acceleratemarket expansion.
View a sample and decide:
https://www.marketdataforecast.com/market-reports/automotive-plastics-market/request-sample
The Scope of the report:
This report offers the current productand services market evaluation and the future estimation of the market. Ithelps us understand the market better through size anticipation and CAGRcalculation to estimate the next market. It has a broader segmentation forbetter understanding of the enterprising of the market at a low level bysegregating the market into smaller sectors.
Apart from the syndicated report, ourin-house team has expertise and experience in designing custom reports to meetyour specific research needs and assist you in making well-informed decisions.
About Us:
Market Data Forecast is a firm workingin the areas of market research, business intelligence and consulting. We haverich experience in research and consulting for various business domains tocater to the needs of both individual and corporate clients.
Contact Us:
Market Data Forecast
Phone: +1-888-702-9626
Email: contact@marketdataforecast.com
