Global Automotive Plastics Market | Inkwood Research

GLOBAL AUTOMOTIVE PLASTICS MARKET FORECAST 2019-2027

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GLOBAL AUTOMOTIVE PLASTICS MARKET FORECAST 2018-2026

MARKET OVERVIEW • Plastics find vast applications within the automotive sector because of their ease of manufacture, possible sourcing from renewable raw materials and relative ease of improved design that turn them into the primary materials for various automotive parts and applications.

• They reduce vehicular weight alongside improving aesthetics, reducing the noise, vibrations, and cabin insulation.

• The high cost of raw material necessary to manufacture automotive plastics and massive investments required are expected to pose challenges for the global industry.

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KEY FINDINGS

• Various grades of plastics are categorized based on their usage, composition, resistance; rigidity, cost, and weight.

• Their utilities in screw-on attachments in the furnishings to the more cost-intensive body parts in automobiles, everyday utilities, etc.; these materials have made huge headways into various industries, and one of the most profited end users for plastics has been the automotive industry.

• On top of that, the growing demand for light-weight, fuel efficient and high-performance vehicles from the consumer's end are expected to inculcate massive investments and raise the manufacturing rate for automotive plastics.

• The global automotive plastics market is anticipated to raise its growth during the forecasting years of 20192027 with quantified and approximated 9.78% CAGR.

INTRODUCTION Global Automotive Plastics market by Product, by Application & by geography.

• The global market is expected to grasp a share valued $ 64,164 million by the end of 2027.

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NORTH AMERICA AUTOMOTIVE PLASTICS MARKET • The North American automotive plastic market is developing at a CAGR of 9.18% during the forecasting years of 2019-2027. The United States and Canada are considered for the market study.

• Plastics are known to help reduce the total weight of the vehicles which in turn helps in the reduction of fuel consumption and carbon dioxide emissions.

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EUROPE AUTOMOTIVE PLASTICS MARKET • The European market for automotive plastics is expected to progress at a CAGR of 9.42% during the forecasting years of 2019-2027. • The rise in the demand for lightweight vehicles across the automotive industry is expected to inject growth to the automotive plastics market over the forecast period in the region.

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ASIA PACIFIC AUTOMOTIVE PLASTICS MARKET • The Asia Pacific automotive plastics market is expected to propel at 10.15% CAGR during the forecasting years of 2019-2027.

• The regional market of APAC had captured xx% of estimated market share in 2018 and is expected to capture xx% by the end of 2027.

• The efficient government regulation on fuel efficiency & vehicle weight, growing vehicle production coupled with the various expansion activities performed by automotive manufacturers in the Asia Pacific region are necessarily driving the regional market.

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COMPETITIVE INSIGHTS The companies and incorporations operating in the global market for automobile plastics employ organic and inorganic strategies for their growth.

Some of these companies are Sabic, Teijin Ltd., Covestro AG, Chi Mei Corporation, Dow Chemical Company, KRD Sicherheitstechnik GmbH, Owens Corning Corporation, Evonik Industries, Renias Co., Ltd., Johnson Controls, Magna International, Sumitomo Chemical Co. Ltd., Idemitsu Kosan Co., Ltd., Royal DSM, BASF SE, Webasto SE, Lear Corporation, Mitsubishi Chemical Corporation, Engel Austria GmbH, Trinseo S.A. and AkzoNobel CV.

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