SAN FRANCISCO, March 16, 2020 /PRNewswire/ -- The global automotive plastics market size is expected to reach USD 83.9 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a revenue-based CAGR of 11.1% over the forecast period.
Rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel market growth. Superior properties, such as versatility and flexibility, of plastic materials have fostered innovations, in terms of technologies and designs. However, the quality of plastics is highly dependent on their properties, functions, and applications. Streamlined mass production has enabled provision of technologically sound and cost-efficient products with high sustainability.
Key suggestions from the report:
PVC is expected to be the fastest growing product segment of the automotive plastics market over the forecast period
The interior furnishing application segment dominated the market during the forecast period from 2020 to 2027
Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. For instance, in May 2019, Covestro AG announced its plan to expand the production capacity of polycarbonate films at its Dormagen site in Germany. The site, which is expected to come on-stream by the end of 2020, will manufacture PC films for applications such as automotive interiors, security cards, medical devices, and automotive displays.
Asia Pacific was estimated as the largest market in 2019, owing to the increasing demand for vehicle branding coupled with rising number of heavy-duty vehicle sales in the region
This technology has addressed several research challenges with respect to biological intricacies in stem cell biology, tumor biology, immunology, and other therapeutic areas. This leads to improved therapeutic decision-making with regards to precision medicine, thereby driving the adoption of these assays in personalized therapeutic development.
The growth in research publications depicts the increasing R&D investments. Since R&D activities are considered as the foundation of innovation, investments in R&D activities signify a healthy growth prospect for the single cell analysis market. Moreover, the establishment of new single cell genomics centers in the past years is anticipated to boost the uptake of instruments and consumables for single cell analysis, thus driving the growth.
Grand View Research has segmented the global automotive plastics market on the basis of product, application, and region:
Stand-up Pouches Market– Rising demand for packaged goods and growing preference for stand-up pouches by consumers owing to several factors, such as convenience, aesthetic appeal, and several value-added features, is anticipated to drive the market growth.
Aluminum Foil Packaging Market– The global aluminum foil packaging market size was estimated at USD 35.08 billion in 2018 and is projected to expand at a revenue-based CAGR of 4.0% during the forecast period.
Molded Pulp Packaging Market– Rising demand for sustainable packaging products from various end-use industries, including food, food service, electronics, healthcare, industrial, and others, is estimated to drive the growth.
Gain access toGrand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.