Prismane Consulting Estimates the Global Automotive Plastics Market Size is projected to grow from USD 23.2 billion in 2023 to USD 32.7 billion by 2032, registering a CAGR of 8.4%
PUNE, India, May 30, 2024 /PRNewswire/ -- Prismane Consulting is thrilled to announce the release of the most recent edition of its report, titled "Global Automotive Plastics Market 2023" This in-depth market analysis delves into the landscape of Automotive Plastics, exploring its supply-demand dynamics and consumption patterns.
The report provides a comprehensive overview of the worldwide Automotive Plastics market, with a specific focus on key countries and their respective demand across various types and applications. Within the report, you will find coverage of Automotive Plastic types such as Polypropylene (PP), Polyurethane (PUR), Polyvinyl Chloride (PVC), Polyamides (PA), Acrylonitrile Butadiene Styrene (ABS), Polystyrene (PS), Polyethylene (PE), Acrylonitrile Styrene Acrylate (ASA) - Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), Polyacetal/Polyoxymethylene (POM), Polycarbonate (PC), Polymethyl Methacrylate (PMMA) and Others.
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Automotive plastics applications include Interior Components, Exterior Components and Under the Bonnet Components applications. Additionally, the report offers market data for Automotive Plastics, both in terms of volume and value, segmented by application at both the country and regional levels.
This study offers an all-encompassing analysis that encompasses various critical factors. These factors include macroeconomic influencers such as population, GDP, and global economic integration, along with economic and energy forecasts. Furthermore, the report covers industry and policy advancements, insights into end-use sectors and application markets, detailed reasoning and assessment, informative commentary, comparative analysis, the latest trends, market dynamics, strategic considerations and recommendations, and an assessment of business opportunities.
The "Automotive Plastics Market" report is now available on Prismane Consulting's official website
Plastics play an important role in the production of automotive components and parts, owing to their ease of manufacturing, utilization of renewable raw materials, and enhanced design capabilities. Automotive plastics contribute significantly to the performance and safety features of various vehicles, including commercial vehicles, modern cars, heavy-duty vehicles, and sports utility vehicles. Applications range from car bumpers to gas cans and interior flooring.
Automotive plastics fulfil functional requirements, and also serve as a cost-effective alternative to expensive materials with comparable strength and durability, thereby contributing to overall production cost reduction.
Automotive Plastics Supply Overview
Celanese Corporation, Covestro, DuPont, Solvay SA, LANXESS, Evonik, SABIC, LG Chemical and BASF are the global automotive plastics manufacturers.
- In September 2022, LG Chem has opened a technology centre in Frankfurt, Germany to support the group's European partners providing technical support for various products, such as automotive materials and eco-friendly recycled plastics.
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Automotive Plastics Demand Overview
The Polypropylene (PP) segment currently holds the largest market share in the Automotive Plastics market due to its favorable properties, including easy moldability, excellent chemical and heat resistance, and impact resistance. In terms of applications, the Interior segment is the dominant player, providing high durability, vibrant colors, and aesthetic appeal to automobiles. Plastics play a crucial role in enhancing impact resistance and dimensional stability in interior applications.
The increasing demand for Electric & Hybrid Vehicles is a significant driver for the growth of the Automotive Plastics market. The automotive industry's focus on innovation and the transition from conventional to smart vehicles is driving the adoption of advanced plastics. Key industry trends include the pursuit of smarter and safer performance, as well as achieving maximum efficiency in transportation. Automotive Plastics are resistant to heat and can be used in battery compartments to keep them cool while also reducing their weight overall. This will help in increasing the lifespan of the battery without reducing safety of the automotive.
- In May 2023, BMW Motors announced that they are planning to manufacture a new class of electric vehicles in China.
- Volkswagen has announced that the company plans on using Huawei software in its cars in China, which will help the company in aiming to be the largest electric-vehicle market.
Recent Development in Automotive Plastics Market
- In March 2023, LyondellBasell and Audi announced their collaboration to create automotive plastic parts from mixed automotive plastic waste. Audi is investing in plastic seatbelt buckle covers in the Q8 e-tron using LyondellBasell's plastic that supports the sourcing of feedstocks from mixed automotive plastic waste.
- In March 2023, Eastman announced that the company has successfully completed the recycling project for automotive mixed plastic waste.
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Key Questions Addressed in the Global Automotive Plastics Market Study:
- What is the current size of the Automotive Plastics Market?
- How is the Automotive Plastics market evolving?
- What is the projected Automotive Plastics Market size in 2032, and at what rate will it grow?
- What drivers, challenges, and restraints are impacting growth of Automotive Plastics Market?
- What are the future opportunities for Automotive Plastics Market?
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Related Reports:
Global Polyethylene Terephthalate (PET) Market Demand & Forecast Analysis, 2024-2032
About Prismane Consulting:
Prismane Consulting is a unique global research & consulting firm serving businesses in the field of Chemicals, Energy and Environment offering in-depth technical & strategy reports and consulting services. Our Strategy and Market study reports cover information on complete value chains, supply- demand analysis, trade, supplier profiles, target markets, business opportunity assessments, new technologies and emerging trends. These studies analyse historical trends and future prospects like major areas of growth, investments, profitability, and other emerging opportunities for companies. Special features in the strategy reports include variation in product pricing resulting from change in feedstock, raw material, input, and other associated costs. Our methods of research and analysis can be made to tailor fit any research or consulting requirements to improve performance & services.
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Tejas Shah
Prismane Consulting Private Limited
tejas.shah@prismaneconsulting.com
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