Automotive Plastics Market: Overview
The Global Automotive Plastics Market is anticipated to grow at 10.45% CAGR during the forecast period 2018 to 2023. Use of greenhouse gas reduction technologies and demand for lightweight material will be the key factors determining the growth potential of the automotive plastics market, suggest analysts. The market report suggests that high costs associated with the use of automotive plastics as well as low demand in new vehicle designs will affect the market growth. During the forecast period 2018 to 2023the market for automotive plastics will reach USD 43,562.89 million by 2023. The growth in the automotive plastics market to remain positive across all the type and applications segments, however, segments like polypropylene have experienced increased growth during the forecast period 2018 to 2023.
Escalating requirements for plastic materials and rising focus on bringing down the vehicles’ weight are said to be the key market growth factors. Although, during the forecast period 2018 to 2023, the factors like use of steel for facilitating reduction in vehicle’s weight and availability of substitutes could hamper the market growth. The global market report also covers type and applications segments and in-depth analysis of Europe, Asia-Pacific, North America, and the Middle East and Africa regions.
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Market Segmentation
The global automotive plastics market is segmented based on type and applications. The market is further segmented based on type into acrylonitrile-butadiene-styrene (ABS), polyamide, polycarbonate, polymethyl methacrylate, polypropylene, polyurethane, PVC, and others. The market is also segmented into drivetrain, electronics, exterior, instruments panel, interior, powertrain, under the hood, and others on the basis of applications.
Lack of demand in new vehicle designs applications may hinder the market growth. The market research report suggests that companies in the market could be supported by the growing demand for lightweight material as well as fuel cell systems within vehicles during the forecast period. The automotive plastics market is set to register growth at a high CAGR owing to these key factors. The type and applications segments along with regional markets have been analyzed in the global automotive plastics market research report. The research analysts studying the market have put out market forecasts in the market research report in order to support market-based companies. The market research report provides an extensive understanding of the market based on the information and forecasts till 2023.
Regional Overview
The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional markets will dominate the global market for automotive plastics during the forecast period 2018 to 2023. As per market analysts, the market is set to witness tremendous growth across polypropylene segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the market research report.
Growth factors such as demand for automotive weight reduction as well as demand for lightweight material are set to drive the market growth across the European regional market for automotive plastics. This region covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering automotive plastics markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape
The demand for automotive plastics has increased significantly over the years, due to the rising need for plastic materials and use of fuel cell systems within vehicles. Companies functioning in the global market are also being challenged due to major players facing huge revenue losses and strict emission and environmental regulations. Mergers and acquisitions by automotive plastics market companies are anticipated to help the market during the forecast period 2018 to 2023. As the market is set to register a high CAGR of 10.45% and is also anticipated to reach a USD 43,562.89 million by 2023, the report highlights key areas companies need to focus on. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the market report.
Lightweight materials are in higher demand as a result of the need to reduce emissions, as per the market research report, this will support the growth. The global market might face slow growth due to automakers opting for steel. The report suggests that the market will see a healthy growth in the long run till 2023. The automotive plastics market research report offers detailed analysis of major organizations across the global market. The global market research report offers analysis based on data collected from the market’s decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the global market.
Industry News
The European automotive plastics company Minda KTSN Plastic Solutions GmbH CO will be acquired by Germany's Eissmann Group (KTSN). Almost a few corporations from all over the world have taken part in KTSN, headquartered in Pirna, Germany, and yet its clients have proven themselves to be involved in the strategic incorporation of KTSN into the Eissmann Group. Injector moulding and mechatronic techniques KTSN is a well-known automotive provider. Its offerings include injection moulding glove boxes, seat back plates, cup holder, and other automotive plastic materials.
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