The role of plastic in the design and manufacturing of automotive vehicles has never been more essential, with stringent regulations and changing consumer habits driving demand for more affordable, lightweight, and fuel-efficient vehicles.
Automotive Plastics Market grow from USD 29.1 billion in 2020 to USD 47.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period.
With the rise of electric vehicles, new technologies, and tougher fuel standards, the automotive industry is booming these days, and so is the plastics industry. With manufacturers looking to make lighter, less expensive components, while also installing new electronics and their housings, there have been numerous innovations involving plastic automotive parts and designs in 2020, and there are even more on the horizon.
Key players in the automotive market are Magna International Inc. (Canada), Lear Corporation (US), Adient plc (Ireland), BASF SE (Germany), Compagnie Plastic Omnium (France), Borealis AG (Austria), Covestro AG (Germany), Evonik Industries AG (Germany), SABIC (Saudi Arabia), and Grupo Antolin-Irausa S.A. (Spain).
Corporate Average Fuel Economy (CAFE) standards and suspend the scheduled increase from its current rate in 2020 of 37 miles per gallon to 51 miles per gallon by 2025, manufacturers still see improved fuel efficiency as a significant selling point among consumers. Light weighting with automotive plastic parts is a major factor in deploying that strategy. With plastic injection molding playing a key role in helping create today’s lightweight, fuel efficient vehicles, it’s crucial that auto manufacturers partner with an injection molded who has expertise in complex automotive parts and understands the latest industry regulations and standards. They can help implement the latest trends, while also improving part quality, optimizing the molding process, and reducing production time and costs. More than 70% of the plastic used in automobiles comes from four polymers: polypropylene, polyurethane, polyamides and PVC.
Plastic has become one of the key materials required for the structure, performance, and safety of automobiles in recent years, with growth in plastic consumption being driven by light weighting trends for fuel efficiency and consequently lower greenhouse gas emissions. The high absorption properties of plastics also allow the vehicle to meet stricter safety standards, while the use of engineering plastics allows for minimization of the mass of parts used in vehicles as they offer more design freedom compared to metals.
Market segmentation is depends upon Product Type (Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polyamide, LDPE, HDPE, Polycarbonate, PBT, PMMA), Application (Interior, Exterior, Under Bonnet) geographically (APAC, North America, Europe, MEA, and South America) The Asia Pacific region is expected to lead the automotive plastics market for passenger cars during the forecast period, owing to the increasing demand from emerging economies, such as China, India, and Thailand. Additionally, the presence of major automotive manufacturing companies and OEMs is expected to further contribute to the growth of the automotive plastics market for passenger cars in the region.
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