The Global Automotive Plastics Market was $31.2 Bn in 2020, and it is expected to reach $56.1 Bn by 2031. It is eventually growing at a commendable high compound of annual growth rate CAGR of 5.4% between 2021-2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. Automotive plastics are the type of material employed for making different vehicle components. Generally, these plastics are the substitute for the automobile vehicle's metals as the material can provide similar abrasion resistance, stiffness, flame retardancy, and toughness. The rising fuel costs and straighten rules by the governments of so many countries are the prime factor for the growth of the market. Moreover, the increasing preference for high-performance plastics to replace conventional metals and rubber is expected to propel the market growth during the forecast period. Now, moving forward, the robust demand for the global Automotive Plastics market in the air automobile department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Automotive Plastics Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Automotive Plastics market is segmented as Product outlook, application, and process outlook. Based on Product outlook, the global Automotive Plastics market has been divided into Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonates (PC), Polymethyl Methacrylate (PMMA), Polyamide (PA), and Others. Based on Application, the global Automotive Plastics market has been bifurcated as Power Train, Electrical Components, Interior Furnishings, Exterior Furnishings, Under-the-Hood Components, and Chassis. Based on Process outlook, the global automotive plastics market is segmented as Injection Molding, Blow Molding, Thermoforming, and Others.
By Region, Asia Pacific is Holding the Major Market Share
The Automotive Plastics Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, Europe, and Africa region. In addition to this, Asia Pacific has a significant share among those regions. Shifting production bases from developed regions to emerging economics of this region, particularly in India, China, Indonesia, Thailand, Vietnam, are expected to propel the market. The growing demand for a manufacturing base and increasing investment are the factors in the development of the market. Increasing disposal incomes, availability of various international retail, and other potential factors drive the market over the forecast period. Apart from that, Europe and the Rest of the regions are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Automotive Plastics Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include AkzoNobel N.V.; BASF SE; Covestro AG; Evonik Industries AG; Adient plc (Spin-Off from Johnson Control International plc); Magna International, Inc.; Momentive Performance Materials, Inc.; SABIC; Dow Inc.; Borealis AG; Hanwha Azdel Inc.; Grupo Antolin; Lear Corp.; Owens Corning; and Quadrant AG; among others.
The Global Automotive Plastics Market Has Been Segmented into:
Global Automotive Plastics Market: By Product Outlook
Global Automotive Plastics Market: By Application
Global Automotive Plastics Market: By Process Outlook
Global Automotive Plastics Market: By Region