According to a new market research report published by sheer analytics and insights, “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”, as per the latest market research report titled, Global Automotive Plastics Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
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 features of plastics, such as flexibility, and versatility, have boosted the advancement of so many technologies to enhance the design of automobiles. However, polymers have around 10% weight average as compare to a car. The prime object of applying these polymers to the vehicle to decrease the weight, and thus escalating fuel efficiency and reducing carbon emissions. The rising fuel costs and straighten rules by the governments of so many countries are the prime factor for the market's growth. Apart from that, many organizations have influenced automotive makers to utilize plastics, which is the major driver for market growth. 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.
However, in this current pandemic of COVID-19, the Automotive Plastics market was affected much. It changes the growth rate graph slightly in the Automotive Plastics market. But it has been expected that after the pandemic situation, the global Automotive Plastics market will reach a high position in the graph. Apart from that, the rising of the Automotive Plastics sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Automotive Plastics Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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