Automotive Plastics Market overview:
Theautomotive plastics market is predicted to grow from $ 28.8 billion in 2020 to $ 47.6 billion in 2025, at a compound annual expansion rate (CAGR) of 10.5% over the foreseen period. More than seven decades have passed since plastics were first introduced to the automotive industry. The emergence of thermoplastics, polyamides, polycarbonates and polyacetals has facilitated several revolutionary transformations in the sector. Furthermore, the introduction of alloys and other innovative polymer blends enables automakers to develop future-proof car designs. The rapid expansion of the auto industry into emerging markets has revealed new avenues of expansion for market players.
Impact of Covid 19 on the Automotive Plastics Market:
Covid-19 is affecting the European plastics industry in various ways. More than three-quarters of plastics companies reported lower sales this spring compared to April 2019, with about half facing a sales decline of at least 20%. While public backlash against plastics has been a concern for most of the plastics industry in recent years, most European companies have said that the pandemic is having a positive impact on the public image of plastics. Among plastics companies reporting lower sales compared to April 2019, smaller companies appear to be hit the hardest, with nearly 60% saying their sales are down at least 20%, compared to around 45 % of medium to large size companies.
Market drivers and restraints:
The growing preference for high-performance plastics to replace conventional metals and rubber is predicted to drive market expansion. However, the quality of plastics largely depends on their properties, functions, and applications. Simplified mass production has made it possible to provide technologically sound and cost-effective products with high durability. The polyurethane product segment is predicted to see significant expansion due to its ability to infuse the characteristics of plastics and rubber with a lower weight than metal and other plastics. The growing call for automotive products for use in cooling insulation, interior trim and seat upholstery has greatly influenced the expansion of the segment in recent years. This is predicted to continue throughout the foreseen period. Automotive plastics call in Asia Pacific is predicted to experience the fastest CAGR during the foreseen period. The expansion of the auto industry, along with population expansion and rising disposable income for middle-class families in the region's emerging economies, is likely to be the main determining factor in the coming years. Additionally, strong government support and initiatives and increased government investment are also fueling the expansion of the automotive industry in the region, which in turn is predicted to fuel call for products in Asia Pacific.
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Report segmented as:
- Polyvinyl chloride
- Under bonnet
The Asia-Pacific region is predicted to dominate the market for automotive plastics for passenger cars during the foreseen period, due to escalating call from emerging economies such as China, India and Thailand. Furthermore, the presence of large car manufacturing companies and OEMs is predicted to further contribute to the expansion of the automotive plastics market for passenger cars in the region. Across regions, the Asia Pacific automotive plastics market for passenger cars is predicted to grow at the highest CAGR between 2020 and 2025, in value terms. North America is predicted to post gains of more than 8.8% on schedule. The escalating prevalence of strict government regulations to reduce automotive emissions has led to a growing preference for plastics over conventional metals, which is predicted to drive the automotive plastics market. Rising iron and steel prices and the significant potential of automotive plastics to reduce the weight of vehicles, thereby reducing fuel consumption, are predicted to stimulate call for products. Escalating technological innovation in the automotive industry and growing call for light electric vehicles are predicted to further accelerate market expansion.
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