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The global automotive plastics market size is expected to gain momentum by reaching USD 53.85 billion by 2027 backed by the increasing demand for electric vehicles that is expected to drive the adoption of advanced automotive plastics across the globe. Fortune Business Insights published this information, in its latest report, titled, “Automotive Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polypropylene, Polyurethane, Polyamide, Polyvinyl chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polyethylene, and Others), By Application (Interior, Exterior, and Under Bonnet), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 40.91 billion in 2019 and is projected to exhibit a CAGR of 5.3% between 2020 and 2027.
MBA Polymers Announces Acquisition of PPR Wipag to Expand its Product Portfolio
In April 2019, MBA Polymers, the U.K. based automotive plastics processing company, announced the acquisition of PPR Wipag to provide closed-loop solutions and further increase its production of high-quality recycled plastic products.
Paul Mayhew, General Manager of MBA Polymers, said, “We are excited at the acquisition of PPR Wipag, and our only focus is to expand our product portfolio and provide closed-loop solutions to develop high-quality recycled polymers.” Such initiatives by companies such as MBA Polymers are expected to boost the growth of the market during the forecast period.
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Increasing Demand for Electric Vehicles to Augment Growth
According to the Environmental Protection Agency (EPA), a general passenger vehicle emits around 4.6 metric tons of carbon dioxide every year. The growing concerns on the effect of greenhouse gases are propelling the demand for advanced electric vehicles. This is expected to boost the adoption of innovative automotive plastics to manufacture automobiles by the manufacturers. Additionally, stringent government regulation to limit greenhouse emissions is likely to drive the global automotive polymers market during the forecast period.
Prominent Companies Focus on Launching Innovative Polymers to Boost Sales Revenue
The global automotive polymers market comprises small, medium, and large companies that are striving to maintain their presence by introducing innovative automotive plastics. Additionally, other key players are adopting strategies such as partnership, merger and acquisition, and collaboration that will bode well for the market growth in the forthcoming years.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion); Volume (Million Tons)