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Automotive Plastics Market to Hit $53.85 Billion by 2027; Increasing Demand for Electric Vehicles to Stimulate Growth

December 01, 2020 | Chemicals & Materials

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/automotive-plastics-market-102023


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.


Industry Development:



  • October 2020 – Mitsubishi Engineering-Plastics, a global leader in high performing polyacetal materials, introduced its new low-residue and low-odor lupital 05 polyacetal series. According to the company, the series aids in the formation of formaldehyde and maintains excellent electrical, thermal, and chemical properties for automotive.


List of the Companies Profiled in the Global Market:



  • Arkema SA (France)

  • BASF SE (Germany)

  • Borealis AG (Austria)

  • DuPont (U.S.)

  • DSM Engineering (The Netherlands)

  • Evonik Industries AG (Germany)

  • ExxonMobil Corporation (U.S.)

  • LANXESS (Germany)

  • LG Chem (South Korea)

  • LyondellBasell (The Netherlands)

  • SABIC (Saudi Arabia)

  • Covestro AG (Germany)

  • Arkal Automotive (U.S.)

  • Other Players


Further Report Findings:



  • North America stood at USD 5.93 billion in 2019 and is expected to hold the highest position in the global automotive plastics market during the forecast period. This is attributable to the growing demand for lightweight vehicles that is increasing the adoption of advanced polymers in the region.

  • The market in Asia-Pacific is expected to gain momentum owing to the presence of established manufacturers that propels the demand for advanced automotive plastics in the region between 2020 and 2027.

  • The exterior segment, based on application, is expected to showcase a considerable growth in the forthcoming years. This is ascribable to factors such as the increasing demand for automotive plastics for the exterior component of the vehicle to prevent corrosion and deformation. The segment held a market share of about 28.1% in 2019.


Table of Segmentation:










































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion); Volume (Million Tons)



By Type




  • Polypropylene (PP)

  • Polyurethane (PU)

  • Polyamide (PA)

  • Polyvinyl Chloride (PVC)

  • Acrylonitrile Butadiene Styrene (ABS)

  • Polycarbonate (PC)

  • Polyethylene (PE)

  • Others



By Application




  • Interior

  • Exterior

  • Under Bonnet



By Geography




  • North America (By Type, Application)




    • The US

    • Canada

    • Mexico




  • Europe (By Type, Application)




    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • Russia

    • Rest of Europe




  • Asia Pacific (By Type, Application)




    • China

    • Japan

    • India

    • South Korea

    • Malaysia

    • Thailand

    • Rest of Asia Pacific




  • South America (By Type, Application)




    • Brazil

    • Argentina

    • Rest of South America




  • The Middle East & Africa (By Type, Application)




    • Africa

    • Egypt




  • Rest of the Middle East & Africa


Automotive Plastics Market
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  • 2016-2018
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