A recent report published by Infinium Global Research on automotive plastics market provides in-depth analysis of segments and sub-segments in the global as well as regional automotive plastics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive plastics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global automotive plastics market. According to the report, the global automotive plastics market is projected to grow at a CAGR of 7.1% over the forecast period of 2019-2025.
The automotive plastics are engineered polymers used in the automotive sector. These plastics are used as a substitute for steel, glass, and metals in the automotive sector. These are used for interior and exterior purpose in the automobile sector. It is used as a bumper, headlight, doors, safety and window, trunk lid, wheel covers and so on. Owing to the excellent mechanical properties and good look, these plastics are getting increasing acceptance in the automotive sector. These plastics are lightweight material and helps to reduce the overall weight of the automobile to make it fuel efficient.
The continuous innovation in the automotive plastic to cater the growing need of automotive industry as scratch resistance, impact resistance, easy moldability is helping to grow the demand for different types of automotive plastics products around the globe. Additionally, the increasing focus of the governments to reduce the carbon emission through vehicles is catalyzing the demand for automotive plastics. However, the availability of the other substitute as glass, steel is retarding the growth of the automotive plastics market. The growing demand for low price, fuel efficient and environmentally friendly automobile products from developing countries are expected to grow the demand for automotive plastic in the near future.
The Asia-Pacific is the largest market of the automotive plastic products, owing to the growing demand of the low price, fuel efficient and durable automobile is helping to grow the demand of the automotive plastics in this region. Additionally, Asia-Pacific is expected to lead the market at the highest CAGR during the forecasted period. China and India are expected to lead the Asia-Pacific market, owing to the growing disposable income of the middle-class consumer are motivating them to purchase modern automobile products. Furthermore, governments invitation to the major MNC automobile companies to set up their manufacturing facilities in this region is boosting the demand for automotive plastic in this region. North America is the second largest market after Asia-Pacific for automotive plastic products, owing to the extensive presence of the automobile manufacturing companies. The U.S is the leading market of the automotive plastic products in the North America region, owing to the high purchase rate of automobile per person in this region.
The report on global automotive plastics market covers segments such as product and application. On the basis of product, the sub-markets include polypropylene, acrylonitrile butadiene styrene, polyurethane, polyethylene, polyamide, polyvinyl chloride, poly(methyl methacrylate), and polycarbonate. On the basis of application, the sub-markets include powertrain, interior/exterior furnishings, and electrical components.
The report provides profiles of the companies in the market such as Borealis AG., DowDuPont, Inc., SABIC, Momentive, Magna International Inc., Johnson Controls, Inc., Evonik Industries AG, Covestro AG, and BASF SE.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive plastics market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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