DUBAI, United Arab Emirates, Sept. 01, 2022 (GLOBE NEWSWIRE) — According to the study at Future Market Insights (FMI), the global automotive plastic market is expected to secure US$ 28.5 Million in 2022 and reach US$ 45 Billion by 2032. During the forecast period from 2022-2032, the market is likely to display a CAGR of 4.7%. The growth of the market can be attributed to the manufacturers’ increasing focus on reducing vehicle weight.
Players in the industry are taking various initiatives to strengthen their position in the market during the assessment period. For instance, in 2021, Covestro AG rolled out a new product, recycled Polyethylene Terephthalate (rPET). The recycled PET has been optimized for 3D pellet printing. This technology is also called fused granulate fabrication (FGF). It allows for speedy and economically viable additive manufacturing of large-size parts.
Governments across the globe are focusing to curb emissions and introduce fuel economy regulations for vehicles. Implementations of such regulations have forced automotive OEMs to boost the application of lightweight materials like plastics. Advanced plastics aid in ensuring the fuel economy of a vehicle while assuring safety and performance.
Request Sample @ https://www.futuremarketinsights.com/reports/sample/rep-br-81
For instance, the U.S is regulated by the National Highway Traffic Safety Administration (NHTSA) and EPA. As per the regulations, the rule establishes standards that would demand an industry-wide fleet average of approximately 49 mpg for passenger cars and light trucks in the model year 2026, by increasing fuel efficiency by 8% annually for model years 2024 and 2025 and 10% annually for the model year 2026.
On the contrary, safety issues associated with the consumption of plastic are expected to hamper the automotive plastic market during the forecast period. Ban on plastic application is projected to limit the industry for automotive polymers as they create disposable issues that harm the environment. Such factors are expected to hinder the market in the forecast period.
Key Takeaways from the Study:
· The global automotive plastic market is expected to secure US$ 28.5 Billion by 2022
· The global automotive plastic market is anticipated to display a CAGR of 4.67% by 2032
· The global automotive plastic market is projected to hold a value worth US$ 45 Billion by 2032
· China is expected to have claimed 69% of the global automotive plastic market revenue
· The Interior Furnishing segment is likely to have claimed about 30% of the global automotive plastic market revenue in 2021
“Increasing demand for EVs and growing implementation of stringent rules to curb carbon emission are expected to benefit the market significantly during the forecast period,” says an FMI analyst.
Ask an Analyst @ https://www.futuremarketinsights.com/ask-the-analyst/rep-br-81
Competition Analysis
Key players in the global automotive plastic market include LyondellBasell Industries Holdings B.V, Evonik Industries, BASF SE, Arkema Group, DuPont de Nemours, Inc., The Dow Chemical Company, Hexion Inc., Momentive Performance Materials, Hanwha Group, Saudi Basic Industries Corporation (SABIC), Formosa Plastics, Sumitomo Chemical Co., Ltd., Mitsui Chemicals, Inc., Zoltek, Covestro AG, and Eastman Chemical Company.
Recent Updates from the Industry Include:
· In May 2020, BASF rolled out the new styling polymer Luviset 360 which provides a flawless styling performance in six dimensions. The product is flexible, has a long-lasting hold, is strong, and has low flaking. It allows for new textures and supports anti-pollution claims.
· In June 2021, LyondellBasell and Neste inked a long-term agreement under which LyondeBAsell will source Neste RE, a feedstock from Neste that is being manufactured from 100% renewable feedstock derived from bio-based sources like residual oils and fats and waste. The feedstock will be processed through the cracker at LyondellBasell’s Wesselling, Germany, plant into polymers and sold under the brand name of CicrulenRenew
Buy Now/Purchase @ https://www.futuremarketinsights.com/checkout/81
Key Segments Profiled in the Global Automotive Plastics Market
By Material Type:
- Polypropylene (PP)
- Polyurethane (PUR)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polystyrene (PS)
- Polycarbonate (PC)
- Polyamide (PA)
- Acrylic (PMMA etc.)
- Plastics Composites
- Others
By Application:
- Interior Components
- Exterior Components & Frame
By End Use:
- Conventional Vehicles
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- Pure Electric
- Hybrid Electric
Get Report Customization @ https://www.futuremarketinsights.com/customization-available/rep-br-81
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
Click Here for Automotive Plastics Market 257 pages TOC Report
About the Chemical and Materials at Future Market Insights:
The chemicals & materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Have a Look at Related Research Reports of Chemicals & Materials:
Automotive Refinish Coatings Market Size: Automotive Refinish Coatings Market by Material Type, Product, Vehicle Type, End Use and Region for 2021 – 2031
Plastic Compounding Market Share: Plastic Compounding Market by Product, Application & Region – Forecast 2022 – 2032
Cleaning In Place Market Trends: Cleaning In Place Market by End users and Region – Forecast 2022-2032
Activated Alumina Market Analysis: Activated Alumina Market by Application, Function, Form & region – Forecast 2022 – 2032
Building Thermal Insulation Market Outlook: Building Thermal Insulation Market by Material, Building Type, Application & Region – Forecast 2022 – 2032
About Us
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact Us:
Future Market Insights, Inc.
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports