Global Engineering Plastic Compounds Market to Reach

London, Nov. 14, 2022 (GLOBE NEWSWIRE) — Up from the valuation of US$48.7 Bn attained in 2018, global automotive plastics market is likely to reach the revenue of around US$68.6 Bn toward the end of 2026. A new Fairfield Market Research study expects an impressive growth trajectory for the market during 2022 – 2026. Increasing rate of vehicle electrification, climbing electric vehicle sales, and ascending demand for lightweight automotive materials collectively uphold the growth of automotive plastics market. In addition to soaring demand for fuel efficiency, and high performance, demand for automotive plastics is likely to receive an impetus from the rising concerns around built, performance, functionality, and safety. Increasing stringency of emission regulation is expected to remain a major influencing factor for automotive plastics market growth in the long run.

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Key Research Insights

  • Global automotive plastics market revenue awaits nearly 7.7% growth during 2022 – 2026
  • While automotive plastics have been consumed for both interior and exterior applications, the former remains prominent and registered around 40% market share in 2020
  • Polypropylene (PP) is poised to retain the most sought-after position and is slated for an attractive 7.8% CAGR through 2026 end

Insights into Segmental Analysis

Increasing demand for automotive plastics for upholstery, interior trims, exterior parts, under the hood components, dashboard, fuel system, instrumental panels, bumper, as well as lighting will continue to drive the market forward. Interior applications registered their lead in 2020 with over 40% volume share and the trend will prevail through the end of forecast year. Collectively, the interior and exterior applications are likely to account for a market share of 70% in 2026, estimates the report. On the other hand, the report also indicates fastest growth projections for under the hood applications as under the hood conditions have been recently turning out highly challenging, in turn raising demand for high-temperature plastics like polyamides, polycarbonates, and ABS. Based on type, polypropylene (PP) emerged as a clear leader in 2020 and will remain a highly sought-after category likely to account for the revenue worth around US$13.5 Bn by 2026 end. The segment currently accounts for a third of total market valuation. The report expects polycarbonate to gain significantly in the light of the advent of autonomous vehicles. Application of polycarbonate will especially be prominent for electrification, and lighting.

Key Report Highlights

  • Cost-competitive manufacturing, and greater design flexibility continue to elevate adoption potential of automotive plastics. Moreover, the desirable noise, vibration, and harshness (NVH) profile will further push adoption across industry
  • With a favourable policy framework, rising vehicle parc, and an expanding affluent consumer base, India along with southeast Asia will represent high growth market
  • With more consumers preferring lightweight, fuel-efficient vehicles, under the hood will emerge as a lucrative area of application at the fastest rate

Insights into Regional Analysis

Asia Pacific, housing the world’s largest auto manufacturing industry, is projected to retain the top spot in global automotive plastics market as well. The region recorded a market revenue share of around 50% in 2020, and the key markets like China, Japan, South Korea, India, and Southeast Asian economies spearheaded the region. The report marks the fact that the overall consumption of automotive plastics per vehicle across Asia Pacific is much lesser than that across North America, and Europe. However, the same is expected to rise high in line with the proliferating production of premium vehicles across Asian markets. The market here will also benefit largely from the rising vehicle ownership rate, and points of encouragement like production-linked incentives (PLIs). On the other hand, an unprecedented rate of vehicle electrification, and soaring adoption of turbocharged engines is likely to uphold the automotive plastics market in both Europe, and North America. The role of governments, and the sustained electric vehicle sales across these regions will continue to favour market growth here, says the report. In addition, rigorous government-imposed policies, and substantial monetary support to auto industry will play a crucial part.

Leading Companies in Global Automotive Plastics Market

SABIC (Saudi Arabia), Borealis AG (Austria), BASF SE (Germany), Evonik Industries AG (Germany), Solvay (Belgium), LG Chem (South Korea), LyondellBasell Industries Holdings BV (Netherlands), DuPont (US), Arkema SA (France), and Covestro AG (Germany) are some of the prominent players steering the competition landscape of global automotive plastics market.

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REPORT SCOPE

Report Attributes Details
Base Year 2021  
Forecast Year 2022 – 2026
Market Size in 2018 US$48.7 Bn
Estimated Market Size in 2026 US$68.6 Bn
CAGR 7.7%  
Key Players SABIC, Borealis AG, BASF SE, Evonik Industries AG, Solvay, LG Chem, LyondellBasell Industries Holdings BV, DuPont, Arkema SA, Covestro AG

Market Segmentation

Product Coverage

  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyamide (PA)
  • Polyvinylchloride (PVC)
  • High Density Polyethylene (HDPE)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polycarbonate (PC)
  • Misc. (Including PBT, PMMA, PET, LDPE, etc.)

Application Coverage

  • Interior
  • Exterior
  • Electronics and Light
  • Under the Hood
  • Misc. (Chassis, Powertrain Components, etc.)

Geographical Coverage

  • North America
  • Europe
  • Latin America
  • Middle East & Africa

Leading Companies

  • LyondellBasell Industries N.V.
  • BASF SE
  • SABIC
  • Covestro AG
  • Borealis AG
  • LG Chem
  • LANXESS AG
  • Celanese Corporation
  • INEOS
  • Asahi Kasei Corporation
  • Koninklijke DSM N.V.

Report Inclusions

  • Market Estimates and Forecast
  • Market Dynamics
  • Industry Trends
  • Competition Landscape
  • Product-wise Analysis
  • Application-wise Analysis
  • Region-wise Analysis
  • Country-wise Analysis
  • Key Trends Analysis
  • COVID-19 Impact Analysis

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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