With the emergence and long-term Impact of COVID-19, Global Automotive Plastics Market to reach USD 36.84 Billion by 2027
Bizwit Research & Consulting LLP’s Recent Analysis on Global Automotive Plastics Market is poised to raise up to USD 36.84 Billion by 2027. Plastics nowadays are extensively used in automotive components and parts as it is durable, easy to manufacture and leads to improved designs of automotive components. The growth in the automotive sector in last few years, the increased demand for plastic in the automotive manufacturing and technological advancements in the manufacturing of the plastics are driving the Automotive Plastics market. It also leads to the weight reduction of the automobiles as they are lighter than metallic components. Improvements in recycling processes of plastics is leading manufacturers to use high-performance automotive plastics. The growing demand for electric vehicles in developed countries too propelling the market for automotive plastics.
Geographically, the global Automotive Plastics market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America has emerged as the significant region across the world in terms of market share. In terms of sales, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the growing demand for the automotive due to increasing population. Rising disposable income and growing awareness for electric vehicles will also boost growth in this region.
The global Automotive Plastics market industry is highly competitive owing to the presence of several key manufacturers such as Akzo Nobel N.V. BASF SE Covestro AG Evonik Industries AG Adient plc (Spin-Off from Johnson Control International plc) Magna International, Inc. Momentive Performance Materials, Inc. SABIC Dow Inc. Borealis AG.
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Key findings of the study suggest:
- Global Automotive Plastics Market is anticipated to grow with a healthy growth rate of more than 4% over the forecast period 2021-2027.
- North America is anticipated to hold the leading position owing to increasing demand for automotive polymers owing to their properties such as electric insulation, corrosion inhibition, excellent heat resistance, and low density
- Asia-Pacific is anticipated to emerge as the fastest growing market region due to growing demand for the automotive due to increasing population, rising disposable income and growing awareness for electric vehicles will also boost growth in this region.
Bizwit Research & Consulting has considered following segments for the study:
By Product:
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (PA)
- Others
By Application:
- Powertrain
- Electrical components
- Interior furnishings
- Exterior furnishings
- Under-the-hood components
- Chassis
By Process:
- Injection Molding
- Blow Molding
- Thermoforming
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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