Automotive Plastics Market for Passenger Cars by Product Type, Application, Vehicle Type and Geography - Global Forecast to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 25, 2021--
The “Global Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global automotive plastics market for passenger cars is estimated at USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period of 2021 to 2026.
Increasing disposable income, changing lifestyles, and growing population in emerging economies are some of the growth drivers for the automotive plastics market for passenger cars.
The under-bonnet application segment is projected to grow at the highest CAGR during the forecast period
Based on application, the under-bonnet application is the fastest-growing segment of the automotive plastics market for passenger cars. With the increasing demand for passenger cars, the demand for plastic powertrain components such as housing and electric motor casing is likely to increase.
Also, other factors responsible for the market growth include battery thermal management systems that require high-quality polymer casing and the deployment of lightweight components for electric motor. New plastic innovations in the electric powertrain such as adoption of polymer in the cooling concept of electric motor housing material are likely to result in the growth of advanced plastics used for under bonnet components.
The PU product type segment is the largest market in 2020
PU is the largest product type segment in the automotive plastics market for passenger cars. PU is a strong and light material that helps designers and manufacturers design seating and other components that can be assembled, disassembled, and recycled.
They are available in a wide range of stiffness, hardness, and densities, and are used in seats, steering wheels, automotive suspension bushings, carpet backing, seat overlays, head & armrests, airbag covers, acoustic insulations and insulation panels. Polyurethane is the most durable and can be recycled, thereby finding plenty of applications in automotive plastics for passenger cars.
Polyurethanes help in improving the quality, safety, and cost-effectiveness of modern cars. The developing economies of APAC, such as China and India, are driving the demand for polyurethanes owing to the increase in car production in these countries.
Asia Pacific is projected to grow the highest CAGR in the automotive plastics market for passenger cars during the forecast period
Asia Pacific is the largest and fastest-growing market in the automotive plastics market for passenger cars. It is the largest market because of the increased use of plastics in the vehicles produced in China, Japan and India.
The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, Maruti Suzuki and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries.
In terms of geography, Asia has the highest sales of automotive, making it the largest market for plastic for passenger cars. Such factors are expected to fuel the growth of the automotive plastics market for passenger cars in the region.
- Adoption of lightweight materials due to stringent emission and fuel economy regulations
- Introduction of new safety features and luxury components
- OEMs’ inclination towards thermally stable plastics
- Covid-19 slowing down sales of passenger cars
- Use of bioplastics in vehicle production
- Use of anti-microbial plastics/additives in vehicle car production
- Use of composites and PMMA in vehicle car production
- Growing trend of vehicle electrification
- Shifting demands of OEMs for advanced materials to adhere to carbon emission targets
- High cost of capital and infrastructure for re-engineering of plastics
- AG Industries Pvt. Ltd.
- AGC Chemicals Americas Inc.
- APPL Industries Ltd.
- Arkema SA
- BASF SE
- Borealis AG
- Celanese Corporation
- Chevron Phillips Chemicals
- Covestro AG
- EMS Chemi Holdings
- Evonik Industries AG
- Faurecia SA
- Formosa Plastics Corporation
- Hanwha Chemical
- Kraiburg Holding GmbH & Co. Kg
- LG Chem
- Lyondellbasell Industries Holdings BV
- Mitsubishi Engineering Plastics Corporation
- Mitsui Chemicals
- Momentive Performance Materials
- PTT Global Chemical
- Royal DSM
- Saint-Gobain Group
- Sumito Chemicals Company Ltd.
- Toray Industries Inc.
- Toyoda Gosei Co., Ltd.
- Toyota Boshoku Corporation
- UBE Industries
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PUB: 06/25/2021 12:16 PM/DISC: 06/25/2021 12:17 PM