The global automotive plastics market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for materials that lower the weight of the vehicle that helps in reducing carbon emissions and fuel economy, which is expected to be a major factor driving market growth.
The global automotive plastics market report has been segmented on the basis of product, application, and region.
On the basis of product, the global automotive plastics market has been segmented into polyurethane, polypropylene, acrylonitrile-butadiene-styrene (SBS), polyvinyl chloride, polyethylene, polycarbonate, and others (poly methyl methacrylate (PMMA), polyamide (PA), high density polyethylene (HDPE), and polyethylene terephthalate (PET)). Penetration of polyurethane is expected to grow over the forecast period owing to properties of polyurethane such as hardness, abrasive strength, impact resistance, and high tensile strength.
On the basis of application, the global automotive plastics market has been segmented into powertrain, electrical components, interior furnishings, exterior furnishings, and others (chassis and hoods). Electronic components segment is expected to witness steady growth over the forecast period. High electric insulation property of plastic is expected to be a major factor driving the segment growth.
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On the basis of region, the global automotive plastics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe market is expected to grow at rapid pace owing to increasing automotive production coupled with investments in the automotive sector in the region. European countries have to meet higher emission standards owing to which automakers in the region use products that are energy efficient and help to reduce the weight of the automobile.
Key players operating in the global automotive plastics market include BASF SE, AkzoNobel N.V., Evonik Industries AG, Bayer MaterialScience AG, Momentive Performance Materials Inc., Magna International Incorporated, Johnson Controls, Saudi Basic Industries Corporation (SABIC), Borealis AG, and Hanwha Azdel Inc.