Automotive Plastics Market Growth 2021, Latest Trends, COVID-19 Impact, and Forecast to 2027
The global automotive plastics market size is expected to hit USD 53.85 billion by 2027. This is attributable to the rising automotive sector and the growing demand for additive manufacturing in automotive sector during the forecast period. This information is published by Fortune Business Insights, in its latest report, titled, “Automotive Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polypropylene, Polyurethane, Polyamide, Polyvinylchloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polyethylene, and Others), By Application (Interior, Exterior, and Under Bonnet), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 40.91 billion in 2019 and is likely to exhibit a CAGR of 5.3% between 2020 and 2027.
What does the Report Include?
The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Adoption of Advanced Technologies to Favor Growth
The growing demand for fuel-efficient automobiles is propelling the manufacturers to adopt advanced technologies such as additive manufacturing. The increasing adoption of 3D printing technology to develop lightweight and advanced plastic products is expected to drive the demand for advanced automotive plastics across the globe. In addition to this, high disposable income and the improved living standards of the people globally is driving the sales of automotive that will contribute to the growth of the global automotive polymers market during the forecast period.
North America to Remain Dominant; Increasing Demand for Automotive Polymers to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global automotive plastics market during the forecast period. This is attributable to the increasing demand for automotive polymers owing to their superior properties such as excellent heat resistance, low density, and corrosion inhibition in the region. North America stood at USD 5.93 billion in 2019.
The market in Asia-Pacific is expected to showcase an exponential growth backed by the increasing adoption of automotive plastics in the production of automobiles in the region between 2020 and 2027.
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