On the other hand, high cost of capital and infrastructure for re-engineering of plastics and inclination towards advanced materials to adhere to carbon emission targets among OEMs are expected to obstruct the market growth. The negative impact of COVID-19 slowing down sales of passenger cars is projected to challenge the automotive plastics market in the forecast period of 2021-2028. The automotive plastics market is expected to witness market growth at a rate of 11.2% in the forecast period of 2021 to 2028. Data Bridge Market Research report on automotive plastics market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in demand for the product for various industrial applications is escalating the growth of automotive plastics market.
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Market Analysis and Insights
The rise in trend of vehicle electrification across the globe acts as one of the major factors driving the growth of automotive plastics market. The surge in adoption of lightweight materials due to stringent emission by government and other public organizations, and continuous improvements in recycling processes accelerate the market growth. The rise in demand from consumers for high-performance, lightweight, and fuel-efficient vehicles, and OEMs’ inclination towards thermally stable plastics further influence the market. Additionally, rapid industrialization, expansion of various end use industries, research and development activities, and introduction of new safety features and luxury components positively affect the automotive plastics market. Furthermore, use of bioplastics in vehicle production and use of anti-microbial plastics/additives in vehicle car production extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
The polymeric materials refer to the materials that possess the capability of being shaped or molded via applying high pressure and temperature. The plastics are known to have various properties including low density, transparency, electrical conductivity and high toughness. Various thermoplastics and thermosets are generally molded and remolded to be used in the automotive industry. Polypropylene and polyethylene are the commonly used materials.
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Automotive Plastics Market Scope
The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets. The automotive plastics market is segmented on the basis of product type, vehicle type and application.
- On the basis of product, the automotive plastics market is segmented into Polypropylene, Polyurethane, Polyvinyl Chloride, Acrylonitrile-Butadiene-Styrene (ABS), Polyamide, High-Density Polyethylene (HDPE), Polycarbonate, Polybutylene Terephthalate (PBT) and Others.
- On the basis of product, the automotive plastics market is segmented into conventional cars and electric cars.
- On the basis of application, the automotive plastics market is segmented into powertrain, electrical components, interior furnishings, under-the-hood components, chassis and others.
Competitive Landscape and Automotive Plastics Market Share Analysis
The above data points provided are only related to the companies’ focus related to automotive plastics market. The automotive plastics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance.
The major players covered in the silicon nitride market report are
Magna International Inc., Lear Corporation, Adient plc, BASF SE, Borealis AG, Covestro AG, Evonik Industries AG, SABIC, Grupo Antolin, TOYOTA BOSHOKU CORPORATION, Faurecia, TOYODA GOSEI Co., Ltd., Sage Automotive Interiors, DSM, Dow, Momentive, TEIJIN LIMITED, Solvay, Akzo Nobel N.V., and CNR Group, LLC, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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