Prismane Consulting Estimates the Global Automotive Plastics Market Size is projected to grow from USD 23.2 billion in 2023 to USD 32.7 billion by 2032, registering a CAGR of 8.4%
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Automotive plastics applications include Interior Components, Exterior Components and Under the Bonnet Components applications. Additionally, the report offers market data for Automotive Plastics, both in terms of volume and value, segmented by application at both the country and regional levels.
This study offers an all-encompassing analysis that encompasses various critical factors. These factors include macroeconomic influencers such as population, GDP, and global economic integration, along with economic and energy forecasts. Furthermore, the report covers industry and policy advancements, insights into end-use sectors and application markets, detailed reasoning and assessment, informative commentary, comparative analysis, the latest trends, market dynamics, strategic considerations and recommendations, and an assessment of business opportunities.
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Plastics play an important role in the production of automotive components and parts, owing to their ease of manufacturing, utilization of renewable raw materials, and enhanced design capabilities. Automotive plastics contribute significantly to the performance and safety features of various vehicles, including commercial vehicles, modern cars, heavy-duty vehicles, and sports utility vehicles. Applications range from car bumpers to gas cans and interior flooring.
Automotive plastics fulfil functional requirements, and also serve as a cost-effective alternative to expensive materials with comparable strength and durability, thereby contributing to overall production cost reduction.
Automotive Plastics Supply Overview
Celanese Corporation, Covestro, DuPont, Solvay SA, LANXESS, Evonik, SABIC, LG Chemical and BASF are the global automotive plastics manufacturers.
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Automotive Plastics Demand Overview
The Polypropylene (PP) segment currently holds the largest market share in the Automotive Plastics market due to its favorable properties, including easy moldability, excellent chemical and heat resistance, and impact resistance. In terms of applications, the Interior segment is the dominant player, providing high durability, vibrant colors, and aesthetic appeal to automobiles. Plastics play a crucial role in enhancing impact resistance and dimensional stability in interior applications.
The increasing demand for Electric & Hybrid Vehicles is a significant driver for the growth of the Automotive Plastics market. The automotive industry's focus on innovation and the transition from conventional to smart vehicles is driving the adoption of advanced plastics. Key industry trends include the pursuit of smarter and safer performance, as well as achieving maximum efficiency in transportation. Automotive Plastics are resistant to heat and can be used in battery compartments to keep them cool while also reducing their weight overall. This will help in increasing the lifespan of the battery without reducing safety of the automotive.
Recent Development in Automotive Plastics Market
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Key Questions Addressed in the Global Automotive Plastics Market Study:
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About Prismane Consulting:
Prismane Consulting is a unique global research & consulting firm serving businesses in the field of Chemicals, Energy and Environment offering in-depth technical & strategy reports and consulting services. Our Strategy and Market study reports cover information on complete value chains, supply- demand analysis, trade, supplier profiles, target markets, business opportunity assessments, new technologies and emerging trends. These studies analyse historical trends and future prospects like major areas of growth, investments, profitability, and other emerging opportunities for companies. Special features in the strategy reports include variation in product pricing resulting from change in feedstock, raw material, input, and other associated costs. Our methods of research and analysis can be made to tailor fit any research or consulting requirements to improve performance & services.
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Prismane Consulting Private Limited
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