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Automotive Plastics Market Size Estimated To Reach USD 54.69 Billion By 2026 | CAGR 7.3%

The global Automotive plastics market is anticipated to witness significant growth over the forecast period due to factors such as rising pressure to reduce vehicle weight, favorable regulations coupled with the rising sales of passenger cars. Flexibility in design, inherent properties such as corrosion resistant, dust proof are also expected to benefit the automotive plastics market growth. Design engineers are integrating blow molded as well as injection molded plastic parts in their designs that offer a better design without the complicated assembly work. Plastics are also being increasingly used in the structural design of cars as well. This industry is closely working with the automotive industry to provide enhanced design features.

 

Plastics have facilitated the increase in vehicle compatibility, and including more safety dimensions in less space as well as improving the safety belt designs. Such trends have led to a rise in demand for automotive plastics across globe. Safety advances have been made affordable due to the usage of these high-performance materials in automotive interiors.

 

Automotive plastics are used in vehicle exteriors as they impede roof crash. Resist the intrusion of vehicles, and contribute in the reduction of the vehicle weight with almost no compromise on safety. They are used in a wide variety of exterior applications ranging from bumpers to body panels. Such wide applicability has benefitted the global automotive plastic market demand.

 

Companies are involved in the research and development activities for developing new materials for usage in the vehicle industry. Thermoplastic material blends, light weight PP, bio-based materials are some of the examples of the ongoing R&D activities. Manufacturing techniques such as multi-level extrusion for reduction of permeability are being used to manufacture plastics for specific needs.

 

Vehicle mass reduction is one of the key paths to achieve increased fuel efficiency. Plastic in combination with polymer composites aid in this effort. They are being increasingly used in vehicle interiors, exteriors, and lighting to reduce the overall vehicle weight. Government or privately funded mass reduction studies have pointed out the usage of these materials and their importance in cutting down emissions. Thus, favorable regulations along with initiatives taken by government as well as private institutions is bound to benefit the automotive plastics market demand over the next few years.

 

Companies are developing products that aid automotive manufacturers to reduce the vehicle weight, reduce emissions, as well as increase safety. Customized products suitable for applications such as retainers, central stack, housings, rails, sliding, brackets, housing, levers as well as frames are being provided by companies. Some of the major market players for automotive plastics include Akzo Nobel NV, Evonik Industries AG, BASF SE, Covestro AG, Koninklijke DSM NV, The Dow Chemical Company, Teijin Limited, LANXESS, Solvay, and LyondellBasell Industries Holdings BV.

 

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