Automotive Plastics Market Recent Technological Advancements to Propel Growth of the Market in Foreseeable Future by 2025

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Fairfield Market Research finds that, registering
a promising CAGR of 7.7, the global automotive
plastics market will garner a total market value
of US 68.6 billion by 2026. Considering the
market share of US 48.7 billion 2018, automotive
plastics expected market valuation over the
forecast period is poised to create sound
headways for steady growth, paving the way for
strategic partnerships, collaboration, and
advanced RD initiatives. Globally, the
utilization of plastics in the automotive
industry has observed a consistent surge over
the past few years. This demand is most
pronounced in the manufacturing and design cycle
owing to the highly favorable nature of plastics
in the production of modern automobiles.
Different varieties of plastic material readily
aid in the manufacturing of safer, more
sustainable, and future- ready equipment in the
automotive industry. The chemical properties of
plastics also help to create products for the
automotive industry that are better in terms of
performance and functionality. Consequently, the
automotive plastics market has risen to be the
third-largest outlet for plastics, next only to
packaging and construction. In the foreseeable
future, market drivers such as increased demand
for lightweight automotive materials, change in
buyers behavior, increase in purchasing power,
strict emission regulations, and greater
adoption of EVs are set to substantially expand
the global market for automotive
plastics. Looking For a Sample Copy of This
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Preference of Automotive Plastics in Interior
Applications Makes it the Leading End- Use
Segment In terms of volume, interior applications
held the highest market share in 2020, accounting
around 40 of the total automotive plastics
market. Interior applications segment is expected
to maintain its rank as the leading end-use
segment over the forecast period of 2022 to 2026.
Multiple varieties of plastics such as
polypropylene (PP), polyamide (PA), and
polyurethane (PU), and polyvinyl chloride (PVC)
can be utilized in this segment for varied
purposes including manufacturing door panels,
seat leather upholstery, interior trims, and
instrument cluster. Notably, PP is the most
sought-out plastic type by manufacturers by
2026, growing with a CAGR of 7.8, PP is
projected to reach a market value of US 13.5
billion. The major reasons for robust use of
automotive plastics in interior applications
include due adherence to safety norms,
enhancement in vehicles aesthetics, design
flexibility, and reduction in noise, vibration,
and harshness (NVH). During the study period,
under the hood applications are poised to
register the fastest growth rate in terms of
volume and value. Government policies around fuel
carbon emissions, emphasis on sustainable
innovation, buyer preference for fuel-efficient
and lightweight vehicles are the foremost growth
drivers in this segment of the automotive
plastics market. Asia Pacific Sustains its
Dominance over Global Automotive Plastics Market
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In 2020, Asia Pacific commanded a market share of
almost 50 in the global automotive plastics
market. In the upcoming years, this region is set
to rapidly expand its automotive plastics market,
particularly in China, India, Japan, South Korea
and Southeast Asia. OEMs in Asia Pacific are
increasingly choosing automotive plastics,
creating lucrative opportunities. The plastic
consumption per vehicle is higher in North
America and Europe, this, coupled with rapid
adoption of EVs, is projected to rapidly expand
the automotive plastics market of North America
and Europe. Key market players in the global
automotive plastics market include Borealis AG,
BASF SE, Evonik Industries AG, Covestro AG,
Arkema SA, DuPont, LG Chem, and SABIC, among
others. About Us Fairfield Market Research is a
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