DUBAI, United Arab Emirates, Sept. 01, 2022 (GLOBE NEWSWIRE) — According to research by Future Market Insights (IMF), the global automotive plastic market is expected to reach US$28.5 million in 2022 and reach US$45 billion. US dollars by 2032. During the forecast period of 2022 to 2032, the market is expected to grow at a CAGR of 4.7%. The growth of the market can be attributed to the growing emphasis of manufacturers on reducing vehicle weight.
Industry players are taking various initiatives to strengthen their market position during the assessment period. For example, in 2021, Covestro AG rolled out a new product, recycled polyethylene terephthalate (rPET). Recycled PET has been optimized for 3D printing pellets. This technology is also called fused pellet manufacturing (FGF). It enables fast and economically viable additive manufacturing of large parts.
Governments around the world are focusing on reducing emissions and introducing fuel economy regulations for vehicles. The implementation of these regulations has forced automotive suppliers to increase the use of lightweight materials such as plastics. Advanced plastics help ensure a vehicle’s fuel economy while ensuring safety and performance.
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For example, the United States is regulated by the National Highway Traffic Safety Administration (NHTSA) and the EPA. In accordance with regulations, the rule establishes standards that would require an industry-wide fleet average of approximately 49 mpg for passenger cars and light trucks in the 2026 model year, increasing the efficiency of 8% per year for model years 2024 and 2025 and 10% per year for model year 2026.
On the contrary, safety issues associated with plastic consumption are expected to hamper the automotive plastic market during the forecast period. Banning the application of plastic is expected to limit the automotive polymer industry as they create disposable problems that harm the environment. These factors are expected to hamper the market during the forecast period.
Main lessons of the study:
The global automotive plastic market is expected to reach US$28.5 billion by 2022
The global automotive plastic market is expected to grow at a CAGR of 4.67% by 2032
The global automotive plastic market is expected to reach a value of US$45 billion by 2032
China is expected to have claimed 69% of global automotive plastic market revenue
The interior furnishings segment is expected to have claimed around 30% of the global automotive plastics market revenue in 2021
“Rising demand for electric vehicles and growing implementation of strict rules to reduce carbon emissions are expected to significantly benefit the market over the forecast period,” an IMF analyst said.
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The major players in the global automotive plastic market are LyondellBasell Industries Holdings BV, Evonik Industries, BASF SE, Arkema Group, DuPont de Nemours, Inc., The Dow Chemical Company, Hexion Inc., Momentive Performance Materials, Hanwha Group, Saudi Basic Industries Corporation. (SABIC), Formosa Plastics, Sumitomo Chemical Co., Ltd., Mitsui Chemicals, Inc., Zoltek, Covestro AG and Eastman Chemical Company.
Recent industry updates include:
· In May 2020, BASF rolled out the new Luviset 360 styling polymer which provides flawless styling performance in six dimensions. The product is flexible, has a long lasting hold, is strong and has little flaking. It enables new textures and supports anti-pollution claims.
In June 2021, LyondellBasell and Neste signed a long-term agreement under which LyondeBAsell will source Neste RE, a raw material from Neste that is made from 100% renewable raw materials derived from bio-based sources such as oils and residual grease and waste. The raw material will be processed by the cracker at LyondellBasell’s plant in Wesselling, Germany, into polymers and sold under the CicrulenRenew brand.
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By type of material:
- Polypropylene (PP)
- Polyurethane (PUR)
- Acrylonitrile butadiene styrene (ABS)
- Polyvinyl chloride (PVC)
- Polyethylene (PE)
- Polystyrene (PS)
- Polycarbonate (PC)
- Polyamide (PA)
- Acrylic (PMMA, etc.)
- Plastic composites
- Interior components
- Exterior components and frame
By end use:
- Conventional vehicles
- Particular Cars
- Light commercial vehicles
- Heavy duty vehicles
- Electric vehicles
- pure electric
- Electric hybrid
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
Click here for the 257-page Automotive Plastics Market TOC Report
About Chemicals and Materials at Future Market Insights:
The Chemicals and Materials team at Future Market Insights offers expert analysis, timely research, and strategic recommendations with the aim of providing authentic information and accurate results to help customers around the world. With a repository of over 100 reports and over a million data points, the team has been insightfully analyzing the industry in over 50 countries for over a decade. The team provides a brief analysis of key trends including the competitive landscape, profit margin, and research development efforts.
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