Global Automotive Plastics market is projected to reach at a market value of US$154.49 billion by 2031: Visiongain Research Inc

/EIN News/ -- Visiongain has published a new report on Automotive Plastics Market Report Forecast 2021-2031: By Material Type (Polypropylene (PP), Polyurethanes (PUR), Acrylonitrile Butadiene Styrene (ABS), Polyethylene (PE), Polyvinyl Chloride (PVC), Polycarbonates (PC), Polymethyl Methacrylate (PMMA), Polyamide (PA), Polyethylene Terephthalate (PET), and Other Materials), By Vehicle Type (Passenger Vehicle and Commercial Vehicles), and By Application (Interior Trim, Seating, Dashboard, Bumpers, Upholstery, Electrical Components, Fuel Systems, And Other Applications). PLUS, Profiles of Leading Automotive Plastic Companies and Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios.

Global Automotive Plastics market was valued at US$ 32.26 billion in 2019 and is projected to reach at a market value of US$154.49 billion by 2031. The global automotive plastics market is driven by factors such as increasing demand of automotive vehicles across the globe, growing demand of lightweight materials to reduce the overall weight of the vehicles to obtain better fuel efficiency, strict government regulations to lower the emission and increase fuel efficiency, excellent properties of plastics as compared to the conventional metals.

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COVID-19 Impact on Automotive Plastics Market

Novel Coronavirus (COVID-19) Pandemic occurred at Wuhan, Hubei Province, China, at the end of December 2019. The pandemic had a major effect on all facets of manufacturing, including the automotive market, with large factories either entirely shut down following the orders provided by local governments or working at production units with limited staffing to keep their workers safe.

Manufacturing plants around the world were shut down, showroom footfall fell dramatically, and car sales suffered a big dive. The global economic effect of the COVID-19 pandemic on the automobile sector is expected to be about $5.7 billion for the still failing automotive industry, with the European Union the worst-hit region deteriorating at $2.5 billion in the automotive industry due to instability in the automotive supply chain in the face of a decline in China supplies. Big car activities across the world are either cancelled or delayed, including the Geneva Motor Show 2020, the Qatar Grand Prix, the New York International Auto Show, and the Australian Grand Prix, among others. Significant automotive companies such as Fiat Chrysler Vehicles, Ford, PSA Group, Volkswagen Group factories in Europe, Ducati, Tesla factory in California, BMW Group European factories, Rolls-Royce, General Motors are amongst the major car manufacturers that have halted their production due to the Coronavirus (COVID-19) pandemic.

The automotive industry in Europe employs 2.6 million workers in direct automotive manufacturing; of which about 1.1 million jobs were affected because of the outbreak of Coronavirus (COVID-19). The region reported production loss of 1,231,038 units due to lockdowns enforced by governments and various manufacturing units across the region to safeguard the health of their employees and contain virus spread.

Market Drivers

Increasing Demand of Automotive Vehicles across the Globe

Growth of the global automotive plastics market is directly coupled with the growing automotive sector. The strongly recovering automotive sector after the recession (2008 – 09 recessions) is the major driver of the global automotive plastics market across the globe. Global production volumes of vehicles including passenger cars, LCVs, and HCVs has reached 91,786,861.00 units in 2019 from 87,595,998.00 units in 2013 at CAGR of 0.8% from 2013-2019.

The rising adoption of fuel efficient and lightweight vehicles across the globe especially in North America, Europe, and Asia-Pacific; has resulted in the increase demand of plastics in automotive industry. The rising demand of plastics is directly linked with the growing demand of vehicles.

The demand for passenger vehicles has increased significantly over the globe, especially from the emerging economies of Asia-Pacific. There has been increasing penetration of passenger vehicles in smaller towns coupled with increasing popularity of utility vehicles. Modernization of these vehicles and increasing need to offer a luxury and comfortable driving experience drives the growth of the automotive plastics market.

Growing Demand of Lightweight Materials to Reduce the Overall Weight of the Vehicles to Obtain Better Fuel Efficiency

To improve the fuel economy of modern vehicles while retaining safety and efficiency, advanced materials are important. Since accelerating a lighter object requires less energy than a heavy one, lightweight materials give tremendous potential to improve vehicle performance. A 10% decrease in vehicle weight will result in a 6% to 8% increase in fuel economy. Replacing cast iron and conventional steel parts with lightweight materials will reduce the weight of the body and frame of a car directly by up to 50% and thus decrease the fuel consumption of a car. In one quarter of the U.S. fleet, the use of lightweight parts and high-efficiency engines allowed by advanced materials could save more than 5 billion gallons of fuel annually by 2030.

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Cars can hold additional sophisticated pollution control systems, protective equipment, and integrated electronic systems using lightweight structural materials without raising the vehicle's total weight. Although lightweight materials can be used for any car, they are particularly important for hybrid fuel, plug-in hybrid fuel, and electric cars. The weight of power systems such as batteries and electric motors can be offset using lightweight components in these automobiles, enhancing reliability, and increasing their all-electric range. Alternatively, the use of lightweight components could lead to the need for a lower and lower cost battery while maintaining the plug-in vehicles' all-electric range steady.

Market Opportunities

Rising Adoption of Electric Vehicles

Growth of the global automotive plastics market is directly coupled with the growing adoption lightweight vehicles (i.e., electric vehicles). Plastic is the major component in the manufacturing of modern vehicles. The strongly growing electric vehicle demand has created the huge potential for global automotive plastics market across the globe. Global sales volume of electric vehicles has reached 2.57 million units in 2018 and is expected to reach 21.6 million units by 2030 at a CAGR of 20.0% from 2019 to 2030.

Competitive Landscape

Some of the companies profiled in the report include Covestro AG, BASF SE, LG Chem Ltd., Borealis AG, Lanxess AG, Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), Teijin Limited, Dow Inc., and LyondellBasell Industries N.V. The top players hold significant share of the market and the remaining of the market is shared among the medium to small sized players, which is a major factor contributing towards rivalry.

Strategic Initiatives taken by Major Companies

• In August 2019, BASF, Solvay and Domo Chemicals agreed that Domo will acquire the European PA6.6 business from Solvay.
• In August 2020, Borealis has successfully acquired a controlling stake in South Korean compounder DYM Solution Co. Ltd.

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