Dublin, June 28, 2021 (GLOBE NEWSWIRE) -- The "Global Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive plastics market for passenger cars is estimated at USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period of 2021 to 2026.
Increasing disposable income, changing lifestyles, and growing population in emerging economies are some of the growth drivers for the automotive plastics market for passenger cars.The under-bonnet application segment is projected to grow at the highest CAGR during the forecast periodBased on application, the under-bonnet application is the fastest-growing segment of the automotive plastics market for passenger cars. With the increasing demand for passenger cars, the demand for plastic powertrain components such as housing and electric motor casing is likely to increase.
Also, other factors responsible for the market growth include battery thermal management systems that require high-quality polymer casing and the deployment of lightweight components for electric motor. New plastic innovations in the electric powertrain such as adoption of polymer in the cooling concept of electric motor housing material are likely to result in the growth of advanced plastics used for under bonnet components.The PU product type segment is the largest market in 2020PU is the largest product type segment in the automotive plastics market for passenger cars. PU is a strong and light material that helps designers and manufacturers design seating and other components that can be assembled, disassembled, and recycled.
They are available in a wide range of stiffness, hardness, and densities, and are used in seats, steering wheels, automotive suspension bushings, carpet backing, seat overlays, head & armrests, airbag covers, acoustic insulations and insulation panels. Polyurethane is the most durable and can be recycled, thereby finding plenty of applications in automotive plastics for passenger cars.Polyurethanes help in improving the quality, safety, and cost-effectiveness of modern cars. The developing economies of APAC, such as China and India, are driving the demand for polyurethanes owing to the increase in car production in these countries.Asia Pacific is projected to grow the highest CAGR in the automotive plastics market for passenger cars during the forecast periodAsia Pacific is the largest and fastest-growing market in the automotive plastics market for passenger cars. It is the largest market because of the increased use of plastics in the vehicles produced in China, Japan and India.
The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, Maruti Suzuki and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries.In terms of geography, Asia has the highest sales of automotive, making it the largest market for plastic for passenger cars. Such factors are expected to fuel the growth of the automotive plastics market for passenger cars in the region.
Key Topics Covered:
1 Introduction2 Research Methodology3 Executive Summary4 Premium Insights4.1 Significant Opportunities In Automotive Plastics Market for Passenger Cars4.2 APAC Automotive Plastics Market for Passenger Cars, by Product Type, and Country4.3 Automotive Plastics Market for Passenger Cars, by Application4.4 Automotive Plastics Market for Passenger Cars, by Region4.5 Automotive Plastics Market for Passenger Cars Attractiveness
5 Market Overview5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Adoption of lightweight materials due to stringent emission and fuel economy regulations5.2.1.2 Introduction of new safety features and luxury components5.2.1.3 OEMs' inclination towards thermally stable plastics5.2.2 Restraints5.2.2.1 Covid-19 slowing down sales of passenger cars5.2.3 Opportunities5.2.3.1 Use of bioplastics in vehicle production5.2.3.2 Use of anti-microbial plastics/additives in vehicle car production5.2.3.3 Use of composites and PMMA in vehicle car production5.2.3.4 Growing trend of vehicle electrification5.2.4 Challenges5.2.4.1 Shifting demands of OEMs for advanced materials to adhere to carbon emission targets5.2.4.2 High cost of capital and infrastructure for re-engineering of plastics5.3 Porter's Five forces Analysis5.3.1 Threat of Substitutes5.3.2 Threat of New Entrants5.3.3 Bargaining Power of Suppliers5.3.4 Bargaining Power of Buyers5.3.5 Intensity of Competitive Rivalry5.4 Impact of Covid-19 On Automotive Plastics Market for Passenger Cars5.4.1 Covid-195.4.2 Covid-19 Health Assessment5.4.3 Impact On Automotive Plastics Market for Passenger Cars5.5 Trends and Disruptions Impacting Customer's Business5.6 Ecosystem/Market Map of Automotive Plastics for Passenger Cars5.7 Patent Analysis5.8 Regulatory Landscape5.9 Case Study Analysis5.10 Pricing Analysis5.11 Technology Analysis5.12 Supply Chain Analysis
6 Automotive Plastics Market for Passenger Cars, by Product Type
7 Automotive Plastics Market for Passenger Cars, by Application
8 Automotive Plastics Market for Passenger Cars, by Vehicle Type
9 Automotive Plastics Market for Passenger Cars, by Region
10 Competitive Landscape
11 Company Profiles11.1 Key Players11.1.1 BASF SE11.1.2 Sabic11.1.3 Lyondellbasell Industries Holdings BV11.1.4 LG Chem11.1.5 Dupont11.1.6 Borealis AG11.1.7 Covestro AG11.1.8 Evonik Industries AG11.1.9 Royal DSM11.1.10 Arkema SA11.1.11 Solvay11.1.12 Lanxess11.1.13 Celanese Corporation11.1.14 Toray Industries Inc.11.1.15 Mitsui Chemicals11.2 Other Key Market Players11.2.1 Toyota Boshoku Corporation11.2.2 Faurecia SA11.2.3 Toyoda Gosei Co., Ltd.11.2.4 INEOS11.2.5 Sumito Chemicals Company Ltd.11.2.6 UBE Industries11.2.7 Mitsubishi Engineering Plastics Corporation11.2.8 Formosa Plastics Corporation11.2.9 EMS Chemi Holdings11.2.10 Momentive Performance Materials11.2.11 AGC Chemicals Americas Inc.11.2.12 Chevron Phillips Chemicals11.2.13 Braskem11.2.14 PTT Global Chemical11.2.15 Hanwha Chemical11.2.16 Stratasys11.2.17 APPL Industries Ltd.11.2.18 Kraiburg Holding GmbH & Co. Kg11.2.19 Saint-Gobain Group11.2.20 AG Industries Pvt. Ltd.
12 Appendix12.1 Discussion Guide12.2 Knowledge Store: The Subscription Portal12.3 Available Customizations12.4 Related Reports12.5 Author Details
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