Automotive Plastics Market Size, Share & Trends Analysis Report By Product (PP, PVC), By Application (Powertrain, Interior Furnishings), By Process (Thermoforming, Injection Molding), By Region, And Segment Forecasts, 2020 - 2027
New York, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Plastics Market Size, Share & Trends Analysis Report By Product, By Application, By Process, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05982582/?utm_source=GNW
Automotive Plastics Market Growth & Trends
The global automotive plastics market size is anticipated to reach USD 36.5 billion by 2027, registering a CAGR of 3.8%. Rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel market growth. The polyurethane (PU) product segment is anticipated to witness significant growth over the forecast period owing to the ability of PU to infuse the characteristics of both plastic and rubber at a lower weight compared to metal and other plastic materials.
Increasing product demand from the automotive industry for use in refrigeration insulation, interior trims, and seat cushioning is expected to boost market growth over the forecast period.On the basis of application, the market is segmented into power trains, electrical components, interior furnishings, exterior furnishings, under-the-hood components, and chassis.
The power train segment is expected to witness the fastest CAGR over the forecast period. The rising application scope of plastics in powertrain engineering is expected to support the segment growth in the coming years.
It helps the manufacturers to reduce the overall vehicular weight & integrate complex parts, which ultimately boosts performance and delivers higher productivity & cost savings.While manufacturers are still exploring new applications, according to a research conducted by E.
I. du Pont de Nemours and Company, currently, plastics penetration stands at 110 to 120 kilograms per car depending on the engine size.
Demand for automotive plastics in Asia Pacific is expected to witness the fastest CAGR during the forecast period.The growing automotive industry, rising population, and increasing disposable income levels are the primary factors driving the regional market.
Moreover, strong government support and initiatives along with increasing investments are propelling the growth of the automotive industry in the region, which, in turn, is anticipated to fuel the product demand.
Automotive Plastics Market Report Highlights
• The market in North America was valued at USD 4.9 billion in 2019 and is estimated to grow further at a CAGR of 2.9% from 2020 to 2027
• Increasing integration of in-car entertainment & communication systems, engine electronics, and advanced safety & advanced driver-assistance systems is boosting the demand for electrical components application, which, in turn, is fueling the growth of automotive plastics in North America
• The Polypropylene (PP) segment accounted for the largest market share of more than 32% in 2019 and is estimated to maintain its dominance over the forecast period owing to rising demand for lightweight automobile parts
• The interior furnishings application segment is expected to account for the largest revenue share by 2027 owing to the rising product usage for interior furnishings of automobiles including body & light panels, seat covers, steering wheels, and fascia systems
• Various strategic initiatives were recorded over the past few years. For instance, in May 2019, Covestro AG announced its plan to expand the production capacity of polycarbonate films at its Dormagen site in Germany. The site, which is expected to come on-stream by the end of 2020, will manufacture PC films for applications such as automotive interiors, security cards, medical devices, and automotive displays
Read the full report: https://www.reportlinker.com/p05982582/?utm_source=GNW
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