Automotive Plastic Sales to total US$ 9.5 Bn in 2021; Polypropylene Plastics to Remain Top-selling Material Type: Future Market Insights Survey

- The FMI survey of the automotive plastics market offers insights into key growth drivers and restraints impacting the pace of the market growth. Growth registered across key segments, including channels, vehicle, application, and material will remain positive on account of increasing sales of passenger and commercial vehicles

DUBAI, U.A.E, July 26, 2021 /PRNewswire/ -- As per an analysis by FMI, the global automotive plastics market is expected to surpass a valuation of US$ 9.5 billion by the end of 2021, exhibiting growth at a CARG of 9% over the forecast period 2021 to 2031. Owing to the increasing demand for better car aesthetics and interior, the market for automotive plastics is likely to project 1.80% year-on-year growth, reaching a market volume of around 7.5 million tons by 2021.

Increasing demand for commercial & passenger vehicles and flourishing automotive export industry are primal factors propelling the market growth. According to the China Association of Automobile Manufacturers, nearly 34,000 commercial vehicles and 117,000 passenger cars were exported from China in April 2021.

Due to their characteristics such as lightweight, resistance to abrasion, scratch proof, and high impact toughness, automotive plastics are considered as ideal choices for manufacturing bumpers, fenders, doors, and other automotive components. Thus, the surging number of passenger cars is estimated to present lucrative sales opportunities for the market over the coming years.

Polypropylene plastics are likely to dominate the material segment owing to the increasing demand for lightweight components by original equipment manufacturers (OEMs) and high vehicle production rates.

"To abide by government regulations towards environmental safety, automotive manufacturers are prioritizing towards reducing vehicle weight. This also is intended to curb the carbon emission. Such policies adopted by automakers are creating demand prospects for automotive plastics market," says the FMI analyst.

Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-br-81

Key Takeaways from Automotive Plastics Market Survey

• Strict regulatory policies implemented by the government to curb vehicular carbon emission are fueling the demand for automotive plastics in Brazil.
• The market in Russia is likely to demonstrate steady growth, owing to rapid advancement in the electric vehicle section in the country.
• The China market is expected to dominate the BRIC countries on the back of high commercial and passenger vehicle sales.
• India is anticipated to emerge as a lucrative market supported by increasing usage of automotive plastics for manufacturing exterior and interiors components of vehicles.
• Based on material, the acrylonitrile butadiene styrene (ABS) segment is projected to expand at a robust pace favored by increasing application in vehicle interior design.

Key Drivers

• Surging demand for commercial and passenger vehicles is spurring the sales of automotive plastics.
• Increasing government regulations to curb vehicular carbon emission is fueling the demand for automotive plastics.
• Rising demand to reduce the overall weight of the vehicle is driving the market growth.
• Growing consumer inclination towards passenger cars with a stunning interior is heightening the sales of automotive plastics.

Key Restraints

• High cost of automotive plastics compared to metals such as aluminum is hampering the market growth.
• Lack of technologies and infrastructure required for re-engineering of plastic is restraining the growth of the market.
• Increasing awareness regarding adverse effects due to the use of plastic is posing a challenge for the market growth.

Discover more about the dehydrated onions analysis with figures and data tables, along with the table of contents. Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-br-81

Competitive Landscape

Key players operating in the automotive plastics market are increasingly investing in research and development (R&D) to develop innovative products and improve value chain. Besides this, market players are also engaging in strategic collaboration with distribution channels players especially regional to address increasing customer demands. For instance,

• In March 2019, BASF SE, a leading multinational chemical company announced opening of a new R&D center in Shanghai, China. This special automotive application center is aimed at faster development of innovative products and to address the surging demand from various exterior and interior automotive applications.

Some of the key players operating in the automotive plastics market profiled by FMI are:

• BASF SE
• SABIC
• Dow Inc.
• AkzoNobel N.V.
• Covestro AG
• Evonik Industries AG
• Borealis AG
• Royal DSM N.V.
• Magna International, Inc.
• Teijin Limited

More Valuable Insights on Automotive Plastics Market

FMI, in its new report, offers an unbiased analysis of the global automotive plastics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in automotive plastics market with detailed segmentation:

By Channels:

• OEMs
• Aftermarket

By Vehicle:

• Passenger
• Commercial

By Application:

• Interior
• Exterior
• Under Bonnet

By Material:

• Polypropylene (PP)
• Polyurethane (PU)
• Polycarbonates (PC)
• Polyvinyl chloride (PVC)
• Acrylonitrile butadiene styrene (ABS)

·  Others (includes various plastics such as polyamide (PA), polyphenylene ether (PPE), polymethyl methacrylate (PMMA), polybutylene terephthalate (PBT))

Key Regions Covered:

• Brazil
• Russia
• India
• China

We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-br-81

Key Questions Covered in the Report

• The report offers insight into automotive plastics market demand outlook for 2021-2031
• The market study also highlights projected sales growth for automotive plastics market between 2021 and 2031
• Automotive plastics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Automotive plastics market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

Explore FMI's Extensive Coverage on Chemicals and materials Domain

Hydro fluorocarbon market: The global hydro fluorocarbon market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market's competitive landscape.

Hydrotalcite market: The hydrotalcite market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.

Hydroxyapatite market: Future Market Insights gives a detailed segmentation on the global hydroxyapatite market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
T: + 44 (0) 20 7692 8790
D: +44 (0) 20 3287 4268
T: +1-347-918-3531
F: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: Future Market Insights
Report: https://www.futuremarketinsights.com/reports/bric-automotive-plastics-market
Press Release Source: https://www.futuremarketinsights.com/press-release/bric-automotive-plastics-market

Logo: https://mma.prnewswire.com/media/1197648/FMI_Logo.jpg