The automotive plastics market study by Future Market insights (FMI) offers compelling insights into key growth drivers and restraints impacting the growth trajectory through 2031. The study also highlights opportunities existing in key segments including material type, application, end use and region. It studies in detail the various strategies adopted by the key market players.
ESOMAR-certified market research firm Future Market Insights (FMI) in its latest analysis forecasts that the automotive plastics market will exhibit a year-on-year (YoY) growth of 5.6% in 2021, reaching a total valuation of around US$ 61.58 Bn in 2021.
Owing to the rising demand for lightweight vehicles across the world, the global automotive plastics market will register a healthy CAGR of 6.9% between 2021 and 2031, surpassing a valuation of US$ 119.80 Bn by the end of 2031.
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The swift expansion of automotive plastics market can be attributed to the increasing production of vehicles, implementation of stringent emission control regulations, and the rising adoption of lightweight materials within the automotive industry.
According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached over 40.33 million in 2021 (Jan-June). Demand for automotive plastics is surging in response to the increase in the production of lightweight vehicle parts. As per FMI, automotive plastics demand will reach a total of 40,941.0 Kilo Tons in 2021.
Automotive plastics are generally durable, strong, recyclable, scratch resistant, abrasion resistant and light weight. They improve vibration and noise control and allow design, molding and integration of components in automobiles. These features make automotive plastics highly sought-after in vehicle production.
Implementation of stringent emission regulations is encouraging automotive OEMs to replace metal parts with components with those made of polymers. Coupled with this, increase in electric vehicle production will fuel demand for automotive plastics as automakers aim to offer greater fuel-efficiency.
As per FMI, the polypropylene segment is estimated to account for around 26.6% of the total automotive plastics consumption. Polypropylene has become a commonly used plastic in the automotive sector. As a thermoplastic polymer, polypropylene can be easily formed into almost any shape. Consequently, it is extensively used in passenger cars, especially for manufacturing vehicle bumpers.
“Automotive plastic sales are expected to pick up as focus on manufacturing lightweight vehicles increases. Some of the leading market players have identified this as a lucrative opportunity to boost their presence through product launches,” says a FMI analyst.
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Key Takeaways from Automotive Plastics Market Survey
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Key players operating in the automotive plastics market are focusing on increasing their production to meet the rising demand from automotive industry. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to gain a competitive edge in the market.
Some of the prominent players operating in the automotive plastics market profiled by FMI are:
More Insights on the Global Automotive Plastics Sales Outlook
FMI provides an unbiased analysis of automotive plastics market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for automotive plastics with a detailed segmentation on the basis of:
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Key Questions Covered in the Automotive Plastics Sales Outlook Report
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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.