Automotive Plastics Market Value and Growth:
The size of the Market was around USD 27.39 Billion by revenue, at the end of 2019. It is expected to grow at a CAGR of 10.96 % to reach close to USD 46.02 by 2024.
Automotive Plastics Market Recent Development:
GW Plastics Inc., an advanced injection molding and contract manufacturing company, has announced to expand its Royalton, Vermont Manufacturing and Technology Center, considering the rising medical devices business.
Automotive Plastics Market Overview:
The Automotive Plastics Market has a slow growth pace in the market which is driven by the demand for polypropylene in the fast-growing automotive industry, as it is majorly used for interior and exterior plastics in the vehicle. The Automotive Plastics Market is expected to reach a total of USD 46.02 Billion by 2024 with a 10.96 % CAGR.
Automotive Plastics Market Drivers and Restraints:
The market is mainly driven by the demand for polypropylene in the fast-growing automotive industry, as it is majorly used for interior and exterior plastics in the vehicle. Also, the rising demand for passenger cars helps in the growth of the Automotive Plastics market.
However, the costs associated may restrain the market in the forecast period. Also, the market concentration in regions like the Asia Pacific restrains the market expansion into regions like the Middle East and Africa.
Automotive Plastics Market Segmentation Analysis:
Based on the type of plastic the market for automotive plastics is segmented into HDPE, Polyvinyl Chloride, Polycarbonate, Polyurethane, Polypropylene, ABS, Polyamide, PBT. Among the mentioned product types the polypropylene segment is the fastest growing in the market. The growth is mainly attributed to the low cost and outstanding mechanical support and moldability of polypropylene.
Based on the application of the plastic the market is categorized into Interior, Exterior, Under Bonnet. Of the mentioned applications the interior segment is the largest and is expected to lead the market in the aforementioned forecast period. The growth is mainly attributed to the fact that plastics are majorly used in the interior of the vehicle such as dashboards, door panels, and others.
Automotive Plastics Market Geographical Analysis:
By geography, the market is segmented as Europe, Asia Pacific, Latin America, North America, and Middle-East & Africa. The Asia Pacific region holds the largest share of the Automotive Plastics Market in the year of 2018, in terms of value and volume. The regional advantages in this region, like the ease of company setup, cheap resources, and a large number of the skilled population are the major reasons for the fast emerging industries in this region, hence the region’s position in the market. Also, the fast-developing economies like India, Japan, and China are the main reason for the developing regional market. These reasons make this region the fastest growing regional market in the proposed forecast period.
North America is next in the lead of the Automotive Plastics Market by both value and volume, as of 2018. The situation of many key market players in this region with well-established infrastructure is the main reason for its market position. This region is only in the second position in the market in terms of market growth, following the Asia Pacific.
Europe is next in the lead of the market in the year 2018. The presence of a huge customer base in and around this region is helping in the growth of the Automotive Plastics Market in this region. This region is only the third fastest-growing region in the market in the projected forecast period.
On the other hand, the Middle East & Africa and Latin America regions, being in the slow-developing countries, have fewer opportunities for market growth. Hence, the market growth is at a slow pace in these regions.
Automotive Plastics Market Key Market Players:
By the end of 2018 BASF SE (Germany), Lear Corporation (US), Borealis AG (Austria), Grupo Antolin-Irausa S.A. (Spain), Adient plc (Ireland), Covestro AG (Germany), SABIC (Saudi Arabia), Magna International Inc. (Canada), Compagnie Plastic Omnium (France), and Evonik Industries AG (Germany) are the leading shareholders of the market for Automotive Plastics Market. There is a constant competition between these companies regarding the pricing and quality of the product.
Automotive Plastics Market Research Report Key Highlights:
- The evaluation of the current product and services market and the future implications of the market.
- Address the matter by better understanding the market through size estimates and CAGR analysis to forecast the future market.
- Wider segmentation to better understand the dynamics of the market at a very small level by dividing the market into smaller segments.
- Address the key market challenges, drivers and restraints with the goal of providing insights for gaining market share.
- Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is as a result of the competitive environment.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.4 Polyvinyl Chloride
5.1.10 Y-o-Y Growth Analysis, By Type
5.1.11 Market Attractiveness Analysis, By Type
5.1.12 Market Share Analysis, By Type
5.2.4 Under Bonnet
5.2.5 Y-o-Y Growth Analysis, By Application
5.2.6 Market Attractiveness Analysis, By Application
5.2.7 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Type
184.108.40.206 By Application
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
22.214.171.124 By Application
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Type
184.108.40.206 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders’ Analysis
8.1 BASF SE
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Lear Corporation
8.3 Borealis AG
8.4 Grupo Antolin-Irausa S.A.
8.5 Adient plc
8.6 Covestro AG
8.8 Compagnie Plastic Omnium
8.9 Magna International Inc.
8.10 Evonik Industries AG
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, Collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures