The global automotive plastics market size is anticipated to reach USD 38.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. A rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel market growth.

The polyurethane product segment is anticipated to witness significant growth over the forecast period owing to its ability to infuse the characteristics of both plastics 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 product demand over the forecast period.

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Automotive Plastics Market Report Highlights

• In North America, the market was valued at USD 4.8 billion in 2020 and is estimated to witness a CAGR of 3.4% from 2021 to 2028. Increasing integration of in-car entertainment and communication systems, engine electronics, advanced safety, and advanced driver-assistance systems are boosting the demand for electrical components application, which, in turn, is fueling the growth of the market in North America
• The polypropylene segment accounted for the largest revenue share of more than 32.0% in 2020 and is estimated to maintain its dominance over the forecast period owing to rising demand for lightweight automobile parts
• The interior furnishings segment is expected to be the largest application segment over the forecast period owing to rising product usage for interior furnishings in automobiles including body and light panels, seat covers, steering wheels, and fascia systems
• Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. 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

Key Companies & Market Share Insights

The global players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about suppliers and regulations. Companies in the market compete on the basis of product quality offered and the technology used for the production of automotive plastics.

Major players, in particular, compete on the basis of application development capability and new technologies used for product formulation. Established players such as BASF SE are investing in research and development activities to formulate new and advanced plastics for the automotive industry, which gives them a competitive edge over the other players. In March 2019, BASF SE inaugurated a new research and development center in Shanghai, China, which has a special automotive application center for handling research and development activities specific to the automotive industry. The center is intended to develop innovative products and meet the increasing demand from various interior and exterior automotive applications. The market is found to be significantly fragmented in nature owing to the presence of a large number of manufacturers across the globe. Some of the prominent players in the automotive plastics market include BASF SE, SABIC, Dow Inc., AkzoNobel N.V., Covestro AG, Evonik Industries AG, Borealis AG, Royal DSM N.V., Magna International, Inc., Teijin Limited

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