Aaryan Rana (3)
I am an experienced digital marketing analyst with a passion for data-driven insights, optimizing campaigns, and driving business growth with 3years exp.
automotive plastics market overview:
The global automotive
plastics market size is projected to grow from USD 21.1 billion in 2021 to USD
30.8 billion by 2026, at a CAGR of 7.9% during the forecast period 2021 to
2026.Plastics go through five different stages during recycling, including sorting,
washing, shredding, identifying and sorting, and extrusion into components or
final products. Improvements in recycling processes have led manufacturers to
use high-performance automotive plastics.
automotive plastics market Drivers and Restraints:
Several governments around the world have introduced strict
regulations on emissions and fuel economy for vehicles. These regulations are
prompting auto original equipment manufacturers to increase the use of
lightweight materials like plastics. High-quality plastic materials increase
the fuel efficiency of the vehicle while ensuring safety and performance.
Reducing vehicle mass by 10% improves fuel economy by 6-8%. The use of plastic
reduces the fuel consumption of the vehicle, since less energy is consumed
during acceleration.
The decline in global car sales in 2020 is much greater than
during the global financial crisis of 2007-2009. Latin America and Europe are
among the regions most affected, with car sales in these regions down by about
a quarter compared to the previous year. China was the largest car market in
2019, with around 21 million units sold. However, China's monthly car sales in
February 2020 have been freed by fears of China's coronavirus outbreak and an
upcoming recession.
To know more read:
https://www.marketdataforecast.com/market-reports/automotive-plastics-market
Report is segmented as:
Automotive Plastics Market - By
Type
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HDPE
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Polyvinyl
Chloride
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Polycarbonate
â—Â Â Â Â Â Â
Pyurethane
â—Â Â Â Â Â Â
Polypropylene
â—Â Â Â Â Â Â
ABS
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Polyamide
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PBT
Automotive Plastics Market - By
Application
â—Â Â Â Â Â Â
Interior
â—Â Â Â Â Â Â
Exterior
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Under Bonnet
Geographical Segmentation:
Asia Pacific (APAC) had the largest share of the automotive
plastics for passenger cars market in 2020. According to the World Bank, the
two economic giants of APAC, China and Japan, boast the second and third
largest economies in the world, respectively. The region is a hub for foreign
investment and a booming industrial sector, mainly due to low-cost labor, easy
availability of raw materials, increased adoption of modern technologies,
innovation, and easy availability of affordable land.China, Japan, India and
Korea are the main countries in the region.
 Impact of COVID-19 on automotive plastics market:
The COVID-19 outbreak has
disrupted the entire automotive supply chain around the world. It wasn't just
the initial supply and manufacturing sectors that were affected. The entire
auto industry has been affected and as such is experiencing an uncertain
recovery schedule due to lockdowns in many parts of the world. In the midst of
the COVID-19 (global pandemic) pandemic, the automotive industry is currently facing
four major challenges: limited supply of auto parts, reduced sales of new cars,
closure of production facilities and reduced working capital.
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