Home research company The automotive plastics market is growing at a rate of 9%

The automotive plastics market is growing at a rate of 9%

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LONDON, March 02, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s automotive plastics market research report, the growing demand for light-duty and electric vehicles is contributing significantly to the growth of the automotive plastics market. The increase in the use of plastic components in the automotive industry has spurred advancements in automotive design. It also reduces fuel consumption in vehicles because less weight requires less energy when the vehicle is accelerated. According to the International Energy Agency (IEA), global electric car sales reached a record 3 million in 2020, a 40% increase from 2019. It is estimated that there will be 10 million electric cars on the road within the next decade. Hence, the growing demand for light-duty and electric vehicles is driving the growth of the automotive plastics market.

The size of the global automotive plastics market is expected to grow from $33.37 billion in 2021 to $36.29 billion in 2022 at a compound annual growth rate (CAGR) of 8.77%. The growth of the market is mainly due to the reorganization of business operations and the recovery from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and closure of businesses. business activities that resulted in operational challenges. . The automotive plastics market is expected to reach $51.19 billion in 2026 at CAGR of 8.98%.

Demand for a sample of the world automotive plastics market report

Technological advancement is a key trend gaining popularity in the automotive plastics market. Technological progress is the discovery of knowledge that advances the understanding of technology. For example, in 2021, Covestro AG launched a new 3D printing material, recycled polyethylene terephthalate (rPET), which is used for 3D printing pellets using a technology known as manufacturing. of fused granules (FGF), which helps in the manufacture of large sizes. rooms. This technology has applications in the automotive industry for the manufacture of interior parts.

The major players in the automotive plastics market are BASF SE, Borealis AG, Covestro AG, DuPont, Evonik Industries, SABIC, Magna International, Inc., Akzo Nobel NV, Arkema SA, Grupo Antolin-Irausa SA, LyondellBasell Industries Holdings BV, Momentive Performance Materials Inc., Teijin Limited, The Dow Chemical Company and Zoltek Companies Inc.

The global automotive plastics market outlook is segmented by vehicle type into conventional/traditional vehicles, electric vehicles; by product type in polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyamide (PA), acrylonitrile butadiene styrene (ABS), high density polyethylene (HDPE), polycarbonate (PC), polybutylene terephthalate (PBT) ); by application indoors, outdoors, under the hood.

Asia Pacific was the greater region in the automotive plastics market in 2021. Asia Pacific should be the fastest growing region in the forecast period. Regions covered in the Automotive Plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and South America. ‘Africa.

The Global Automotive Plastics Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide Automotive Plastics market overviews, market analysis of Automotive Plastics and forecast market size and growth for the overall market, Automotive Plastics Market segments and geographies, Automotive Plastics Market trends, Automotive Plastics Market drivers, Automotive Plastics Market restraints, Revenues, profiles and market shares of key competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.

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