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Global Automotive Plastics Growth Opportunities
Frost & Sullivan’s global automotive plastics market analysis assesses the current state and prospects for major plastic segments across key applications and powertrain types. The study quantifies the consumption of vital plastics in automotive applications, analyzing the impact of tightening sustainability regulations and evolving trends in the automotive industry to present market forecasts from 2022 to 2028.
New York, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Automotive Plastics Growth Opportunities" - https://www.reportlinker.com/p06312006/?utm_source=GNW
The study analyzes the global automotive plastics market based on material, application, powertrain, and region. The study focuses on 10 key material segments: polypropylene, polyamide, ABS, polycarbonate, PVC, HDPE, polyurethane, thermoplastic elastomer, high-performance plastics, and other plastics comprising polyoxymethylene, polybutylene terephthalate, polyvinyl butyral, modified polyphenylene oxide, and polymethyl methacrylate.
The consumption of each material is assessed across four automotive applications (interior, exterior, powertrain and structural, and lighting and electrical and electronics) and two powertrain segments (electric and internal combustion engine). The study also provides an overview of regional consumption in the Americas, Europe, Asia-Pacific, and the Middle East, Africa, and South Asia.
The beleaguered automotive industry continues to grapple with supply constraints following its production plunge during the pandemic. The industry is expected to gradually recover over the forecast period to reach the coveted 100 million unit production mark by 2028. As environmental regulations become more stringent, the industry is pressured to reduce emissions and waste. Major original equipment manufacturers have pledged to reach net-zero emissions by 2050 through key initiatives such as switching to electric powertrains, using sustainable materials, improving end-of-life material recycling, and making vehicles lighter. The transition to electric vehicles (EV) involves swapping conventional under-the-hood (UTH) components, such as engine, fuel, and exhaust systems, for battery packs, electric motors, and various associated components. EV developments are expected to upend the demand for conventional plastics in UTH applications and drive the need for other plastics for new EV applications and components. EV proliferation is anticipated to grow the electromobility pipeline (such as electric motors, coolant lines, and electric motor magnet wire insulation) of high-performance plastic manufacturers. The continued inclination toward sports utility vehicles will also contribute to the incremental demand growth in automotive plastics over the forecast period. Future mobility advancements create the need for value-added functional resin grades characterized by superior attributes and performance, such as flame retardancy; resistance to thermal, chemical, and electrical factors; and superior dielectric properties. The pandemic, its ensuing challenges and disruptions, and the shift in consumer preferences have accelerated Mega Trends like sustainability, digitization, 5G, and automotive electrification. Major automotive plastics participants seek measures to strategize their growth toward higher-margin, sustainable, and relatively less-cyclical businesses. For example, DSM, Lanxess, DuPont, and Trinseo have reorganized or are reorganizing their plastic businesses in the automotive space. The global automotive plastics market is set for robust growth as the automotive industry recovers post-pandemic, driven by sustainability and vehicle electrification trends.
Read the full report: https://www.reportlinker.com/p06312006/?utm_source=GNW
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