Global Automotive Plastics Market Industry Report, 2025 Automotive Plastic Market | Page 2

BlueWeaveConsulting
According to a new market report published by BlueWeave Consulting, The Global
Automotive Plastic Market was valued at US$ 23.62Bn in 2017 and is expected to
expand at a CAGR of 12.72% from 2018 to 2025, reaching US$59.1Bn by the end
of the forecast period.
The market overview section of the report demonstrates market dynamics such as trends,
drivers, restraints, and opportunities that talks about the current nature and future scenario
of the said market, key market indicators, and end-user adoption analysis. Further, key
market indicators included in the report provide the significant factors which are capable to
define the market position of global automotive plastic market. Furthermore, various
analysis methods like Porter’s, Pestle are also included in the report to provide an in-depth
view of the market scenario.
Increasing demand for light weighted vehicles to gain higher fuel efficiency is
driving the global automotive plastic market
Automotive plastics are being used in exceptionally advanced ways to make cars safer and
highly fuel efficient. They are at the heart of solutions which make vehicles more lightweight
and help in the reduction of carbon emissions. In addition, it also provides safety benefits to
vehicles by offering airbags and seat belts. Automotive plastics help to facilitate innovative
design and contouring. Rising car makers demand to meet sustainability goals using
recycled materials with a motive to limit environmental pollution has increased automotive
plastic application in several number of car parts.
Global production of lightweight automobiles has been growing in developing and developed
region due to rising demand of passenger cars among urban population. Variability in prices
of crude oil and rapid growth in urban population has surged the demand for automobiles.
Better features such as lower tooling cost, light weight, corrosion resistance, strength and
insulating material are being offered by the automobile industry. These features certainly
improve the designs of the vehicles and appearance. Due to this factor several automotive
manufacturers are replacing traditional automobiles components such as metal with
automotive plastics. Automotive plastic improves vehicles safety by offering advanced
processes and design. The safety concerns among consumers are growing and have been
encouraging world’s top manufacturers of OEMs and Tier One to use automotive plastic to
build innovative solutions for automobile.
The global automotive plastic market is segmented on the basis of product and application.
On the basis of product, the market is segmented into Acrylonitrile Butadiene Stylene,
Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene, Polycarbonate, Polymethyl
methacrylate, Polyamide and others.
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Competitive Dynamics
Companies, such as BASF SE, Evonik Industries AG, LG CHEM., SABIC., Exxon Mobil
Corporation and DowDupont are the key players in automotive plastics which are essential
for global automotive market. In terms of product offerings, SABIC and BASF SE are the
major players in the market, providing automotive plastics for various purposes.
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