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Automotive Plastics Market Share

Report ID: GMI110
Published Date: Feb 2022
Report Format: PDF

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Global Automotive Plastics Market Share

The automotive plastics industry is competitive and includes various companies such as the

Dupont
Teijin Ltd
Solvay SA
SABIC
BASF SE
DSM
Evonik Industries
Arkema SA
LG Chem
Borealis AG
LyondellBasell
Covestro AG

Companies are primarily engaged in market strategy such as expanding production capacity, merger, and acquisitions for business growth.

In June 2021, HDT automotive solutions LLC agreed to acquire Veritas AG. The deal would advance HDT’s innovative material science and connection expertise across rubber, plastics, metal fluid connecting devices for diverse automotive applications. This acquisition would also expand the engineering capabilities of HDT to provide thermodynamics systems for the growing electric and hybrid vehicle market.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The global automotive plastics market is slated to exceed $57.15 billion by 2032 and is predicted to showcase more than 11% CAGR between 2024 and 2032.

The polyurethane segment exceeded $5 billion in the global automotive plastics market in 2020 due to the product’s ability to offer protection to a car’s exterior surface against heat, corrosion, and scratches.

The overall industry value from the chassis application is expected to go past $2.5 billion by 2027 as plastics offer various benefits to the automotive chassis, such as higher stiffness, lightweight, and low cost, thereby amplifying its efficiency.

North America automotive plastics market share is projected to cross $5 billion by 2027 due to the rising demand for lightweight and fuel-efficient vehicles among customers.

Renowned organizations, such as Teijin Ltd, SABIC, BASF SE, Solvay SA, Evonik Industries, DSM, Arkema SA, Covestro AG, and Borealis AG, among many others, are favoring the global automotive plastics market outlook.