Global Automotive Plastics Market size worth over USD 35 billion by 2027

According to a new research report by Global Market Insights Inc., the Automotive Plastics Market size is set to surpass USD 35 billion by 2027.
 

Automotive plastics are used in vehicles owing to their ability to provide good thermal insulation and high performance. Plastics can be compression molded, injection molded, and blow molded to create a wide range of flexible or rigid plastic products used in automotive applications. Plastics such as polypropylene, acrylonitrile butadiene styrene, polyethylene, polyvinyl chloride, polycarbonate, polyamide and polymethyl methacrylate, among others are used in various automotive such as trucks, passenger cars and commercial vehicles. Plastics reduce car manufacturing cost, decrease time & efforts required in vehicle assembly and provide enhanced design flexibility.
 

Good thermal stability, flexibility and flame retardant properties of polyvinyl chloride should support business growth

Global automotive plastics market from polyvinyl chloride (PVC) product was valued at over USD 1.4 Billion in 2027. Remarkable properties of PVC including its excellent thermal stability, flexibility and flame retardancy should boost product demand, in turn stimulating market growth. The product is widely used in automotive industry owing to its wide application in sheathing electrical cables, instrument cables, automobile doors and pipes.
 

PVC molding compound can be injection molded, blow molded and compression molded to obtain a variety of flexible and rigid products for use in automotive applications such as instrument panel which should accelerate product demand in turn stimulating the automotive plastics market revenue growth over the projected time span. PVC is widely used in dashboards and car tanks owing to its ability to provide sleek finish.
 

Also, the excellent shock absorption properties of PVC facilitate to use in soft dashboards to reduce injury in case of impact. The fire-retardant property of the material drives its application in vehicle air bags, contributing to overall vehicle safety.
 

Polyvinyl chloride enhances safety in vehicles, increases cost effectiveness, improves vehicle quality and reduces their impact on environment by reducing vehicular emissions. PVC is a material with comparatively low energy consumption which cuts down the depletion of natural resources. The trend towards adoption of sustainable initiatives in vehicle manufacturing is likely to drive the automotive plastics market share.
 

Browse key industry insights spread across 200 pages with 168 market data tables and 41 figures & charts from the report, “Automotive Plastics Market Size By Product (Acrylonitrile Butadiene Styrene, Polypropylene, Polyurethane, Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl Methacrylate, Polyamide (Nylon 6, Nylon 6,6), By Application (Power Trains, Electrical Components, Interior & Exterior Furnishings, Under the Hood, Chassis),  Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-plastics-market
 

Increasing focus of vehicle manufacturers on improving aesthetic appearance and safety in vehicle interior and exterior furnishing should stimulate market growth

Automotive plastics market demand from interior and exterior furnishing application is expected to exceed USD 11 billion by 2027. Manufacturer inclination towards replacement of metals with plastic to reduce the risk of fatal injury during accidents should boost demand for automotive plastics from vehicle interior application. Rising consumer demand for vehicles with improved aesthetic appeal should boost product demand thereby accelerating growth of automotive plastics market.

Polyurethane interior offers durability and abrasion resistant owing to which it finds promising applications in interior of vehicles. Ability of polyurethane to deliver required strength and enhance the vehicle aesthetics is likely to widely facilitate its use in interior of vehicles. PVC offers good flexibility, flame retardance and thermal stability owing to which it finds applications in vehicle interior.
 

Plastics are widely used in vehicle cladding to reduce corrosion due to salt and water on metal surfaces and improve fuel efficiency by making vehicles lighter. Nowadays, recycled plastics are finding increasing usage in applications such as replacement bumpers, wheel liners, seat cushions and splash guards.
 

Furthermore, benefits offered by automotive plastics, including weather resistance and protection against chance of corrosion, extreme heat, and water exposure is likely to facilitate its use in automotive exterior applications. Growing demand for renewable plastics in vehicle design, energy saving, and improved car performance is likely to fuel automotive plastics market growth.
 

Increase in demand for commercial vehicles from agriculture and e-commerce sector should drive market growth in Latin America

Latin America automotive plastics market was valued at around USD 830 Million in 2020 and is slated to exceed USD 1.5 Billion by 2027. Latin America automotive plastics market should witness healthy growth over the forecast period owing to availability of adequate raw material, and increased exports of plastic machinery and molds. The region has presence of plastic processors mainly focused on plastic recycling which are used for manufacturing various products including automotive parts.
 

Low cost of plastics and increasing demand for light weight vehicles is anticipated to create new opportunities for automotive plastics market growth in region. Moreover, the region is extensively focused on research and developments of plastics used in various industries including automotive industry, which is likely to fuel product demand. Latin America region offers lucrative opportunities for the growth of automotive sector owing to aging vehicle population that requires continuous maintenance and replacement services coupled with continuously increasing production and consumption volumes of vehicles.