Pune, India, July 17, 2022 (GLOBE NEWSWIRE) — The global exterior automotive plastics market size was USD 11.53 billion in 2021. The market is projected to grow from USD 12.18 billion in 2022 to USD 17.94 billion by 2029 at a CAGR of 5.7% during the 2022-2029 period. This information is published by Fortune Business Insights, in its report titled, “Exterior Automotive Plastics Market, 2022-2029.”
Deterioration in Plastic Consumption Due to COVID-19 has Affected Market Growth
Numerous economies imposed limitations on the movement of raw materials from the outbreak of novel coronavirus in 2019, influencing the supply chain of exterior automotive plastics. Rising lockdown limitations across the world declined the demand for plastics from the automotive industry.
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List of Key Players Mentioned in the Exterior Automotive Plastics Market Report are:
- Arkema (France)
- BASF SE (Germany)
- Borealis AG (Austria)
- Dupont (U.S.)
- DSM (Netherlands)
- Evonik Industries (Germany)
- Exxonmobil (Texas)
- Lanxess (Germany)
- LyondellBasell (Netherlands)
- Covestro AG (Germany)
The report presents a systematic study of the market segments and a comprehensive analysis of the market overview. A thoughtful evaluation of the present market trends as well as the future prospects is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they aid to shape market growth.
The COVID-19 impacts have been discussed in the report to assist investors and business owners with an enhanced perception of the latent threats present in the market. The report further mentions the prime players and their prominent strategies to stay in the leading position.
Exterior Automotive Plastics Market Report Scope & Segmentation:
|Market size value in 2021||USD 11.53 billion|
|Revenue forecast in 2029||USD17.94 billion|
|Growth Rate||CAGR of almost 5.7 % 2022-2029|
|Historic Years||2018 – 2021|
|Forecast Years||2022 – 2029|
|Segments Covered||By Type (Polypropylene, Polyurethane, Polyamide, Polyvinyl Chloride, Polycarbonate, Polyethylene, and Others)|
By Application (Bumpers & Grills, Roof, Lights, Liftgate, and Others)
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2022 to 2029|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||Arkema (France), BASF SE (Germany), Borealis AG (Austria), Dupont (U.S.), DSM (Netherlands), Evonik Industries (Germany) , Exxonmobil (Texas), Lanxess (Germany), LyondellBasell (Netherlands), Covestro AG (Germany)|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Others Segment Held Large Share owing to Great Inclination toward ABS and PBT
Based on type, the market is segmented into polypropylene, polyurethane, polyamide, polyvinyl chloride, polycarbonate, polyethylene, and others.
The others segment held the largest exterior automotive plastics market share. This segment involves unsaturated polyester, Acrylonitrile Butadiene Styrene (ABS), and polybutylene terephthalate.
Bumpers & Grills Segment to be Swiftest Growing Segment due to Growing Use of Polymers in their Making
Based on application, the market is categorized into bumpers & grills, roof, lights, litigate, and others. The bumpers & grills segment held the largest market share in 2021.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints:
Surging Demand for Plastic from Automotive Sector to Drive Market Growth
The utilization of exterior automotive plastics is rising with the upsurge in demand for lightweight automobiles. Strict environmental guidelines and security standards executed by the governments have forced the automotive Original Equipment Manufacturers (OEMs) to substitute metal apparatuses with those made from polymers. The usage of polymers in the automotive decreases the automobile’s aggregate weight, thus surging its fuel productivity and profiting in the deterioration of greenhouse gas releases.
Asia Pacific to Dominate Backed by Presence of OEMs in the Region
The market in Asia Pacific stood at USD 6.79 billion in 2021. The occurrence of various automotive Original Equipment Manufacturers (OEMs) in the region is navigating the market.
The market size is anticipated to grow in North America, specifically owing to rising demand from prime automotive players.
The growth of the European market is chiefly attributed to the rules imposed by the European Union (EU) about greenhouse gas productions on automotive makers, thereby obligating them to upsurge plastic adoption.
Procurements Commenced by Prime Corporations to Encourage Market Growth
The dominating players in the market incessantly root for effective strategies to boost their brand value as well as endorse the global exterior automotive plastics market growth. One such proficient strategy is procuring competitive companies and further safeguarding a profit for both corporations.
Browse Detailed Summary of Research Report with TOC:
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Value Chain Analysis
- Impact of COVID-19 on the Market
- Average Volume of Exterior Automotive Parts, By Application
- Global Exterior Automotive Plastics Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Type (Volume/Value)
- Polyvinyl Chloride
- By Application (Volume/Value)
- Bumpers & Grills
- By Region (Volume/Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
Key Industry Development:
January 2020: BASF SE accomplished the procurement of Solvay’s polyamide business. The attainment expanded the company’s polyamide competences with innovative products such as Technyl. This permitted the company to sustain its customers with enhanced engineering plastics solutions for e-mobility and autonomous driving. Additionally, the transaction refined the company’s admittance to markets in Asia as well as in South and North America.
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