The automotive industry is growing at a significant CAGR from the past few decades. To enhance component material performance and chemical corrosion resistance, engineered polymers are widely used in automotive industry. Automotive polymers are provides corrosion resistance, toughness, design flexibility, durability, relatively higher performance at low cost, and reduced components weight. There are numerous types of polymers applied in the automotive industry such as – high-density polyethylene, low-density polyethylene, polypropylene, polyvinyl chloride, polystyrene, polypropylene, polyethylene terephthalate, and among others. The automotive polymers are used in the manufacturing of interior furnishing, exterior furnishing, powertrain, chassis, headlights, windows, mirrors, hoods, and also applied for under the hood components.
Global Automotive Polymers Market: Market Dynamics
Shifting consumer preferences towards the lightweight vehicles coupled with fuel conservation estimated to fuel global automotive polymers market in the near future. Automotive polymers have superior properties, such as versatility & flexibility, and help to innovate automotive parts in term of technologies and designs. Attributing to this factors, global automotive polymers market expected to grow at a significant growth rate by the end of the forecast period. Growth in the automotive industry and related production rate of vehicles in turn is expected to drive the global automotive polymers market. Furthermore, increased emphasis on research and development activities to launch new technology and a more advanced version of automobiles with updated features will propel the growth of automotive polymers market.
On the other hand, rising prices of automotive polymers and increased concern towards the alternative-plastic materials i.e. carbon fibers by automobiles manufactures. These are key restraining factors for the global automotive polymers market. In FY2016, HANWHA AZDEL (key manufacturer of automotive polymers) announced to expand its production capacity for lightweight reinforced thermoplastic at its plant in Lynchburg, USA. This kind of organic growth across manufactures will act as a key trend for global automotive polymers market
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Global Automotive Polymers Market: Market Segmentation
Global automotive polymers market can be segmented on the basis of product type, vehicles, application areas, sales channel, and regions. On the basis of product type, global automotive polymers market can be segmented as mentioned below:
- High Density Polyethylene (HDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Low Density Polyethylene (LDPE)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephathalate (PET)
On the basis of vehicles, global automotive polymers market can be segmented as mentioned below:
- Passenger Car
- Low Commercial Vehicles (LCV)
- High Commercial Vehicles (HCV)
On the basis of application areas, global automotive polymers market can be segmented as mentioned below:
- Interior Furnishing
- Exterior Furnishing
On the basis of sales channel, global automotive polymers market can be segmented as mentioned below:
- Original Equipment Manufacturers (OEM)
Global Automotive Polymers Market: Regional Outlook
The global automotive polymers market depend upon the number of automobiles produced in the region. The production rate of the automobile is relatively high in Latin America and the Asia Pacific, especially in China. In turn, the Asia Pacific region estimated to capture significant market share in the global market during the forecasted period. Furthermore, Latin America automotive production is growing at a healthy growth rate which helps to give a push to the Latin America automotive polymers market by the end of 2028.
The automotive market in Europe and North America are estimated to grow at a stagnant growth rate from the recent past. As a result, automotive polymers market in these regions anticipated to grow at a sluggish growth rate during the forecast period
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Global Automotive Polymers Market: Industry Participants
Global automotive polymers market estimated to be more fragmented due to presence of small and international manufacturer of automotive polymers. Few of them identified across the value chain of global automotive polymers market which is – Solvay S.A., Intertek Group plc., SABIC, LyondellBasell, ThermoFishcher, Evonik Industries AG, Hanwa Azdel Inc., BASF SE, Akzo Nobel N.V., Grupo Antolin-Irausa S.A., Magna International, Inc., Covestro AG, Johnson Controls and among others
The global automotive polymers research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. Global automotive polymers market also contains projections using a suitable set of assumptions and methodologies. The research report on global automotive polymers market provides analysis and information according to market segments such as geographies, application, and industry.