DUBLIN--(BUSINESS WIRE )--The "Automotive Plastics Market Size, Share & Trends Analysis Report By Product (Polypropylene, Polyvinyl Chloride), By Process (Injection Molding, Blow Molding), By Application, By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
Automotive Plastics Market Growth & Trends
The global automotive plastics market size is expected to reach USD 43.4 billion by 2030, according to a new report. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. A rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel the market growth.
The polyurethane product segment is anticipated to witness significant growth over the forecast period owing to its ability to infuse the characteristics of both plastics and rubber at a lower weight compared to metal and other plastic materials. Increasing product demand from the automotive industry for use in refrigeration insulation, interior trims, and seat cushioning is expected to boost product demand over the forecast period.
The power train application segment is expected to witness the fastest growth over the forecast period. The rising application of plastics in powertrain engineering is expected to support market growth in the coming years. It helps the manufacturers of vehicles reduce weight and integrate complex parts, which ultimately boosts performance, delivers higher productivity, and saves cost.
According to research conducted by E. I. du Pont de Nemours and Company, currently, plastics penetration stands at 110-120 kilograms per car depending on the engine size and region, while manufacturers are still exploring other new opportunities for the usage of plastics.
In Asia Pacific, the market is expected to register the fastest CAGR during the forecast period. The growing automotive industry, coupled with the rising population and increasing disposable income of middle-class families in the emerging economies of the region, is likely to be the primary driving factor in the coming years.
Moreover, strong government support and initiatives and increasing investment by the government are propelling the growth of the automotive industry in the region, which, in turn, is anticipated to fuel the demand for the product in the region. In November 2021, the Indian Oil Corporation (IOC) and two other public sector oil companies declared plans to build 22,000 charging stations for electric vehicles over the next three to five years.
Automotive Plastics Market Report Highlights
Chapter 3 Automotive Plastics Market Variables, Trends, & Scope
3.2 Penetration & Growth Prospect Mapping
3.6 Business Environment Analysis: Automotive Plastics Market
Chapter 4 Automotive Plastics Market: Product Estimates & Trend Analysis
4.1 Automotive Plastics Market: Product Movement Analysis, 2021 & 2030
Chapter 5 Automotive Plastics Market: Application Estimates & Trend Analysis
5.1 Automotive Plastics Market: Application Movement Analysis, 2021 & 2030
Chapter 6 Automotive Plastics Market: Process Estimates & Trend Analysis
6.1 Automotive Plastics Market: Process Movement Analysis, 2021 & 2030
Chapter 7 Automotive Plastics Market: Regional Estimates & Trend Analysis
For more information about this report visit https://www.researchandmarkets.com/r/ccyxwz
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900