Manufacturers in the automotive industry have commenced producing 3D printed cars, as the production of the cars with this technology will aid in cutting down on expenses in terms of texture and design.
According to the study at Future Market Insights (FMI), the global automotive plastic market is expected to secure US$ 28.5 Billion in 2022 and reach US$ 45 Billion by 2032. During the forecast period from 2022-2032, the market is likely to display a CAGR of 4.67%.
The growth of automotive engineering plastics in the market can be attributed to the manufacturers’ increasing focus on reducing vehicle weight. Players in the industry are taking various initiatives to strengthen their position in the market during the assessment period. For instance, in 2021, Covestro AG rolled out a new product, recycled Polyethylene Terephthalate (rPET).
The recycled PET has been optimized for 3D pellet printing. This technology is also called fused granulate fabrication (FGF). It allows for speedy and economically viable additive manufacturing of large-size parts.
Governments across the globe are focusing to curb emissions and introduce fuel economy regulations for vehicles. Implementations of such regulations have forced automotive OEMs to boost the application of lightweight materials like plastics. Advanced plastics aid in ensuring the fuel economy of a vehicle while assuring safety and performance.
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For instance, the U.S. is regulated by the National Highway Traffic Safety Administration (NHTSA) and EPA. As per the regulations, the rule establishes standards that would demand an industry-wide fleet average of approximately 49 mpg for passenger cars and light trucks in the model year 2026, by increasing fuel efficiency by 8% annually for model years 2024 and 2025 and 10% annually for the model year 2026.
On the contrary, safety issues associated with the consumption of plastic are expected to hamper the automotive plastic market during the forecast period. Ban on the plastic application is projected to limit the industry for automotive polymers as they create disposable issues that harm the environment. Such factors are expected to hinder the market in the forecast period.
Key Takeaways from the Study:
“Increasing demand for EVs and growing implementation of stringent rules to curb carbon emission are expected to benefit the market significantly during the forecast period,” says an FMI analyst.
Competition Analysis
Key players in the global automotive plastic market include LyondellBasell Industries Holdings B.V, Evonik Industries, BASF SE, Arkema Group, DuPont de Nemours, Inc., The Dow Chemical Company, Hexion Inc., Momentive Performance Materials, Hanwha Group, Saudi Basic Industries Corporation (SABIC), Formosa Plastics, Sumitomo Chemical Co., Ltd., Mitsui Chemicals, Inc., Zoltek, Covestro AG, and Eastman Chemical Company.
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Recent Updates from the Industry Include:
Key Segments Profiled in the Global Automotive Plastics Market
By Material Type:
By Application:
By End Use:
By Region:
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Future Market Insights, in its new offering, presents an unbiased analysis of the global automotive plastic market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of Material Type, Application, End Use & Region.
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, and is headquartered in Delaware, USA. A recipient of the Clutch Leaders Award 2022 on account of a high
Mar 20, 2023