Pune, India -- (SBWIRE) -- 04/20/2018 -- Market Research Future (MRFR) recognizes the following companies as the key players in the Global Automotive Plastic Market: BASF SE (Europe), Akzo Nobel N.V. (Europe), Evonik Industries (Europe), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), DSM Company (Europe), Teijin Limited (Japan), The Dow Chemical Company (US), E. I. Du Pont De Nemours and Company (US), LyondellBasell Industries N.V. (US), Quadrant Group Of Companies (Japan), and Others.

Commenting on this report, an analyst from Market Research Future (MRFR)'s team said, "Global Automotive Plastic market size is expected to grow at USD ~56.38 Billion by 2023. The market witnessed a significant growth over the forecasted period owing to growing automotive industry applications such as into interiors body, under bonnet, exterior body, and electrical components.

The major drivers of automotive plastics market are the increasing demand of lightweight materials, government regulations, and improvements in vehicle design in automotive industry. Whereas the major restrains of automotive plastic market are fluctuation in price of raw materials growing environments concern during manufacturing of plastics which can hamper the growth of automotive plastics market.

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Segment Analysis

The Global Automotive Plastic Market has been segmented into types and application industries. On the basis of types, the market has been divided into polypropylene, polyurethane, acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others (Polyvinyl Chloride, Polyethylene). Among these types, polypropylene and polyurethane Automotive Plastic have cover the largest market followed by acrylonitrile-butadiene-styrene, polyamide, polymethyl methacrylate, polycarbonate, and others. Among all polypropylene is highly demand automotive plastic types due to its features such as extremely UV, chemically resistant. It has various application in automotive industry such as automotive bumpers, cable insulation, battery boxes, bottles, petrol cans, chemical tanks, carpet fibers. Other benefits offered by plastic auto parts include minimal corrosion allowing for longer vehicle life, flexibility in designing and integrating components along with easy recyclability of product; which will stimulate Automotive Plastics Market demand.

Furthermore, on the basis of application the market has been segmented into interiors body, under bonnet, exterior body, and electrical components particularly in automotive industry. Among all applications automotive plastic is highly used for electrical parts, exterior and interior applications. Exterior designs of the automobiles are the causes of innovative changes owing to the application of automotive plastic. The automobile manufacturing company can construct more innovative design through automotive plastics rather than steel and other metals with lower manufacturing costs, which is the major driving factor of Global Automotive Plastic Market.

Regional Analysis:

The Global Automotive Plastic Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at a considerably higher CAGR. The presence of the most populated countries of the world such as India and China in this region has augmented the demand for automobiles, which, in turn, is anticipated to fuel the demand for automotive plastic in the region. Moreover, the shifting of the automotive manufacturing base into the region owing to the availability of cheap labor and encouraging government regulations is also contributing to the growth of the market.

The European region is estimated to witness a significant growth during the forecast period. The increasing use of automotive plastic owing to the strict EU regulations is driving the market growth. The implementation of Euro 6 and Euro 7 guidelines is further adding to the market growth.

The North American Automotive Plastic Market is mainly driven by the U.S. and Canada. The presence of the developed automobile industry and increasing adoption rate is contributing significantly to the growth of the market. Moreover, the increasing use of Automotive Plastic by the major automobile manufacturers especially in the highly advance electronics and sophisticated systems in the interiors of a luxury vehicle is further expected to surge the market growth.

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