Global Automotive Plastics and Polymers Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Increasing Consumer Demand for Light Weight Vehicles in North America is Driving the Market

The Global Automotive Plastics and Polymers Market is estimated to be USD 25.39 Bn in 2023 and is expected to reach USD 37.49 Bn by 2028 growing at a CAGR of 8.11%.

• Enhanced vehicle design and aesthetics, significant pollution reduction, and maximum mass reduction potential are a few of the key drivers of expanding the passenger car market.
• Strict Emission Regulations Encourage Adoption of Lightweight Materials. The usage of lightweight materials like innovative polymers by manufacturers is being pushed by governments worldwide, implementing severe emission and fuel economy regulations for automobiles. Plastics are a cost-effective alternative to other emissions-reduction technologies because a 10% decrease in vehicle weight can increase fuel efficiency by 6 to 8%.
• The Effect of COVID-19 on Sales of Passenger Cars. The COVID-19 lockdowns caused a significant delay in the worldwide car industry, which affected sales for well-known brands, including Nissan, BMW, and Tesla. 2020 saw a 14% decline in passenger automobile sales, with China, the world's largest market, also impacted. Although recovery started in April, the epidemic had a big impact.
• With the rise of electric vehicles (EVs) due to government support, investments from top companies like Volkswagen and Tesla, and environmental concerns, the EV revolution is altering the automotive scene. Lightweight materials are used in EVs, which increases demand for them and benefits the automotive plastics industry.
• Plastic recycling costs are too high, and there are infrastructure gaps. Plastic recycling is difficult since it requires expensive infrastructure and capital. Recycling is a topic that manufacturers are unaware of, and it calls for sophisticated technologies like magnetic separation and infrared systems. Mixed plastics that are heterogeneous make recycling difficult and impede market expansion.

Market Segmentations

• The Global Automotive Plastics and Polymers Market is segmented based on Product Type, Application, Vehicle Type, and Geography.
• In terms of product types, it includes various materials such as Polypropylene (PP), Polyurethane (PU), Polyvinylchloride (PVC), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), High-Density Polyethylene (HDPE), Polycarbonate (PC), Polybutylene Terephthalate (PBT), and other materials like PMMA, PET, PVDF, PTFE, PFA, PAEK, PPS, PI, and ASA.
• The segmentation when examining applications for passenger cars includes the interior, exterior, under the hood, and other parts, including the chassis and electrical components. The market is divided into sections based on the type of vehicle, with conventional and electric cars being distinguished. The different dynamics within the global market for automotive plastics and polymers for passenger cars are analyzed and understood using this thorough segmentation technique.

Recent Development

• Covestro AG launched a new product, recycled Polyethylene Terephthalate (rPET). The recycled PET has been optimized for 3D pellet printing. This technology, also known as fused granulate fabrication (FGF), allows for fast and economically viable additive manufacturing of large-size parts. This has applications in the automotive industry in manufacturing small interior parts. - May 2021
• DuPont announced the acquisition of Laird Performance Materials (China) for USD 2.3 billion, which will be paid from existing cash balances. The transaction is expected to close in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions. Laird Performance Materials is a world leader in high-performance electromagnetic shielding and thermal management with a comprehensive offering of performance components and solutions that manage heat and protect devices from electromagnetic interference for smart and autonomous vehicles. - March 2021
• Celanese Corporation announced its intent to initiate a three-year plan to expand engineered materials compounding capacities at the company’s Asia facilities, including Nanjing, China; Suzhou, China; and Silvassa, India, to support the significant business growth in engineered materials. - March 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are BASF SE, SABIC, Dow Inc., AkzoNobel N.V., Covestro AG, and Evonik Industries AG.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Plastics and Polymers Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Plastics and Polymers Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Plastics and Polymers Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 and the impact of economic slowdown & impending recession on the market are also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the Proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market