Automotive Plastics Market Poised to Exceed $30.8 Billion by 2026

1. Automotive Plastics Market for Passenger Cars worth $30.8 billion by 2026- Exclusive Report by MarketsandMarkets™ The report "Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography - Global Forecast to 2026", size is projected to grow from USD 21.1 billion in 2021 to USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period 2021 to 2026. The demand for automotive plastics is mainly driven by passenger car production and the increasing utilization of automotive plastics in vehicle designs. Plastics offer a maximum weight reduction of automobiles, which in turn reduces carbon emissions. There is a growing demand for automotive plastics products from developing economies. Get an Exclusive PDF Sample Copy of This Report at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=506

2. The polyurethane (PU) product type segment accounted for the largest share of the automotive plastics market for passenger cars in 2020. By product type, the PU segment accounted for the largest market share in 2020. PU has various properties such as high stiffness, strength, dimensional stability, high temperature, and abrasion resistance, and low friction characteristics, along with chemical, flame, abrasion, creep, and fatigue resistance, which makes it one of the majorly used plastics. Polyurethanes (PU) are utilized in passenger cars for seat foams, carpet backing, seat overlays, head & armrests, airbag covers, and acoustic insulations. The largest share of PU in terms of value can be attributed to its high cost as compared to other plastics such as PP, PVC, HDPE, among others. The electric car vehicle type is expected to be the fastest-growing segment of the automotive plastics market for passenger cars. By vehicle type, the electric cars segment is expected to be the fastest-growing segment of the automotive plastics market for passenger cars. Electric cars are solely dependent on the lighter parts to improve their driving range as the electrified powertrains enable the exertion of kinetic energy, which decreases the weight reduction. Companies like Volvo have their R&D working on plastics materials that store and discharge electric energy. The plastics are strong and light in weight and enough for the vehicles structural components and body panels. The growth of EVs has improved drastically since 2014 and is expected to register a CAGR of 26.5% by the end of 2026. These factors are expected to drive the growth of the electric cars vehicle type segment during the forecasted period. Request for Bundle Report at https://www.marketsandmarkets.com/RequestBundleReport.asp?id=506 Asia Pacific region accounted for the largest share in the global automotive plastics market for passenger cars in 2020. Asia Pacific accounted for the largest share of the automotive plastics market for passenger cars in 2020. The countries considered for the study in Asia Pacific are China, Japan, India, South Korea, Thailand, Indonesia, among others. Asia Pacific is a leading manufacturing hub for the automotive industry owing to the increasing passenger vehicle production in China and India. The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries. In terms of geography, Asia has the highest production of electric vehicles, making it the largest market for plastic for EVs. Such factors are expected to fuel the growth of the automotive plastics market for passenger cars in the region.

3. BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), LG Chem (South Korea), DuPont (US), Covestro AG (Germany), Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis AG (Austria), among others are the key players operating in the automotive plastics market for passenger cars. Share Your Requirements & Get Customized Reports at https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=506 About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com