03 October 2022
Known as the third largest consumer of plastic and engineered polymers, the automotive sector uses it in manufacturing interior and exterior components of cars. Plastic and polymers are used widely for bumpers, doors, windows, side view mirrors, hoods, grilles, wheel covers, trunk lids, and headlights. The ongoing demand for automotive plastic is primarily because of its high performance, excellent visual appearance, and, more importantly, top-notch mechanical properties. The increased demand has led researchers, experts, and organisations to investigate more and conduct research in this area to gain better insights and make predictions. Hence, Douglas Insights has added automotive plastics market research reports to its comparison engine to make things easier and faster.
Douglas Insights is the world’s first comparison engine. The engine uses multiple research reports to compare and evaluate information. The comparison generates crucial insights and information for analysts to use for quality decision-making. Several automotive companies are actively using the Douglas Insights comparison engine to gain insights into the market trends, share, size, growth drivers, and possible inhibitors. Moreover, the digital tool empowers users to efficiently and effectively compare all existing research, publisher ratings, publication dates, and table of contents.
By comparing valuable information in multiple research reports on the Douglas Insights comparison engine and using the data already available, auto companies can make lucrative investments and decisions to accelerate growth. According to the global automotive plastics market forecast, the compound annual growth rate of the industry from 2022 to 2029 is expected to grow by 7.9 per cent.
Multiple factors trigger the high demand. Some of them include versatile properties of plastic, such as unmatched resistance to corrosion, scratch resistance, easy moldability, toughness, resiliency, durability, and thermal stability. Besides versatility, the automotive plastics market growth can also be attributed to the low cost. As compared to metal, plastic is more affordable. It offers high performance and visual appeal at a pocket-friendly price, thereby increasing the profit margins of the companies operating in the industry.
However, the major restraint for the market is the stringent regulations posed by the government to reduce vehicular emissions. The non-degradable nature of auto plastics poses a constant threat to the ecosystem and environmental sustainability. Automotive companies must research and gain more insights to find better solutions to boost their profit margins while avoiding landfills.
The automotive plastics market is booming locally and internationally. Asia-Pacific has the highest automotive plastics market share globally, followed by regions like North America, Europe, the Middle East, Africa, and South America. The key industry players include AkzoNobel N.V., BASF SE, Covestro, Evonik Industries AG, Johnson Controls, and Magna International, to name a few. These companies are best positioned to meet the market surge owing to their investment in product innovations and proprietary technologies.
The comparison engine by Douglas Insights provides companies in the automotive plastics market the power to evaluate and compare information and research reports fast. Industry players can use this in-depth data and findings concerning challenges, opportunities, market drivers, demographics, and economic factors expected to drive future growth. Accordingly, new strategies and campaigns can be devised to capture and penetrate new markets and experience exponential growth. The shift to plastics from metal has made suppliers and manufacturers rethink new and innovative ways vehicles and materials are designed, constructed, and used.
The demand for automotive plastics is segmented into polycarbonate, polyamide P.A., high density, polyethylene HDPE, Polyvinyl chloride PVC, polypropylene P.P., and acrylonitrile butadiene styrene ABS. Different types of plastics are used to manufacture vehicle components for luxury cars, too, such as infotainment systems, lighting systems, displays, fascia systems, and mishap recording systems.
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