The global exterior automotive plastics market size was USD 11.53 billion in 2021. The market is projected to grow from USD 12.18 billion in 2022 to USD 17.94 billion by 2029 at a CAGR of 5.7% during the 2022-2029 period.
This information is published by Fortune Business Insights, in its report titled, “Exterior Automotive Plastics Market, 2022-2029.”
Deterioration in Plastic Utilization Due to COVID-19 Impacted Market Growth
Numerous nations announced limitations on the mobility of raw materials since the outbreak of COVID-19, influencing the supply chain of exterior automotive plastics. Since the circulation of both raw material supply and finished products was impacted, COVID-19 adversely disturbed the revenues of automotive plastic producers. Surging lockdown limitations across the world declined the demand for plastics from the automotive industry.
Others Segment Responsible for Prime Share due to Huge Inclination toward ABS and PBT
Based on type, the market is segmented into polypropylene, polyurethane, polyamide, polyvinyl chloride, polycarbonate, polyethylene, and others.
The others segment held a prime exterior automotive plastics market share. The segment involves Acrylonitrile Butadiene Styrene (ABS), unsaturated polyester, and polybutylene terephthalate.
Bumpers & Grills Segment to be Quickest Developing Segment owing to Rising Implementation of Polymers in their Making
Based on application, the market is categorized into bumpers & grills, roof, lights, litigate, and others. The bumpers & grills segment held the largest market share in 2021.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints:
Integration of Bioplastics by Automotive Producers to Generate Growth Prospects
Reducing fuel utilization and releases by declining automobile weight is a chief motive and prime concern for automotive producers. However, the surging usage of plastic in automobiles has lifted problems over the product’s environmental influence. Thus, numerous dominating automotive manufacturers across the globe have begun involving bio-based plastics to diminish the environmental effect generated by the products.
However, numerous consumers have raised problems concerning plastic’s ability to maintain its shape and physical properties in the scenarios of harsh utilization. Moreover, growing levels of plastic contamination worldwide jeopardizes the usage of polymers in automobiles.
Asia Pacific to Dominate Backed by Presence of OEMs in the Region
The market in Asia Pacific stood at USD 6.79 billion in 2021. The existence of numerous automotive original equipment manufacturers in the region is fueling the market of exterior automotive plastics.
The market size is predicted to grow in North America, owing to rising demand from prime automotive manufacturers.
The European exterior automotive plastics market growth is principally accredited to the procedures imposed by the European Union (EU) about greenhouse gas releases on automotive producers, thus obligating them to upsurge plastic implementation.
Collaborations among Companies to Safeguard their Brand Values in Global Market
Indispensable players in the market are incessantly rooting for operative strategies to endorse their products and establish their positions in the market. One such tactic is to unveil novel products by teaming up with other companies to expand their reach to end-users.
Key Industry Development:
September 2021: Porsche and its dominating material provider, involving Covestro, Borealis, and Domo Chemicals, declared a collaboration with Circularise to empower plastics traceability on blockchain and guarantee that the utilization of sustainable materials in Porsche vehicles can be confirmed. This development would assist companies to decrease the carbon trail and to make supply chain more apparent.
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