New York (United states):- Report Ocean publicize new report on the Automotive Plastics Market. The Automotive Plastics Market report contains numerous information about factors, such as market restraints, drivers, and opportunities. In addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the Automotive Plastics Market growth. Additionally, the database analyzes and estimates the Automotive Plastics Market both globally and regionally.
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The global automotive plastics market size was US$ 25.3 billion in 2021. The global automotive plastics market is forecast to grow to US$ 41.3 billion by 2030, registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Automotive plastics are recyclable, sturdy, scratch-resistant synthetic material that is used to design and manufacture automobile components. These materials are also abrasion-resistant and reduce vibration and noise. The materials are also deployed to manufacture bumpers, liquid reservoirs, body panels, seats, under-bonnet components, dashboards, fuel systems, interior trim, electrical components, exterior trim, lighting, and upholstery.
Rising demand for lightweight automobiles is the primary factor driving the growth of the market. In addition, growing concerns over air pollution associated with vehicles are forecast to benefit the global automotive plastics market during the study period.
Stringent government regulations regarding car emissions are forecast to benefit the global automotive plastics market.
Advancements in plastics are forecast to offer ample growth opportunities for the market. The introduction of blended thermoplastic materials rapidly gained popularity in the past. Moreover, the growing urbanization, increasing disposable income, and rising working population will benefit the global automotive plastics market during the study period.
The expensive cost associated with automotive plastics may slow down the market growth.
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Asia-Pacific automotive plastics market is forecast to hold dominance during the forecast period. The market growth is also associated with the growing consumer awareness about the ill effects of pollution on health. In addition, stringent government regulations in emerging economies, such as Thailand, China, India, Indonesia, and Vietnam, are forecast to surge the demand for automotive plastics. Furthermore, growing investments in advanced technologies will positively influence the market for automotive plastics.
Europe is forecast to hold the second-largest market share during the study period. Automobile manufacturers are increasingly deploying high-performance plastics due to their energy-efficient properties. In addition, emission standards in the region are forecast to benefit the market players.
The global COVID-19 epidemic has impacted several industries, including the automobile segment. Governments all across the world have imposed a travel ban and stringent lockdown restrictions. Due to these regulations and employment losses, the automotive plastic business has also experienced a significant loss. Furthermore, various workers have lost their employment or had a considerable percentage of their salary deducted. As a result, it created significant challenges for market players to continue the trade activities.
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Middle East & Africa (MEA)
Key questions answered in the Automotive Plastics Market report are:
How does a global company acquire markets?
What are its core strategies and policies?
What factors will influence the Automotive Plastics Market over the forecast period?
What are the factors driving and restraining the market for Automotive Plastics Market?
What are the leading competitors in the global market?
Which region is growing at a higher pace in the global market?
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