Plastic Market Size – USD 29.22 Billion in 2018, Growth - CAGR of 11.1%, Trends –Development in automobile technology, new research in material composition in Plastic market
The Plastic market has been growing steadily over the past few years, driven by increasing demand for lightweight materials, improved fuel efficiency, and reduced emissions in the automotive industry. Plastics are used in various applications such as interior and exterior components, under-the-hood parts, electrical components, and others.
Plastics are lighter than metals and can help reduce the weight of vehicles, thereby improving fuel efficiency and reducing emissions.
Moreover, the growing demand for electric vehicles (EVs) is further driving the market growth. EVs require lightweight materials to increase their driving range, and plastics are ideal for this purpose.
In terms of geography, Asia-Pacific is the largest market for Plastics, owing to the presence of several major automotive manufacturers in the region such as Toyota, Honda, and Hyundai. North America and Europe are also significant markets for Plastics, driven by the demand for lightweight materials and the increasing adoption of EVs in the region.
However, the high cost of Plastics compared to traditional materials such as steel and aluminum is a major challenge for the market growth. Additionally, the recycling of Plastics is still a major issue, as many plastics are not easily recyclable and end up in landfills.
Overall, the Plastic market is expected to witness significant growth in the coming years, driven by the increasing demand for lightweight and high-performance materials in the automotive industry, the growing adoption of EVs, and the development of innovative plastic materials and technologies.
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Top Leading Players in The Global Plastic Market Are:
Magna International Inc., Covestro AG, Borealis AG, Compagnie Plastic Omnium, Adient plc, Lear Corporation, Evonik Industries AG, SABIC, Grupo Antolin-Irausa S.A., Teijin Ltd., Royal DSM N.V., Johnson Controls International PLC, Momentive Performance Materials
Segments covered in the report:
By Types (Revenue, USD Million; 2016–2026)
- Polyvinyl Chloride
By Applications (Revenue, USD Million; 2016–2026)
- Electric component
- Under Bonnet
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Plastic Market Upcoming Growth:
The global Plastic market is expected to witness significant growth in the coming years. Plastic materials have gained popularity as an alternative to traditional metal components in the automotive industry. These materials are lightweight, cost-effective, and offer excellent mechanical properties, such as impact resistance and durability. The growing demand for fuel-efficient vehicles and strict government regulations regarding emissions are driving the adoption of lightweight materials in the automotive industry, which, in turn, is fueling the growth of the Plastic market.
The Asia Pacific region is expected to dominate the global market, owing to the presence of major automobile manufacturers, such as Toyota, Hyundai, and Honda, in the region. Additionally, the increasing demand for vehicles in developing countries, such as China and India, is expected to boost the growth of the Plastic market in the region.
The use of plastic materials in automotive applications has been steadily increasing, and the trend is expected to continue in the coming years. The development of new plastic materials with improved properties, such as high temperature resistance and flame retardancy, is also expected to contribute to the growth of the Plastic market. The electric vehicle market is also expected to drive the demand for plastic materials, as these vehicles require lightweight materials for better efficiency.
In conclusion, the Plastic market is expected to experience significant growth in the coming years due to the increasing demand for lightweight materials in the automotive industry, strict government regulations, and the development of new plastic materials with improved properties. The Asia Pacific region is expected to dominate the global market due to the presence of major automobile manufacturers and the increasing demand for vehicles in developing countries.
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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