PUBLISHER: The Business Research Company | PRODUCT CODE: 1414203
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414203
“Exterior Automotive Plastics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on exterior automotive plastics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for exterior automotive plastics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The exterior automotive plastics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Exterior automotive plastics encompass a range of plastic materials utilized in the production of external components for diverse vehicles. These materials may comprise thermoplastic polymers, composites, bioplastics, or other plastic blends.
The primary categories of exterior automotive plastics consist of thermoplastic polymers, composites, and bioplastics. Polypropylene, a significant member of the polyolefin resin family, undergoes molding or extrusion to form a diverse array of plastic products that necessitate toughness, flexibility, lightweight properties, and heat resistance. Various vehicle types, including passenger cars, commercial vehicles, and others, utilize materials such as polyurethane, polycarbonate, polypropylene, polyethylene, polyamide, polyvinyl chloride, and others. These materials find applications in various components such as bumpers and grills, roofs, lights, liftgates, and more.
The exterior automotive plastics market research report is one of a series of new reports from The Business Research Company that provides Exterior automotive plastics market statistics, including Exterior automotive plastics industry global market size, regional shares, competitors with an Exterior automotive plastics market share, detailed Exterior automotive plastics market segments, market trends, and opportunities, and any further data you may need to thrive in the Exterior automotive plastics industry. This Exterior automotive plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The exterior automotive plastics market size has grown strongly in recent years. It will grow from $12.01 billion in 2023 to $12.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.
The expansion observed in the historical period can be credited to the industrialization of livestock farming, advancements in animal health and productivity, changes in prices of feed ingredients, the global expansion of livestock production, increased awareness of nutrition, and regulatory backing.
The exterior automotive plastics market size is expected to see strong growth in the next few years. It will grow to $16.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated expansion in the forecast period can be ascribed to an increasing need for aquaculture feed, alternative protein sources, heightened biosecurity concerns, the repercussions of climate change, and a growing global demand for animal protein. Notable trends expected in the forecast period encompass technological progress in feed formulation, enhancements in traceability and transparency, the integration of digital technologies, innovations in feed additives, and a focus on sustainable sourcing.
The anticipated growth in the exterior automotive plastics market is expected to be propelled by the increasing demand from the automotive industry. The automotive industry encompasses the sales and production of various vehicles, including passenger vehicles, hybrid vehicles, and motorcycles. Exterior automotive plastics play a crucial role in this industry, contributing to the production of various exterior components such as body panels, bumpers, grilles, mirrors, and trim. These plastics are preferred over traditional materials such as steel or aluminum due to their lighter weight, increased durability, and enhanced resistance to corrosion. For example, in April 2023, Statistics Canada reported a 1.9% increase in the total number of registered road motor vehicles in Canada, reaching 26.2 million in 2021. Additionally, a report by the International Organization of Motor Vehicle Manufacturers (OICA) revealed a global rise in passenger car sales from 53.91 million in 2020 to 56.39 million in 2021. Consequently, the upsurge in demand from the automotive sector acts as a driving force for the exterior automotive plastics market.
The expected growth in the exterior automotive plastics market is also anticipated to be influenced by the growing investments in the automotive industry. Investments in this sector involve the allocation of capital for purposes such as acquisition, development, and support activities related to design, production, distribution, and innovation within the automotive domain. Investments in exterior automotive plastics can contribute to the advancement and wider adoption of these materials in the industry. For instance, in 2022, the Alliance for Automotive Innovation, a US-based manufacturing company, reported a notable increase in investment within the US automotive manufacturing industry, rising from $32 billion in 2021 to $43 billion in 2022. Therefore, the substantial investment in the manufacturing sector acts as a catalyst for the growth of the exterior automotive plastics market.
A noteworthy trend gaining momentum in the exterior automotive plastics market is the widespread adoption of sustainable products. Companies in this market are increasingly embracing sustainable products as a strategic move to maintain their market standing. For example, in September 2021, SABIC, a Saudi Arabia-based company specializing in engineering thermoplastics for lighting components and emerging automotive applications, introduced recycled automotive grades. These grades, part of SABIC's TRUCIRCLE portfolio of circular solutions and services, include environmentally friendly options such as XENOY T2NX2500UV resin, SABIC T2E-3320EH PP compound, and XENOY T2NX5230 resin. These sustainable alternatives contain up to 29% recycled content, offering excellent performance and providing automotive customers with innovative choices to meet sustainability objectives.
Prominent companies in the exterior automotive plastics market are driving innovation by introducing advanced technological products such as nanocellulose fiber-reinforced plastics, offering sustainable solutions for the automotive industry. Nanocellulose fiber-reinforced plastics involve the use of nanocellulose as a reinforcing agent in polymer matrices to create high-performance biocomposites. For instance, in April 2022, Toyoda Gosei Co. Ltd., a Japan-based automotive manufacturing company, developed a cellulose nanofiber (CNF)-reinforced plastic to reduce CO2 emissions over the lifecycle of automotive components. This CNF-reinforced plastic integrates 20% CNF into a general-purpose plastic (polypropylene) used in various automobile interior and exterior components. Although the initial application presented challenges related to reduced impact resistance from CNF inclusion, ongoing developments aim to address this concern.
In October 2022, Aurora Plastics LLC, a US-based plastics fabrication company, completed a merger with Enviroplas Inc., a US-based exterior automotive plastics company, for an undisclosed amount. This strategic merger is poised to expand the product offerings of Aurora Plastics, providing clients with access to a broader selection of products. This collaboration reinforces their shared commitment to delivering exceptional quality and service in the exterior automotive plastics sector.
Major companies operating in the exterior automotive plastics market report are Arkema S.A., BASF SE, Borealis AG, DuPont de Nemours Inc., Royal DSM N.V., Evonic Industries AG, ExxonMobil Corporation, Lanxess, LyondellBasell Industries N.V., Convestro AG, Saudi Arabia's Basic Industries Corporation, Celanese Corporation, Salem Industrial Plastics, Lear Corporation, Magna International Inc., Trinseo S.A., Adient plc, Flex-N-Gate Corporation, Solvay S.A., Teijin Limited, DSM Engineering Plastics, LG Chem Ltd., Kuraray Co. Ltd., Toyoda Gosei Co. Ltd., Sumitomo Chemical Company Limited, Asahi Kasei Corporation, Kautex Textron GmbH & Co. KG, Ravago Group, Plastic Omnium Group, Hanwha Advanced Materials Corp.
Asia-Pacific was the largest region in the exterior automotive plastics market in 2023. The regions covered in the exterior automotive plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the exterior automotive plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The exterior automotive plastics market consists of sales of body panels, and trims. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.