Engineering Plastics in Automotive Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2031)
Engineering Plastics in Automotive Introduction
The Global Market Overview of "Engineering Plastics in Automotive Market" offers a unique insight into key market trends shaping the industry world-wide and in the largest markets. Written by some of our most experienced analysts, the Global Industrial Reports are designed to provide key industry performance trends, demand drivers, trade, leading companies and future trends. The Engineering Plastics in Automotive market is expected to grow annually by 7.1% (CAGR 2024 - 2031).
Engineering plastics in automotive refer to high-performance plastics that are specifically designed for use in the automotive industry. These materials are durable, lightweight, and have excellent mechanical properties, making them ideal for a wide range of applications in vehicles, such as engine components, interior panels, and exterior body parts.
The purpose of using engineering plastics in automotive is to reduce the weight of vehicles, improve fuel efficiency, enhance safety, and increase durability. By replacing traditional metal parts with engineering plastics, automakers can achieve these goals while also reducing costs and improving overall performance.
Advantages of engineering plastics in automotive include their high strength-to-weight ratio, corrosion resistance, and ability to be molded into complex shapes. These materials also offer design flexibility, noise reduction, and thermal insulation properties.
The increasing demand for lightweight materials in the automotive industry is expected to drive the growth of the engineering plastics market, as automakers continue to look for ways to improve fuel efficiency and reduce emissions. The use of engineering plastics in automotive is projected to have a significant impact on the market, with a forecasted growth in the coming years.
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Market Trends in the Engineering Plastics in Automotive Market
- Lightweighting: As automakers seek to reduce vehicle weight for improved fuel efficiency and performance, the use of engineering plastics in automotive components is increasing.
- Electric vehicle surge: The growing demand for electric vehicles is driving the adoption of engineering plastics for battery components, interiors, and lightweight structural components.
- Sustainability: Consumer preferences for environmentally friendly materials are leading automakers to incorporate more recyclable and bio-based engineering plastics in vehicle design.
- Advanced materials: Continued advancements in engineering plastics technology are enabling the development of high-performance, durable, and temperature-resistant materials for automotive applications.
- Integration of smart technologies: The integration of sensors, connectivity, and electronics in vehicles is creating new opportunities for engineering plastics to enable smart features and functions.
The Engineering Plastics in Automotive Market is expected to grow significantly in the coming years, driven by these trends that align with the industry's focus on performance, sustainability, and innovation.
Market Segmentation
The Engineering Plastics in Automotive Market Analysis by types is segmented into:
- Thermosetting Type
- Thermoplastics Type
In the automotive industry, engineering plastics play a vital role in various components, with thermosetting and thermoplastics being the two main types used. Thermosetting plastics are known for their high strength and heat resistance, making them suitable for applications such as under-the-hood components. On the other hand, thermoplastics offer flexibility and ease of processing, making them ideal for interior and exterior parts. The diverse properties of these materials help in enhancing the overall performance and durability of automotive components, thereby driving up the demand for engineering plastics in the automotive market.
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The Engineering Plastics in Automotive Market Industry Research by Application is segmented into:
- Automotive Body & Roof Panels
- Automotive Hood
- Automotive Chassis
- Interiors and Others
Engineering plastics are widely used in automotive applications such as body and roof panels, hoods, chassis, interiors, and others due to their lightweight, high strength, and durability properties. In body panels, plastics like ABS and polycarbonate are used for their impact resistance and design flexibility. In chassis applications, plastics like polyamide are used for improved fuel efficiency. The fastest growing application segment in terms of revenue is automotive interiors, where plastics like polypropylene and PVC are used for their aesthetic appeal and cost-effectiveness, replacing traditional materials like wood and metal.
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Geographical Spread and Market Dynamics of the Engineering Plastics in Automotive Market
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The Engineering Plastics in Automotive market in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa is driven by increasing demand for lightweight materials in automotive manufacturing. Key players such as Toray, Teijin, SGL Carbon, and BASF are investing in research and development to introduce innovative solutions for improved fuel efficiency and reduced emissions. The market is expected to grow at a steady pace due to strict emissions regulations and the increasing popularity of electric vehicles. Market opportunities include expanding product portfolios, strategic partnerships, and investments in emerging markets. Overall, the market is characterized by intense competition and the need for continuous innovation to meet evolving customer demands.
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Engineering Plastics in Automotive Market Growth Prospects and Market Forecast
The expected CAGR for the Engineering Plastics in Automotive Market during the forecasted period is estimated to be around 7-9%. The growth is expected to be driven by increasing demand for lightweight and durable materials in the automotive industry to improve fuel efficiency and reduce emissions.
Innovative growth drivers for the Engineering Plastics in Automotive Market include advancements in material technology, such as the development of high-performance polymers with enhanced properties like heat resistance, impact strength, and chemical resistance. Furthermore, the adoption of engineering plastics for interior applications, such as dashboards, seating, and door panels, is expected to drive market growth.
Deployment strategies that can increase the growth prospects of the Engineering Plastics in Automotive Market include collaborations between material suppliers and automotive manufacturers to develop customized solutions for specific applications. Additionally, leveraging additive manufacturing technologies for producing complex parts with engineering plastics can provide opportunities for market expansion.
Overall, the Engineering Plastics in Automotive Market is expected to witness significant growth driven by innovation and strategic partnerships, further fueled by the increasing focus on sustainability and environmental regulations in the automotive industry.
Engineering Plastics in Automotive Market: Competitive Intelligence
- Toray
- Teijin
- Borealis
- SGL Carbon
- Hexcel
- SABIC
- Solvay
- DIC
- Celanese
- Kureha
- SK Chemical
- Sumitomo Chemical
- BASF
- Covestro
- Lyondellbasell
- Mitsubishi Rayon
- Lanxess
1. Toray: Toray is a leading player in the automotive engineering plastics market. The company has a strong track record of innovation and has been investing heavily in research and development to develop new materials for the automotive industry. Toray has a global presence and has been expanding its market reach by forming strategic partnerships with key players in the industry.
2. Teijin: Teijin is known for its innovative approach to developing high-performance materials for the automotive sector. The company has a strong focus on sustainability and has been developing lightweight materials to improve fuel efficiency in vehicles. Teijin has a diverse product portfolio and has been growing its presence in key markets around the world.
3. SABIC: SABIC is a major player in the automotive engineering plastics market, offering a wide range of high-performance materials for automotive applications. The company has a strong focus on innovation and has been investing in developing new materials to meet the evolving needs of the industry. SABIC has a global footprint and has been expanding its market presence through strategic partnerships and acquisitions.
- Toray: $ billion (2019)
- Teijin: $7.9 billion (2019)
- SABIC: $32.6 billion (2019)
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