According to the new market research report “Automotive Plastics Market for Passenger Cars by Type (Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polyamide, HDPE, Polycarbonate, PBT), Application (Interior, Exterior, Under Bonnet), and Region – Global Forecast to 2027″ published by MarketsandMarkets™, The automotive plastics market for passenger cars is to grow from USD 28.2 billion in 2018 to USD 51.6 billion by 2027.
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The major growth driver for the market is the increasing demand for advanced and lightweight plastic material components that help in significant reduction of carbon emissions.
Key players operating in the automotive plastics market for passenger cars include Magna International Inc. (Canada), Lear Corporation (US), Adient plc (Ireland), BASF SE (Germany), Compagnie Plastic Omnium (France), Borealis AG (Austria), Covestro AG (Germany), Evonik Industries AG (Germany), SABIC (Saudi Arabia), and Grupo Antolin-Irausa S.A. (Spain). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, agreements, and collaborations, to expand their presence and increase their shares in the automotive plastics market for passenger cars.
The growth of the automotive plastics market for passenger cars has been largely influenced by expansions and new product launches that took place between 2014 and 2018. Companies such as Magna International Inc., Lear Corporation, Adient plc, BASF SE, Compagnie Plastic Omnium, Borealis AG, Covestro AG, and Evonik Industries AG have adopted the abovementioned strategies to expand their regional presence and enhance their product offerings.
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Magna International Inc. is one of the leading manufacturers of automotive plastics for passenger cars globally. The company has been focusing on expansions, acquisitions, and new product launches to maintain its leading position in the market. For example, in May 2017, the company commissioned a new seating manufacturing site in Odžaci, Serbia. This new manufacturing facility is expected to help the company supply seating components to its growing customer base in Europe and globally. The company, in April 2017, also formed a joint venture with Hubei Aviation Precision Machinery Co., Ltd. (HAPM), a leading automotive seating manufacturer in China. This joint venture helped the company to strengthen its seating business in the APAC region.
Lear Corporation is another major player in the automotive plastics market for passenger cars. The company has been focusing on expansions and acquisitions as part of its strategic development activities. In October 2017, the company opened an innovation center in Detroit, US, for the development of new automotive products and technologies. In April 2017, the company acquired the automotive seating business of Grupo Antolin-Irausa S.A. (Spain). This acquisition helped the company to expand its automotive seating business portfolio.
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