• Stacy Lawlor

Global Automotive Plastics Exterior Parts Market Size to grow $28.01 bn by 2028

The Global Automotive Plastics Exterior Parts Market Size is projected to grow from USD 21.03 billion in 2020 to USD 28.01 billion by 2028 at a CAGR of 4.7% during the forecast period.

Global Automotive Plastics Exterior Parts Market Size to grow $28.01 bn by 2028

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Plastic automotive exterior parts is a word that refers to the plastic exterior elements of a vehicle. Bumpers, quarter panels, door panels, and other body-frame-attached components fall under this category. Plastic automotive exterior parts are in high demand due to the growing trend of employing plastics in the automotive sector. These parts in automobiles help to design and functionality of the vehicle.


The COVID-19 epidemic has disrupted the worldwide automotive supply chain. The initial supply and manufacturing sector isn't the only one that's been disrupted. Due to lockdown implementation in various areas of the world, the whole automobile industry has been impacted, resulting in an unpredictable recovery period. During the COVID-19 pandemic, the automotive sector is currently facing four key challenges such as a drop in new vehicle sales, lack of car parts, the closure of manufacturing facilities, and decrease in working capital.

Global Automotive Plastics Exterior Parts Market Size

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Increasing Production of EVs Provides Lucrative Opportunity


The arrival of electric vehicles (EVs) has resulted in a technical shift in the automobile sector. These vehicles outperform their internal combustion counterparts in terms of performance. Increased environmental awareness, government support and incentives, and COMMERCIAL VEHICLE expenditures have all prepared the road for electric vehicles. Volkswagen, BMW, Ford, Tesla Motors, General Motors, and Toyota are among the major automakers that have entered the electric vehicle market. Electric vehicles are more efficient, energy independent, and superior to gas-powered vehicles. Due to electric vehicles have low-power engines, lightweight materials are used to increase the engine's pulling capability. As a result, the growing demand for electric vehicles (EVs) presents an opportunity for the automotive plastics exterior parts market to expand during the forecast period.


Adoption of Lightweight Materials Due to Stringent Emission and Fuel Economy Regulations


Several governments throughout the globe have enacted strict automobile pollution and fuel economy rules. These laws have driven automakers to employ more lightweight materials, such as plastics, in their vehicles. Advanced plastics materials improve a vehicle's fuel economy while also maintaining its safety and performance. Fuel efficiency can be improved by 6 to 8% with a 10% reduction in vehicle mass. The usage of plastics in vehicles saves fuel consumption since less weight requires less energy to accelerate. Greenhouse gas (GHG) reduction methods, such as valve timing modification, aerodynamic design, turbocharging, and the introduction of hybrid, plug-in hybrid, and fuel cell systems in automobiles, can cut carbon emissions in passenger cars. These technologies necessitate significant changes in engine architecture, power systems, and powertrain systems. As a result, modern plastic materials are widely employed to significantly reduce carbon emissions, which is more cost-effective than the technologies discussed above.


The Asia-Pacific region holds the greatest revenue share and is expected to increase significantly throughout the projected period due to the fact that China and India are the world's largest car manufacturers. China is expected to remain the world's leading automaker due to the low cost of raw materials, which reduces the barriers to automotive plastics production. In addition, the Asia Pacific region's industry is being driven by the increased usage of plastics in automobiles to reduce weight.

Global Automotive Plastics Exterior Parts Market Size

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North America is the second-largest market for automotive plastic exterior parts due to its qualities such as corrosion inhibition, electric insulation, superior heat resistance, and low density. Furthermore, the high demand for electric vehicles in North America is projected to boost the market's potential opportunities in the area, which is expected to boost the market's growth. The European Union's (EU) greenhouse gas emission requirements for vehicles have pushed them to employ polymers in Europe. Plastic reduces the vehicle's weight, which improves its fuel economy. Another factor contributing to market expansion in Europe is the presence of significant polymer manufacturers.


KEY INDUSTRY DEVELOPMENTS:


In June 2021, LyondellBasell and Neste announced a long-term commercial deal under which LyondellBasell will obtain Neste RE, a Neste feedstock made entirely of renewable feedstock sourced from bio-based sources such as residual oils and fats, as well as garbage. The feedstock will be converted into polymers by the cracker at LyondellBasell's Wesseling, Germany, plant and sold under the CirculenRenew brand.


In May 2020, BASF introduced Luviset 360, a novel styling polymer with great style performance in six dimensions. This product is strong, flexible, and provides a long-lasting grip with minimal flaking. It also supports anti-pollution claims and enables for new textures. It's also suitable for a wide range of final hair styling products, including creams, gels, and waxes.


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https://www.extrapolate.com/Chemicals-and-Advanced-Materials/automotive-plastics-exterior-parts-market/25676

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