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Automotive Plastic Compounding Market
The growing demand for fuel efficient vehicle worldwide is a prominent factor driving the automotive plastic compounding market.
This method improves the tangible, thermal, and appealing attributes of plastics, rendering them appropriate for varied automotive constituents.” - Polaris
market ResearchNEW YORK CITY, NY, UNITED STATES, December 20, 2024 /EINPresswire / -- The automotive plastic compounding market forecast for 2034 is a specialized study of the
industry with a specific concentration on the global market trend analysis.
Polaris Market Research has recently published its latest analysis titled“Automotive Plastic Compounding Market." The report reveals that the market for automotive plastic compounding was valued at USD 3.30 billion in 2024. The market is projected to grow to USD 6.17 billion by 2034, exhibiting a CAGR of 6.5% during the forecast period.
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What is Automotive Plastic Compounding?
As polypropylene is economical but has excellent mechanical attributes and moldability, it is deemed an aggregate of all the plastic substances utilized in automobiles. PP compounds are utilized for an assortment of constituents involving bumper facias, influential panels, and door trims.
Many grades for PP compounds with their assorted presentation attributes have been advanced by compounding PP with several other substances as per the presentation need for the deliberated components. Makers are growingly resorting to weightless plastic substances such as polypropylene, polycarbonate, and ABS from metal, as they categorize to conform to strict fuel economy levels and encounter consumer inclination for additional fuel-efficient vehicles is impacting the automotive plastic compounding market growth favorably.
Who Makes Automotive Plastic Compounding?
.SCG Chemicals Public Company Limited
.Chevron Phillips Chemical Company LLC
.Kraton Corporation
.LyondellBasell Industries Holdings B.V.
.BASF
.SABIC
.Dow
.Vibrantz
.Ascend Performance Materials
.Washington Penn
.Borealis
.Teijin Limited
.Ravago
Some of the leading players in the automotive plastic compounding market. Spearheading market contenders are funding massively in research and development to augment their offerings, which will boost the market growth during the forecast period.
Some of the latest developments in the market are:
.In July 2024, LyondellBasell, a global contender in the chemical industry, declared the instigation of its contemporary Schulamid ET100 product line, a transformative polyamide-dependent commodity outlined for automotive internal framework solutions such as door window frames.
.In June 2024, Borealis, a firm that advances and offers polyolefin solutions and base chemicals for several industries instigating Borcycle GD3600SY, a glass fiber fortified polypropylene (PP) compound with 65% post-consumer recycled (PCR) polymer matter outlined for taxing automotive applications.
What's Driving Market Forward?
Technological Progressions: The continuing progressions in substances and technology power the market growth. Inventions in material science have caused the advancement of elevated presentation plastics that encounter the diligent demand of contemporary automotive applications. These progressive substances, which involve composites and engineered thermoplastics, provide superlative robustness, weightless attributes, and improved longevity in contrast to conventional substances.
Growing Demand for Electric Vehicles: The demand for electric vehicles is surging globally. For instance, as per the International Energy Agency, 14 million contemporary electric cars were recorded worldwide in 2023, collating their total aggregate on roads to 40 million. This, in turn, is having a favorable impact on automotive plastic, compounding market sales.
Reduction in Greenhouse Gases: Strict directives targeted at decreasing greenhouse gas discharge are pushing automotive manufacturers to advance weightless vehicles. The initiation of weightless vehicles is the foremost productive procedure to improve fuel efficiency and decrease carbon discharge.
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Which Region Leads Market Growth?
Asia Pacific: Asia Pacific accounted for the largest automotive plastic compounding market share. The region's robust growth is primarily due to speedy industrialization and sizeable funding in the automotive sector in nations such as China.
North America: North America is anticipated to witness significant growth from 2025 to 2034. This can be attributed to the nation's robust focus on invention and technology acquisition notably impacts the demand for progressive plastic substances in vehicle production.
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How is Market Segmentation Done?
By Product Outlook:
.Polypropylene (PP)
.Polyethylene (PE)
.Thermoplastic Elastomers (TPE)
.Polybutylene Terephthalate (PBT)
.Polyamide (PA)
.Polycarbonate (PC)
.Acrylonitrile Butadiene Systems (ABS)
.Styrene Acrylonitrile (SAN)
.Polymethyl Methacrylate (PMMA)
.Polyoxymethylene (POM)
.Blends (PC/ABS, ABS/PBT, and PS/PP)
By Application Outlook:
.Interior
.Exterior
.Under the Hood
.Structural Parts
.Electrical Components & Lighting
By Regional Outlook:
.North America
oUS
oCanada
.Europe
oGermany
oFrance
oUK
oItaly
oSpain
oNetherlands
oRussia
oRest of Europe
.Asia Pacific
oChina
oJapan
oIndia
oMalaysia
oSouth Korea
oIndonesia
oAustralia
oRest of Asia Pacific
.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of the Middle East & Africa
.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America
FAQs:
How much is the automotive plastic compounding market?
The market size was valued at USD 3.30 billion in 2024 and is projected to grow to USD 6.17 billion by 2034.
What is the growth rate of the automotive plastic compounding market?
The global market is projected to register a CAGR of 6.5% during the forecast period.
Which region held the largest market share?
Asia Pacific held the largest share of the global market in 2024.
Based on the product, which segment is expected to register a significant CAGR in the market in the course of the forecast period?
The polycarbonate (PC) segment is projected for significant growth in the global market during the forecast period.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
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