Market Overview
The Global Automotive Plastic Compounding Market is expected to reach a value of USD 3,372 million in 2023, and it is anticipated to exhibit a CAGR of 5.8% for the forecast period (2023-2032).
Automotive plastic compounding involves producing specialized plastic compounds by combining polymers with additives to augment material properties for usage in vehicles. It is a vital component enabling lightweighting and emission reductions.
Key Takeaways:
- Increasing plastic content per vehicle and rising vehicle production driving market revenue growth
- Polypropylene compounds command the largest revenue share currently
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Market Leading Segmentation
By Product
• Polyethylene (PE)
• Polypropylene (PP)
• Polycarbonate (PC)
• Polybutylene Terephthalate (PBT)
• Thermoplastic Elastomers (TPE)
• Acrylonitrile Butadiene Systems (ABS)
• Others
By Application
• Exterior Components
• Interior Components
• Under the hood Components
• Electrical Components Lightening
• Others
Market Players
• Asahi Kasei Corporation
• LyondellBasell Industries Holdings B.V
• SABIC
• BASF SE
• Dow
• Ferro Corporation
• Washington Pen
• Ravago
• KRATON Corporation
• Covestro AG
• DuPont
• Other Key Players
Market Demand
- Stringent regulations regarding vehicle emissions and fuel economy requirements driving demand for lightweight plastic materials
- Growing electric vehicles market also spurring usage of engineering plastics to reduce weight
- Demand for improved safety, noise vibration harshness (NVH) properties, thermal and chemical resistance also rising
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Market Trends:
- Innovative plastic compounds such as long fiber reinforced thermoplastics gaining traction
- Focus on developing bio-based compounds from renewable raw materials
- Automakers looking for lightweight metal replacements from plastic compounds
Market Opportunities:
- High growth expected in APAC and South America attributed to increasing automotive production
- Growing adoption of electric vehicles globally presents huge untapped potential
- Development of innovative lightweight compounds for vehicle interiors and structural components
- Partnerships between OEMs and plastic compounders to develop materials tailored to automakers' specifications.
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