Market Leader - Automotive Plastics Market for Passenger Cars
The global automotive plastics market for passenger cars size is projected to grow from USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9%. Adoption of lightweight materials such as plastics due to stringent emission and fuel economy regulations is one of the major factors propelling the growth of the automotive plastics market for passenger cars.
BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), LG Chem (South Korea), DuPont (US), Covestro AG (Germany), Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis AG (Austria), LANXESS (Germany), DSM (Netherlands), Toray Industries Inc. (Japan), Mitsui Chemicals (Japan), Celanese Corporation (US), Toyota Boshoku Corporation (Japan), Faurecia SA (France), TOYODA GOSEI Co., Ltd. (Japan), INEOS (UK), Sumitomo Chemicals Co. (Japan), Ltd., UBE Industries (Japan), Mitsubishi Engineering Plastics Corporation (Japan), Formosa Plastics Corporation (Taiwan), EMI Chemi Holdings (China), and Momentive Performance Materials (US) are some of the leading players operating in the automotive plastics market for passenger cars. These players have adopted the strategies of acquisitions and partnerships to enhance their position in the market.
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BASF SE is the largest company in the global automotive plastics market for passenger cars. It offers a well-balanced and diverse product portfolio, addressing the needs of automotive OEMs across all market segments. As a part of its business strategy, the company is focusing on expanding its global presence to strengthen its leadership in the market. The company is expanding its business in the automotive plastics segment through a balanced strategic approach over the past few years. For instance, in August 2020, the company expanded its production capacity through a joint venture with Toyota Motors to come up with lightweight automotive plastic components. The company is also focused on the innovation of new products such as thermoplastics and foams to support automotive interior, exterior, and under bonnet features. The company is coming up with new products like ULTRAMID and ULTRASON in the automotive plastic market, which will help it to make its presence stronger in the market. Most of the company’s business is generated from Europe. The company can further expand in emerging markets such as South America, Asia, Australia, and Africa to diversify its business and distribution network.
Another important player in the automotive plastics market for passenger cars is SABIC which is one of the top three largest chemical companies with over 40 years of organic and inorganic growth. With its diversified product offering, the company has been able to have its footprint globally, serving clients in 100 countries while operating in 50 countries across the Americas, Europe, the Middle East & Africa, and Asia Pacific. Through learning, innovation, and operational excellence, SABIC partners with its customers to responsibly provide them with quality products and services. The company’s strong pillars, such as robust financials, operational excellence, and diversified global coverage, have consolidated its share in the automotive plastic market. SABIC launches new products and has enhanced its scale of operations to become a leading provider of innovative plastic products globally. In the automotive plastic market, the latest collaboration with XENOY HTX has extended its scope in the automotive market. The company is developing new products by increasing investments in R&D with more than 1,800 scientists and 18 innovation and technology centers to sustain its leading market position. The company is focused on developing new patents and certifications.
Related Reports:
Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography - Global Forecast to 2026
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