NEW YORK, May 25, 2021 /PRNewswire/ — The “Plastics Market for Passenger Cars Industry Market by Material, Application, and Geography” – Forecast and Analysis 2021-2025″ report has been added to Technavio’s offering.
The plastics market for the passenger cars industry market is set to grow by USD 16.54 billion, progressing at a CAGR of about 9% during 2021-2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Plastics Market for Passenger Cars Industry: Segmentation by Application
Based on the segmentation by application, the market generated maximum revenue in the interiors segment in 2020. Automotive components manufacturers are using advanced plastic and processing technologies to offer better products inside passenger cars. The increase in the demand for plastics for passenger car interior applications are propelling the growth of the market in focus in the segment. The growth of the interior segment will be significant over the forecast period.
Plastics Market for Passenger Cars Industry: Segmentation by Geography
49% of the market’s growth will originate from APAC and held the largest market share in 2020 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC is attributed to the presence of many passenger car manufacturers coupled with many market vendors, which, in turn, will increase the demand for plastics for various applications in passenger cars over the forecast period. China, Japan, and India are the key markets for the plastics market for passenger cars industry market.
Plastics Market for Passenger Cars Industry: Opportunities
Factors such as the presence of leading automotive OEMs, stringent regulations on fuel efficiency, and the increasing number of passenger car models are enhancing the growth of the market. Over the years, countries across the world have been making significant investments in the automotive sector. This will create considerable demand for the plastics market for the passenger cars industry market, thereby opening several growth opportunities for market vendors.
Know more about Techanavio’s analysis on the impact of Disruption Threats on the Plastics Market for Passenger Cars Industry Market:
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Key Market Dynamics:
Market Drivers
- Adoption of new or improved emission standards
- Increasing government support to promote EVs
- Increasing incorporation of electronics in passenger cars
Market Challenges
- The ongoing economic slowdown in China
- Declining automotive production
- Increasing manufacturing costs due to the dynamic regulatory environment
Companies Mentioned
- BASF SE
- Borealis AG
- Covestro AG
- Dow Inc.
- Exxon Mobil Corp.
- Formosa Plastics Corp.
- Koch Industries Inc.
- Koninklijke DSM NV
- LANXESS AG
- LyondellBasell Industries NV
Get more insights about the global trends impacting the future of the plastics market for the passenger cars industry market,
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Available Customization
Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the plastics market for the passenger cars industry report.
- Further breakdown of the market segmentation in requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
Key Topics Covered
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by Material
- Market Segmentation by Application
- Market Segmentation by Geography
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
About Us
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