Europe Automotive Plastics Market - Segmented by Material Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The European automotive plastics market is expected to grow at a moderate rate during the forecast period (2018 - 2023). Germany is projected to lead the market owing to the growing demand for premium vehicles and increase in exports of German cars. Interior is expected to be the largest application market.
Increasing Safety Concerns for Drivers and Passengers
The use of plastics in the production of automotive has contributed greatly to the safety of drivers and passengers while enhancing the driving experience. According to the National Highway Traffic Safety Administration (NHTSA), use of seat belts and airbags made from durable strands of polyester fiber and high-strength nylon fabric respectively, has helped in saving lives every year. In addition, use of plastics for manufacturing front bumpers, seat belts, airbags, dashboards, drive shafts, and other components in front of vehicles, reduces the energy absorbed during impact and protects the occupants of the vehicle. This increase in safety and protection provided by plastics have increased the consumption of automotive plastics in the recent years.
Interior Application to Continue to Dominate the Market
The interior application is estimated to dominate the automotive plastics market. Use of automotive plastics allows automotive manufacturers to create innovative single piece design that are light in weight. Growing concerns related to the safety of the passengers is boosting the demand for automotive plastics. In addition, increasing demand for plastic materials used to isolate engine noise, and vibration to enhance comfort in the passenger compartment are driving the demand for automotive plastics in the interior application.
Germany to Lead the Market
Germany is projected to dominate the automotive plastics market during the forecast period, owing to the growing demand for premium vehicles and increase in exports of German cars. Increase in demand for high-value, premium, small, and compact-sized cars as well as premium SUVs has boosted the automotive industry. Growing global demand for vehicles “Made in Germany” and increase in the demand for electric motors have raised the production of automotive vehicles. In addition, world-class R&D, coupled with automotive manufacturing heritage and infrastructure, has helped the automotive industry to grow, which, in turn, is driving the market for automotive plastics in the country.
September 2017: BASF SE launched new engineering plastics for car interior and body.
February 2018: Evonik Industries AG opened a new plant for specialty polyamide 12 powders (PA 12) at its production site in the Marl Chemical Park, Germany.
Major Players: Azko Nobel NV, BASF SE, Evonik Industries AG, and Covestro AG, among others.
Reasons to Purchase the Report
To understand the impact of application on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating material type in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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