Automotive Engineering Plastics Market: Overview
Engineering plastic is a form of thermoplastic, which possesses strong physical properties and processing characteristics. It has high weight-to-strength ratio. Engineering plastic is used at temperatures ranging from 100°C and 150°C. It is also employed under high mechanical stress and in extreme chemical and physical environments. Engineering plastics are light in weight. Therefore, they are primarily used in the production of durable parts in automotive industries.
Automotive Engineering Plastics Market: Trends
Rise in population and increase in disposable income of people in emerging economies are key factors driving the global automotive engineering plastics market. Rise in sales of automobiles in China and India and presence of auto-manufacturers such as Nissan are likely to fuel the demand for automotive engineering plastics. Increase in utilization of fuel efficient technologies have across the globe is also anticipated to boost the global automotive engineering plastics market. The cost of engineering plastics is high. Therefore, they are employed in a small number of automotive parts. This is estimated to hamper the global automotive engineering plastic market.
Automotive Engineering Plastics Market: Segmentation
In terms of material, the global automotive engineering plastics market can be divided into polyamide, polybutylene terephthalate, polycarbonate, polyphenylene sulfide, polyethylene terephthalate, and others (including PC-PBT alloy, PBT-PET alloy, and PC-ABS alloy). The polyamide segment is anticipated to expand at a significant pace during the forecast period due to the widespread application of polyamides such as polyamide 6 and polyamide 6, 6 in the production of automotive parts. During production of four wheelers, polyamides are extensively used in the manufacture of radiator fans, radiator grills, instrument housings, speedometer gears, fuels, oil filter housing, electrical junction boxes, steering column bush, among others.
Engineering plastics are primarily employed in the manufacture of interior and exterior parts of automotive. Engineering plastics are used in the manufacture of exterior components such as bumper shock absorber system, door handles, mirror housing, roof rack, tank lid, and wheel cap of automobiles. Interior parts of cars such as window lift gear housing, door handles, sunvisor clip, cup holder, ash tray, and interior seating are produced using engineering plastics. These plastics are also used in the production of tumble valve bearings and chip carriers for engines.
Automotive Engineering Plastics Market: Regional Outlook
Based on region, the global automotive engineering plastics market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is likely to constitute major share of the global market during the forecast period due to the rise in per capita income of consumers in the region. Rise in accidents has led to an increase in restoration of vehicles. This is projected to boost the demand for advanced automotive across the globe. North America and Europe are primarily engaged in the development of new technologies for the manufacture of automotive engineering plastics. Middle East & Africa, being developing nation rely on imports from Europe & North America to cater to the demand for automotive engineering plastics in the region.
Automotive Engineering Plastics Market: Key Players
Prominent players operating in the global automotive engineering plastics market include BASF SE, Solvay SA, Evonik Industries AG, LANXESS, SRF Limited, DowDuPont Inc., SABIC, Huntsman Corporation, and PolyOne Corporation. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to gain higher market share.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.