The Europe Automotive Plastics Market is driven by improved performance and is expected to develop with an average annual efficiency of 9.42% during 2023-2028.
Market Overview:
Automotive plastics are used in passenger cars to manufacture parts such as upholstery, bumpers, interior, and exterior moldings, boards, and seats. R&D on composite materials, polymers, and reinforced plastics provides superior material quality, making it suitable for automobile interior and exterior components. The designer chooses this material very carefully to reduce the weight of the vehicle, meet the load requirements, and improve its durability. Plastics are widely favored by passenger cars due to their characteristics such as ease of lightweight, impact resistance, and improved aesthetics compared to other conventional parts.
The rise in per capita income has increased the need for automobiles, providing a favorable growth opportunity for the automotive plastics market in recent years. Europe is the land known for the production of cars, especially Germany. The rise in automobile production and the adoption of advanced technologies fuel the development of automotive plastics in this area.
Market Drivers:
Demand for plastic in passenger cars is growing, and car manufacturers are mainly focused on light vehicles. This is expected to accelerate the European Automotive Plastics Market for the growth of passenger cars. Automotive plastics are widely used for a variety of purposes, such as design and the improvement of aesthetics, and reducing carbon emissions. It further offers benefits like fuel efficiency, noise reduction, and less vehicle vibration, and facilitates the configuration of a single body. This is expected to feed the Europe Automotive Plastics Market over the estimated period. Plastic parts in passenger cars reduce the weight of the vehicle, promoting growth in sales. The recovery in the automotive sector, improved vehicle design capabilities, reduced vehicle weight, and increased interest in emission control are key factors that will accelerate the European Automotive Plastics Market growth.
Market Restraints:
Plastics are widely used in auto parts due to their easy manufacturing, sourcing of renewable raw materials, and improved design. However, process reengineering entails high capital and infrastructure costs, which limits market expansion to some extent.
Market Segmentation
Market Regional Analysis:
In terms of geographic analysis, Europe automotive plastics industry is classified as the United Kingdom, Germany, France, Italy, Poland, and Spain. Europe accounted for approximately 35% of the total revenue share in 2018. European car manufacturers are using high-performance plastics. These materials are energy efficient and help reduce the weight of the vehicle. Car manufacturers in European countries have switched from diesel engines to electric motors, owing to strict emission standards in this area. The demand for plastic products is therefore expected to increase in the coming years.
Major Key Players
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region