Global Plastic Components Market By Overview
Plastic Component Market registered a CAGR of 12.2%, over the forecast period of 2022-2032.
Plastic components are consisting of synthetic or semi-synthetic organic compounds that are malleable and so can be molded into solid objects. They are part of everyday life and contribute immensely to the benefit of humanity. Plastic components have wide range of applications in various end-use industries owing to their low cost, ease of manufacture, versatility, and imperviousness to water.
Rising demand for plastic components as replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery is major factor driving growth of the plastic components market. In addition, increasing sales of electric and hybrid vehicles, supporting government policies for alternate fuel vehicles, and light weighting of vehicle are major factors anticipated to propel growth of the plastic components market over the forecast period. However, lack of charging infrastructure for battery electric vehicle and hybrid electric vehicle is limiting growth of the target market.
Plastic components market has been segmented on the basis of type, application, vehicle type, and region.
The type segment includes polypropylene, polyethylene, acrylonitrile-butadiene-styrene, polyurethanes, polyvinyl chloride, polyamide, polycarbonate, polyvinyl butyral, and other engineering resins. Polyamide type segment is further sub-segmented into nylon 6/6 and nylon 6. On the basis of application segment the plastic components market has been segmented in to interior, exterior, lighting/electric wiring, and under the hood. On the basis of vehicle type segment the target market has been segmented into battery electric vehicle, plug-in hybrid electric vehicle, hybrid electric vehicle, and ICE vehicle.
On the basis of region the target market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific is expected to account for major share in the plastic components market among all the regions. This is due to rapidly developing construction and automobile sectors that are fuelling demand for plastic components in interiors, exteriors, and under hood components in the region.
Global Plastic Components Market By Competitive Landscape & Key Players
Key players operating in the plastic components market
- Saudi Basic Industries Corp.
- Evonik Industries AG.
- BASF SE.
- DowDuPont Inc.
- Arkema SA.
- Styron LLC.
- Ticona Inc.
- Celanese Corp.
- Compagnie Plastic Omnium SA.
- Toray Industries, Inc.
FAQs
Plastic Component Market registered a CAGR of 12.2%, over the forecast period of 2022-2032.
Plastic Component Market is segmented based on Type, Application, Vehicle Type, and region.
Growing demand in automotive and electronics industries, increasing use of lightweight materials, and advancements in plastic manufacturing technologies drive the Plastic Components market.
Environmental concerns, limited recycling capabilities, and competition from alternative materials pose restraints in the Plastic Components market.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are considered regions in the Plastic Components market. Asia-Pacific is expected to dominate, driven by the presence of major manufacturing hubs, increasing industrialization, and a rising demand for plastic components in the region.
The prominent players operating in the Global Plastic Component Market include Saudi Basic Industries Corp., Evonik Industries AG., BASF SE., DowDuPont Inc., Arkema SA., Styron LLC., Ticona Inc., Celanese Corp., Compagnie Plastic Omnium SA., and Toray Industries, Inc.