Canada Automotive Plastics Market Size, Share, Trends, Analysis, Forecast By 2026

Posted by aartimurkute on June 29th, 2023

The automotive plastics market is driving significant growth, propelled by stringent safety regulations, environmental concerns, and the increasing adoption of electric vehicles. As a result, the market is projected to make a substantial contribution to the global automotive plastics market, estimated to reach a valuation of US$ 68.6 billion by 2026. These insights are provided by Fairfield Market Research, a leading market intelligence firm specializing in automotive analysis.

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/automotive-plastics-market

The automotive industry has experienced remarkable expansion in recent years, leading to heightened demand for automotive raw materials. Automotive plastics have emerged as a preferred choice due to their versatility in application and lightweight nature, surpassing traditional materials such as cast iron and steel. In response to government norms aimed at reducing CO2 emissions, enhancing road safety, and meeting consumer demands for improved fuel efficiency, automotive manufacturers in Canada are increasingly adopting high-grade plastics for the production of modern vehicles. Automotive plastics not only offer functional benefits but also provide manufacturers with greater control in achieving desired aesthetic and ergonomic requirements.

According to Fairfield Market Research, the global automotive plastics market is projected to exhibit a stable CAGR of 7.7%, reaching a valuation of US$ 68.6 billion by 2026. This projection highlights the significant business opportunities within the global automotive plastics market. Key market players are actively pursuing strategic partnerships, open innovation, and intensive research and development to capitalize on these growth prospects.

In Canada, the adoption of automotive plastics is witnessing substantial growth across various applications. With over 39 types of plastics employed in the automotive industry, including polypropylene (PP), polyamide (PA), polyvinyl chloride (PVC), polyurethane (PU), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), and polycarbonate (PC), the market has experienced significant growth in the utilization of PP plastic. PP plastic demonstrated robust growth in 2020, driven by its applications in interiors, exteriors, and under-the-hood components. The PP plastic market is expected to reach a valuation of US$ 13.5 billion by 2026, displaying a promising CAGR of 7.8%. Notably, the under-the-hood segment is projected to be the fastest-growing application category, driven by favorable government regulations and consumer preferences for lightweight and fuel-efficient vehicles. The high-temperature properties of PP plastic make it well-suited for under-the-hood components, which are anticipated to witness a significant upsurge during the forecast period. Automotive plastics are also utilized in upholstery, interior trims, exterior parts, fuel systems, powertrain components, instrumental panels, dashboard, bumper, air-conditioning systems, and lighting.

Key market players in automotive plastics market include SABIC, BASF SE, LyondellBasell Industries N.V., Borealis AG, Covestro AG, LG Chem, LANXESS AG, INEOS, Asahi Kasei Corporation, Celanese Corporation, and Koninklijke DSM N.V. These industry leaders are driving innovation and contributing to the growth and development of the automotive plastics industry.

For More Information Visit:  https://www.fairfieldmarketresearch.com/