Global Automotive Plastics Exterior Parts Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Passenger Cars, Commercial Vehicles, Heavy Trucks & Buses), By Type (Polypropylene, Polyurethane, Polyamide, Polyvinylchloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polyethylene, and Others), By Product (Front Bumpers, Rear Bumpers, Outside Rear View Mirrors, Rocker Panels, Radiator Grills, Wheel Arch Claddings, Outside Door Handles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The global Automotive Plastics Exterior Parts Market is projected to grow from USD 21.03 billion in 2021 to USD 28.01 billion by 2028 at a CAGR of 4.7% during the forecast period. Plastic automotive exterior parts is a word that refers to the plastic exterior elements of a vehicle. Bumpers, quarter panels, door panels, and other body-frame-attached components fall under this category. Plastic automotive exterior parts are in high demand due to the growing trend of employing plastics in the automotive sector. These parts in automobiles help to design and functionality of the vehicle.  

Globally, the automotive sector's recovery increased vehicle design capabilities, and a growing focus on vehicle weight reduction and pollution control is driving the market growth. Due to their ease of manufacture, ability to get renewable raw resources, and improved designs, plastics are frequently employed in automotive components and parts.

COVID-19 ANALYSIS  

The COVID-19 epidemic has disrupted the worldwide automotive supply chain. The initial supply and manufacturing sector isn't the only one that's been disrupted. Due to lockdown implementation in various areas of the world, the whole automobile industry has been impacted, resulting in an unpredictable recovery period. During the COVID-19 pandemic, the automotive sector is currently facing four key challenges such as a drop in new vehicle sales, lack of car parts, the closure of manufacturing facilities, and decrease in working capital.  

LATEST TREND  

Increasing Production of EVs Provides Lucrative Opportunity

The arrival of electric vehicles (EVs) has resulted in a technical shift in the automobile sector. These vehicles outperform their internal combustion counterparts in terms of performance. Increased environmental awareness, government support and incentives, and COMMERCIAL VEHICLE expenditures have all prepared the road for electric vehicles. Volkswagen, BMW, Ford, Tesla Motors, General Motors, and Toyota are among the major automakers that have entered the electric vehicle market. Electric vehicles are more efficient, energy independent, and superior to gas-powered vehicles. Due to electric vehicles have low-power engines, lightweight materials are used to increase the engine's pulling capability. As a result, the growing demand for electric vehicles (EVs) presents an opportunity for the automotive plastics exterior parts market to expand during the forecast period.

DRIVING FACTORS

Adoption of Lightweight Materials Due to Stringent Emission and Fuel Economy Regulations

Several governments throughout the globe have enacted strict automobile pollution and fuel economy rules. These laws have driven automakers to employ more lightweight materials, such as plastics, in their vehicles. Advanced plastics materials improve a vehicle's fuel economy while also maintaining its safety and performance. Fuel efficiency can be improved by 6 to 8% with a 10% reduction in vehicle mass. The usage of plastics in vehicles saves fuel consumption since less weight requires less energy to accelerate. Greenhouse gas (GHG) reduction methods, such as valve timing modification, aerodynamic design, turbocharging, and the introduction of hybrid, plug-in hybrid, and fuel cell systems in automobiles, can cut carbon emissions in passenger cars. These technologies necessitate significant changes in engine architecture, power systems, and powertrain systems. As a result, modern plastic materials are widely employed to significantly reduce carbon emissions, which is more cost-effective than the technologies discussed above. 

RESTRAINTS

COVID-19 is Slowing Down Passenger Automobile Sales

The worldwide automobile sector is experiencing a standstill as a result of the COVID-19 epidemic, which has caused a lockdown in numerous nations. COVID-19 harmed the operations of major automotive firms such as Kia, Nissan, BMW, Daimler, and Tesla. In 2020, sales in China, the world's largest vehicle market, fell for the third year due to the epidemic and the ensuing economic catastrophe. This put EV manufacturers' multibillion-dollar expansion plans in jeopardy. Furthermore, COVID-19 will reduce passenger car sales in 2020 compared to 2019, which is hampering the growth of the market. 

SEGMENTATION

The global Automotive Plastics Exterior Parts Market is segmented by Vehicle Type, Type, Product, and Region. Based on the Vehicle Type, the market is categorized into Passenger Cars, Commercial Vehicles, and Heavy Trucks & Buses. Based on Type, the market is categorized into Polypropylene, Polyurethane, Polyamide, Polyvinylchloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polyethylene, and Others. Based on Product, the market is categorized into Front Bumpers, Rear Bumpers, Outside Rear View Mirrors, Rocker Panels, Radiator Grills, Wheel Arch Claddings, Outside Door Handles, and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.           

REGIONAL INSIGHTS

The global automotive plastics exterior parts market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region holds the greatest revenue share of automotive plastic exterior parts due to its qualities such as corrosion inhibition, electric insulation, superior heat resistance, and low density. Furthermore, the high demand for electric vehicles in North America is projected to boost the market's potential opportunities in the area, which is expected to boost the market's growth.

Asia-Pacific is the second-largest market for automotive plastic exterior parts due to increasing significantly throughout the projected period due to the fact that China and India are the world's largest car manufacturers. China is expected to remain the world's leading automaker due to the low cost of raw materials, which reduces the barriers to automotive plastics production. In addition, the Asia Pacific region's industry is being driven by the increased usage of plastics in automobiles to reduce weight. The European Union's (EU) greenhouse gas emission requirements for vehicles have pushed them to employ polymers in Europe. Plastic reduces the vehicle's weight, which improves its fuel economy. Another factor contributing to market expansion in Europe is the presence of significant polymer manufacturers.

LIST OF KEY COMPANIES PROFILED:

• Arkema (France)
• BASF SE (Germany)
• Borealis AG. (Austria)
• DuPont. (U.S.)
• DSM (The Netherlands)
• Evonik Industries AG (Germany)
• Exxon Mobil Corporation. (U.S.)
• LANXESS (Germany)
• LG Chem. (South Korea)
• LyondellBasell Industries Holdings B.V. (The Netherlands)
• SABIC (Saudi Arabia)
• Covestro AG (Germany)
• Arkal Automotive (U.S.) 

KEY INDUSTRY DEVELOPMENTS:

June 2021, LyondellBasell and Neste announced a long-term commercial deal under which LyondellBasell will obtain Neste RE, a Neste feedstock made entirely of renewable feedstock sourced from bio-based sources such as residual oils and fats, as well as garbage. The feedstock will be converted into polymers by the cracker at LyondellBasell's Wesseling, Germany, plant and sold under the CirculenRenew brand.

May 2020, BASF introduced Luviset 360, a novel styling polymer with great style performance in six dimensions. This product is strong, flexible, and provides a long-lasting grip with minimal flaking. It also supports anti-pollution claims and enables for new textures. It's also suitable for a wide range of final hair styling products, including creams, gels, and waxes.

SEGMENTATION

By Vehicle Type

• Passenger Cars
• Commercial Vehicles
• Heavy Trucks & Buses

By Type

• Polypropylene
• Polyurethane
• Polyamide
• Polyvinylchloride
• Acrylonitrile Butadiene Styrene
• Polycarbonate
• Polyethylene
• Others

By Product

• Front Bumpers
• Rear Bumpers
• Outside Rear View Mirrors
• Rocker Panels
• Radiator Grills
• Wheel Arch Claddings
• Outside Door Handles

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa