automotive plastics market overview:
The global automotive plastics market size is projected to grow from USD 21.1 billion in 2021 to USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period 2021 to 2026.Plastics go through five different stages during recycling, including sorting, washing, shredding, identifying and sorting, and extrusion into components or final products. Improvements in recycling processes have led manufacturers to use high-performance automotive plastics.

automotive plastics market Drivers and Restraints:
Several governments around the world have introduced strict regulations on emissions and fuel economy for vehicles. These regulations are prompting auto original equipment manufacturers to increase the use of lightweight materials like plastics. High-quality plastic materials increase the fuel efficiency of the vehicle while ensuring safety and performance. Reducing vehicle mass by 10% improves fuel economy by 6-8%. The use of plastic reduces the fuel consumption of the vehicle, since less energy is consumed during acceleration.
The decline in global car sales in 2020 is much greater than during the global financial crisis of 2007-2009. Latin America and Europe are among the regions most affected, with car sales in these regions down by about a quarter compared to the previous year. China was the largest car market in 2019, with around 21 million units sold. However, China's monthly car sales in February 2020 have been freed by fears of China's coronavirus outbreak and an upcoming recession.

To know more read:
https://www.marketdataforecast.com/market-reports/automotive-plastics-market

Report is segmented as:
Automotive Plastics Market - By Type
● HDPE
● Polyvinyl Chloride
● Polycarbonate
● Pyurethane
● Polypropylene
● ABS
● Polyamide
● PBT
Automotive Plastics Market - By Application
● Interior
● Exterior
● Under Bonnet

Geographical Segmentation:
Asia Pacific (APAC) had the largest share of the automotive plastics for passenger cars market in 2020. According to the World Bank, the two economic giants of APAC, China and Japan, boast the second and third largest economies in the world, respectively. The region is a hub for foreign investment and a booming industrial sector, mainly due to low-cost labor, easy availability of raw materials, increased adoption of modern technologies, innovation, and easy availability of affordable land.China, Japan, India and Korea are the main countries in the region.

Impact of COVID-19 on automotive plastics market:

The COVID-19 outbreak has disrupted the entire automotive supply chain around the world. It wasn't just the initial supply and manufacturing sectors that were affected. The entire auto industry has been affected and as such is experiencing an uncertain recovery schedule due to lockdowns in many parts of the world. In the midst of the COVID-19 (global pandemic) pandemic, the automotive industry is currently facing four major challenges: limited supply of auto parts, reduced sales of new cars, closure of production facilities and reduced working capital.