Automotive resins are used for their features such as high resistance capacity against heat, high mechanical strength, and affinity towards metals
Covid-19 Impact on Automotive Resins Market
The pandemic had a great impact on the global economy in various industries since the lockdown was imposed. The travel bans and shutdown of the business had brought a huge impact on all industries over globe. Thus the global automotive resins market is also undergoing significant dips owing to the prolonged social distancing norms and interruptions in the manufacturing sector. Due to stringent deficit in the raw materials along with degraded workforce capacities, the end-use industries are undergoing a significant growth deficit, in turn affecting the growth and performance of the global automotive resins market as well. However, market participants are quickly restructuring their plans to revive the lost growth and steer a progressive growth trajectory. Banking on readiness, agility, and mindful initiatives taken by the players, the global automotive resins market is likely to retract growth eventually, ushering in magnificent growth in the forecast years.
High Demand for Polypropylene to Increase the Market Growth
The global automotive resins market is showing rapid growth due to the increase in demand for polypropylene in automotive manufacturing. Polypropylene is used more in automotive industry for auto parts as they are lightweight, chemical resistant, and cost-effective. The growing population and changing lifestyle of the consumer have increased the preference for individual vehicles, which indeed supports the automotive resins market expansion.
Glass Fibre to Hold the Largest Share in the Automotive Resins Market in Value and Volume
Glass fibre is accounted to hold the overall largest share in the market. Glass fibres are reinforced composite that is composed with a number of tiny glass fiber particles. Glass fibers are used as the reinforced element in the resins as it is superior, stable, and lightweight and glass fiber is the first choice in the automotive industry manufacturers as it has the highest heat resistance and moisture resistance, thus suitable for unfavorable climatic conditions as well.
Composite Application is to be the Most Lucrative Owing to Cost Efficiency
In the automotive resins market, it is difficult to come out with a new product in the market with a higher price than the existing price. As automotive composites are expensive compared to the other alternative available in the market, but the traditional material advantageous the properties over another alternative in the market such as carbon fiber and thermoplastic.
Lightweight Vehicle to Experience Massive Adoption
The automotive industry is focused on regulation such as Corporate Average Fuel Efficiency (CAFÉ), standards and European Emissions Standards (EES), these were brought in by the government of US and Europe for manufacturers of vehicles and the Environment Protection Agency (EPA). These government rules had increased the production for a lightweight vehicle with fuel efficiency features as they reduce the greenhouse gas. These help the automotive industry to use resins material in the automotive products as it is associated with high safety.
Advances in the automotive manufacturing industry to drive growth in the Global Automotive Resin Market owing to their excellent performance in ensuring a smooth finish
Automotive resin is the thermosetting polymer that is made up of organic acids by copolymerization epoxide with the other compounds which have two or more hydroxyl groups. Automotive resins are used in vehicles as they are lightweight and also strengthen the automotive parts. These are applied on the paints, body parts of the vehicles, components of the engine, correction of bumper crack, and others. Automotive resins are well known in various industrial applications for the improved performance owing to their toughness, durability, high stability, and exceptional resistance towards corrosion and chemicals.
The automotive resins market is estimated to grow and register over USD 654.3 billion in 2028 ticking at a CAGR of 13.02% during the forecast period 2018-2028.
Furthermore, automotive resin is used in paints for coating the surface which increases the durability and efficiency of the surface and gives a better appearance in all environmental conditions. And on the other hand, it safeguards the vehicles from extreme temperature, dangerous foreign particles, and UV radiation. Additionally, the automotive resins are used in various automobile-related products while manufacturing, for products such as carpets and hard seat belts. Resin are also used in the process of injection molding which makes it responsible for the durability of the product.
The increase in vehicle production directly increases the demand for materials that are durable in nature. The challenges and problems faced in automotive resins market, more specifically in the Covid-19 impacted market is lack of raw material availability in the market and high cost price for the automotive resins with appropriate features.
This report offers a detailed information and quality insight with market intelligence. This report is structured in a way that it offers maximum business value and information and provides critical market dynamics and will enable in the process of decision making for the current market players and those who are willing to enter the market. This report studies the forecast period of ten years, the various insight used in the study are based on the primary and secondary information.
Proceeding ahead this report contains information regarding the major key players and the competitive areas and strategies used by the leading companies in the market of automotive resins and the growth trends in the markets in forthcoming years are discussed. In addition to it the impact of Covid—19 is discussed with industry’s initial response and tactics used by the companies to overcome the impact.
This research is being conducted to help businesses capitalize on and plan for potential future growth opportunities. Some of the leading players in the global automotive resins market comprise BASF SE, Evonik Industries, DuPont, Solvay SA, SABIC, Royal DSM, LG Chem, Covestro, Celanese Corporation, Bayer AG, and Teijin
Key Innovations : Automotive Resins Market
- Teijin group on October 2020 signed a partnership with AZL, to increase the production of lightweight technology. The technology is designed to aim at multifunctional and lightweight costume vehicles.
- Teijin group made a partnership with AEV robotics for developing components for lightweight automotive and to find a solution for advanced transportation for the next generation which will define the form of transportation.
Automotive Resin Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 654.3 billion|
|Growth Rate||CAGR of 13.02% during 2021-2028|
|Segment Covered||by Resin Type, by Fibre Type, by Application, by Manufacturing Process, by Vehicle Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||comprise BASF SE, Evonik Industries, DuPont, Solvay SA, SABIC, Royal DSM, LG Chem, Covestro, Celanese Corporation, Bayer AG, and Teijin|
Key Segments of the Global Automotive Resins Market
Automotive Resins Market, by Resin Type
- Polyvinyl chloride
- Expandable polystyrene
Automotive Resins Market, by Fibre Type
Automotive Resins Market, by Application
- Paints and coatings
- Adhesive and sealants
Automotive Resins Market,, by Manufacturing Process
Automotive Resins Market,, by Vehicle Type
- Passenger car
- Light commercial vehicle
- Heavy commercial vehicle
Automotive Resins Market, by Region
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa