Analysis of market scale and development prospect of engineering plastics for automobile parts in China in 2023
Development prospects
1. Car ownership will increase
In recent years, China's automobile industry has developed rapidly, and the total sales volume of automobiles in 2020 ranks first in the world. With the steady growth of China's economy, the improvement of urbanization rate and the continuous improvement of residents' consumption capacity, the number of passenger cars has increased rapidly. The acceleration of urbanization and the continuous growth of per capita disposable income of urban residents will enhance the consumption capacity of residents and increase the sales volume of automobiles, thus promoting the development of China's automobile parts engineering plastic products market.
2. The demand for new energy vehicles continues to grow
The government continues to introduce favorable policies for the development of new energy vehicles. For example, the Action Plan for Carbon Peak by 2030 issued by the State Council in 2021 proposed to increase the proportion of new energy vehicle sales in total vehicle sales to 40% by 2030. This policy has promoted the development of the new energy vehicle market. With the rapid development of the new energy vehicle market, power batteries will be widely used, and the requirements for lightweight and plastic applications will continue to increase. With the popularization of new energy vehicles, the demand for auto parts such as battery shells will grow rapidly, which is expected to promote the development of China's auto parts engineering plastic products market.
3. Shorten the upgrade cycle of vehicles
Today, customers have higher requirements for the quality of cars and more and more demands for various models. In order to maintain competitive advantages and meet customer needs, automobile manufacturing enterprises have continuously accelerated the upgrading of vehicles and shortened the development cycle of new models. The shortening of automobile upgrading cycle will put forward greater demand for engineering plastic products of automobile parts, thus stimulating the development of the market.