Booming Automobile Sector in Canada Is a Key Factor Influencing the Plastic Raw Materials Market’s Growth

Canada Plastic Market Data Review
Growing Demand for Lightweight Vehicle Is Influencing the Demand for Plastic Raw Materials Is Driving Plastic Raw Material Market in Canada

The Plastic Raw Material Market in Canada stood at $6188.7 million in 2020. The automobile sector in Canada is one of the largest vehicle manufacturing hubs in the world. More than 1.4 million vehicles are assembled each year by five global OEMs: Ford, GM, Honda, Toyota, and Stellantis. Such massive activities in the country’s automobile sector are driving the demand for a wide range of plastic raw materials. From polyethylene to polypropylene and polyvinyl chloride, all types of plastic raw materials are extensively used in the production of several automobile components such as bumpers, doors, instrument panels, headlamp lenses, and several other vehicle components. The automobile sector is displaying excellent growth in the country with increasing production and sales of vehicles and this is influencing the demand for plastic raw materials in the market. As per the data by OICA, 1376623 units of cars and commercial vehicles were produced in the year 2020.

Canada is home to a wide spectrum of plastic raw materials such as polyethylene, polyvinyl chloride, polypropylene, and polyamide. These plastic materials are used in multiple automotive applications in the country’s automobile sector. Polyethylene is used in fuel tanks, trims, bumpers, seats, protective covers, and several other vehicle components. Polyvinyl chloride is another popular plastic raw material that finds its robust use in the country’s automobile industry. This plastic raw material is used in the manufacturing of multiple vehicle components and parts such as vehicle airbags, sun visors, and instrumental panels.

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With Canada being one of the top 12 manufacturers of lightweight automobiles in the world, the demand for plastic raw materials such as polyethylene to polypropylene and poly vinyl chloride is driven tremendously in the market. These plastic raw materials help in the production of several auto components such as automobile doors, instrument panels, headlamp lenses, and multiple other auto components. The automobile sector is showing outstanding growth in the country increasing production and sales of vehicles and this is expected to further stimulate the demand for plastic raw materials in the market. Such massive production and sales of vehicles in the country are expected to augment the higher demand for plastic raw materials in the market.

The COVID-19 had an adverse impact on the market as disturbances such as disruption in the supply chain and procurement of raw material affected the business ecosystem. Market players adopted new working patterns to withstand the severity of the pandemic and maintain a standard business operation. Furthermore, the stagnant growth in multiple end-use industries such as automotive and construction amid the pandemic further hindered the demand for plastic raw materials. Going forward, the demand for plastic raw materials is expected to bolster with massive expansion in the country’s automobile and electrical & electronics sectors.

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Plastic Raw Material Market in Canada Drivers:

Growing demand for lightweight vehicle is influencing the demand for plastic raw materials

The country has expertise in the production of lightweight vehicles in large numbers which is one of the factors driving the demand for plastic raw materials in the country. Plastic raw materials are used in large quantities for the reduction of vehicle weight which helps in achieving fuel efficiency and reduced emission. The demand for the lightweight vehicle is on the rise in the country and this is expected to further enhance the demand for plastic raw materials. For instance, as per the stats by Canadian Vehicle Manufacturers’ Association, the total light vehicle sold in 2020 stood at 1537388 units in 2020. Such high sales growth in the country’s lightweight vehicle segment is projected to drive the demand for plastic raw materials in the market.

R&D Investment:

Product innovation and new technology help in amplifying the market’s growth. The market players are continuously increasing their investment and product development programs in Canada. During the period of 2016-2020, the market players invested in numerous product launches and plant openings, and the same trend is expected to continue in the coming years as well.

The Major Players in this Market Include

The major companies in the plastic raw material market in Canada include Exxon Mobil Corp., Dow Chemical Company Inc., Sabic Chemicals, LG Chem Ltd., INEOS Styrolution Group, Solvay Chemicals, Huntsman International LLC, Celanese Corp., Avient Corp., Shuman Plastics, Inc., Nova Chemicals, Others.

Related Report:

Specialty Plastics Market 

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