Automotive Plastics Market – Global Industry Forecast (2023-2029)

Automotive Plastics Market size was valued at US$ 22.77 Bn. in 2022 and the total Automotive Plastics revenue is expected to grow at 7.9 % through 2022 to 2029, reaching nearly US$ 38.77 Bn.

Automotive Plastics Market Overview:

The automotive sector is the third most important consumer of polymers after packaging and building & construction. The role of plastic in the design and manufacturing of automobiles and changing consumer preferences are driving the demand for more affordable, lightweight, and fuel-efficient vehicles. Fuel efficiency has become one of the most important features in automotive vehicle design owing to the growing fuel prices and stricter environmental regulations. The high demand for automotive vehicles and rising disposable income in emerging economies will continue to drive the demand for plastics in the automotive industry. According to the current study, every 10% reduction in a vehicle's weight reduces fuel consumption by 6 to 8%. Car manufacturers are currently adopting more innovative plastic materials to decrease weight and make vehicles more fuel efficient due to current environmental and economic concerns.Automotive Plastics MarketTo know about the Research Methodology:-Request Free Sample Report In this report, the Automotive Plastics market's growth reasons, as well as the market's many segments (Product Type, Application, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Automotive Plastics market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Automotive Plastics market situation.

Automotive Plastics Market Dynamics:

The benefits of Plastic over metal are a key driver for the Automotive Plastic Market growth Rising economic and environmental concerns are paving the way for the use of plastics instead of metals in the production of automotive components to manufacture more fuel-efficient vehicles. The use of polymers over traditional materials can lower vehicle weight by 10% to 18%. Such significant weight reductions encourage the use of automotive plastics and fuel investments in the development of advanced polymers that are more durable and better suited for certain components. The usage of automobile plastics has grown significantly throughout the years. The application of automotive plastics in key vehicle components such as the steering wheel, fascia system, light panels, displays, and seats, as well as advanced luxury components like infotainment systems, mishap recording systems, and lighting systems, is driving the market growth during the forecast period. Increasing penetration of EVs has Augmented the Plastic Consumption in the Coming Years The increasing popularity of electric vehicles (EVs) is expected to contribute to the global spread of automotive plastics. In the context of the present rise of government environmental concerns throughout the world are offering tax credits and other incentives to encourage the use of electric vehicles. Weight reduction is an essential consideration in the design of electric cars. Automotive plastics are so widely used in EVs because they fulfill the essential functional requirements while weighing far less than conventional materials like steel and aluminum. Polymer components are becoming more widespread in engine transmission and under the hood (polycarbonate sensors and LEDs), as manufacturers look for new methods to cut costs and weight. Stringent government rules on fuel efficiency, new lightweight vehicles, lower vehicular emissions, and increased efforts by car manufacturers to satisfy the government's reduced GHG emission criteria are expected to accelerate market growth. Plastics' various Applications in Automotive Production Modern plastics are designed to serve many diverse applications in the manufacturing of motor vehicles owing to their versatility. Plastic fuel tanks can help to disperse dangerous electrostatic charges that can ignite the fuel, and engineers prefer them because they are lightweight and can be readily molded to fit into almost any space in a vehicle. Plastics also enhance the effectiveness of vehicle glass. A thin layer of plastic between two layers of vehicle glass makes the windshield shatter-resistant, lighter, and stronger than tempered glass. Plastics play an important role in vehicle safety Plastics nowadays are resilient, flexible, soft, cushioned, durable, and shatter-resistant. This enables them to make a significant contribution to vehicle safety. Although several recent developments involving automotive plastic components, safety remains the most important factor in engine and drivetrain component selection. The car's safety features such as airbags and seatbelts are made of tough polyester. In an accident, polymer-based safety features and external elements like car door cladding and bumpers can withstand significantly more force than metal generally resulting in a better outcome for the user and their vehicle. According to the National Highway Traffic Safety Administration, today's seat belts constructed from industrial quality polymers can reduce vehicular fatalities by up to 45 percent and serious injury by 50 percent. High capital and infrastructure costs for plastics re-engineering The comparatively high cost of capital and infrastructure necessary for plastics re-engineering is one of the major challenges. The obstacles include a lack of understanding among manufacturers about the need of recycling these polymers as well as a lack of infrastructure. Furthermore, from the perspective of a manufacturer, there is a knowledge gap about the recyclability of particular plastic types used in component design. Furthermore, there are other obstacles to plastic recycling such as a lack of technology, infrastructure, and a small market for recyclable materials. Plastic recycling requires the use of cutting-edge technologies. However, the high cost of raw materials and the non-degradable nature of automotive plastics pose a threat to the market's growth during the forecast period.

Automotive Plastics MarketAutomotive Plastics Market Segment Analysis:

By product type, the PP segment held the greatest market share in 2022. Polypropylene (PP) is another name for polypropene. Polypropylene is a thermoplastic polymer that can be easily molded into almost any shape. Polypropylene is widely utilized in passenger automobiles for a variety of purposes including interior, exterior, and underbody components. Polypropylene, being a commodity plastic is less expensive than other engineered plastics and therefore preferred by engineers over other plastics. Polypropylene is commonly used by engineers to meet the low-cost vehicle design criteria. These variables account for PP's substantial proportion of the automotive plastics market for passenger cars. PVC segment is well-known for its flexibility, thermal stability, flame retardancy, and extremely low lead contents. Depending on the type and amount of plasticizers used, they can be injection molded, compression molded, or blow molded to produce a wide range of rigid or flexible plastic products. It is used to produce automotive doors, electrical wire wrapping, and instrument panels. The polyurethane product segment is expected to grow throughout the forecast period. Polyurethane's ability to offer corrosion and scratch resistance has raised its demand from the automotive sector for its usage on automobile exteriors in recent years. Polyurethane's ability to provide durability, high gloss, greater strength to glass windows, and fog resistance would increase the automotive plastics market share from automobile exterior applications. Polyurethane plastics offer flexibility, heat resistance, toughness, and outstanding resistance to abrasion, radiation, and weather making them ideal for usage in automobile seats and hard plastic parts. Thus accelerating the growth of the automotive plastics market during the forecast period. By application, the interior application segment of the automotive plastics market for passenger automobiles will be driven by demand for comfort features. The interior application dominates the market because plastics are increasingly being utilized in these applications to offer impact resistance and dimensional stability. The use of plastics in interior applications offers cars great durability, color, and aesthetic appeal. Dashboard, infotainment systems, instrument cluster, steering wheel assembly and component, airbag, floor components and parts (carpet and other floor material), hood and trunk carpets, seals, frame, breaks, and gears, cables, and connector & socket are all part of the interior segment.

Automotive Plastics Market Regional Insights:

In Asia-Pacific, the Automotive Plastics Market is expected to grow during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia-Pacific accounted for approximately half of all car manufacturing in 2022, with China alone manufacturing around 27 Billion vehicles. The desire for a small family for the compact car along with increased per capita disposable income contributes to the market growth in this region. Economic growth, tax reforms, and government initiatives aimed at increasing FDI in the automotive sector drive the Asia-Pacific automotive plastics market. Furthermore, infrastructural development is going to accelerate the growth of the automotive sector. hence boosting the demand for automotive plastics over the forecast. Rising vehicle production along with pollution concerns has led to increased R&D spending to lower vehicle weight and, as a result, carbon footprint. In China, the rising market for luxury cars and aesthetically pleasing car interiors are increasing automotive plastics sales. China is expected to be a prominent manufacturer and consumer of automotive plastics in 2022 accounting for approximately nearly 73 percent of the East Asia automotive plastics market. China is the world's most populated country, which results in huge sales of new automobiles as well as a significant fleet of on-road vehicles. These elements provide a favorable climate for automotive plastics sales in China. The automotive plastics market in North America is expected to exceed USD xx billion by the end of 2029. Manufacturers' increasing preference for manufacturing lightweight automobile designs in response to rising consumer demand for fuel-efficient vehicles would boost product demand. Automotive plastics are used in the manufacture of automotive components due to their reduced weight and improved safety. Rising fuel efficiency standards in the region are encouraging manufacturers to produce lighter models, which should increase product demand during the forecast period. The automotive plastics market in the United States is expected to increase by 6.9 percent over the forecast period. Growing demand for lightweight automobiles in North America is expected to drive automotive plastics sales in the coming years. The objective of the report is to present a comprehensive analysis of the Automotive Plastics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Automotive Plastics market dynamics, and structure by analyzing the market segments and projecting the Automotive Plastics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Plastics market make the report investor’s guide.

Automotive Plastics Market Scope: Inquire before buying

Global Automotive Plastics Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 22.77  Bn.
Forecast Period 2023 to 2029 CAGR: 7.9% Market Size in 2029: US $ 38.77 Bn.
Segments Covered: by Product Type Polypropylene Polyurethanes Polyvinyl Chloride Acrylonitrile butadiene styrene High-density polyethylene Polycarbonates Polymethyl methacrylate Polyamide Polyethylene terephthalate
by Application Exterior Interior Under Bonnet
by End-Use Conventional Vehicles Electric Vehicles

Automotive Plastics Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Automotive Plastics Market, Key Players

1. AkzoNobel N.V 2. BASF SE 3. Covestro 4. Evonik Industries AG 5. Johnson Controls 6. Magna International 7. Momentive Performance Materials Inc. 8. SABIC 9. The Dow Chemical Company 10.Borealis AG 11.Hanwha Azdel Inc. 12.Grupo Antolin 13.Lear Corp. 14.Owens Corning 15.Quadrant AG 16.Royal DSM N.V 17.Teijin Ltd 18.Compagnie Plastic 19.Zoltek Companies Inc. 20.DSM Engineering Plastics B.V. 21.EXXON Mobile 22.Arkema 23.Johnson Controls 24.Bayer Material Science AG 25.China National Offshore Oil Corporation 26.Mitsubishi Chemical Holdings Corp. 27.National Petrochemical Company 28.Grupa Azoty S.A FAQs: 1. Which is the potential market for Automotive Plastics in terms of the region? Ans. In the APAC region, The desire for a small family for the compact car along with increased per capita disposable income contributes to market growth. 2. What is expected to drive the growth of the Automotive Plastics market in the forecast period? Ans. The benefits of Plastic over metal are a key driver for the Automotive Plastic Market growth 3. What is the projected market size & growth rate of the Automotive Plastics Market? Ans. Automotive Plastics Market size was valued at US$ 22.77 Bn. in 2022 and the total Automotive Plastics revenue is expected to grow at 7.9 % through 2022 to 2029, reaching nearly US$ 38.77 Bn. 4. What segments are covered in the Automotive Plastics Market report? Ans. The segments covered are Product Type, Application, and Region.
1. Global Automotive Plastics Market: Research Methodology 2. Global Automotive Plastics Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Automotive Plastics Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Automotive Plastics Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Automotive Plastics Market Segmentation 4.1 Global Automotive Plastics Market, by Product Type (2022-2029) • Polypropylene • Polyurethanes • Polyvinyl Chloride • Acrylonitrile butadiene styrene • High-density polyethylene • Polycarbonates • Polymethyl methacrylate • Polyamide • Polyethylene terephthalate 4.2 Global Automotive Plastics Market, by Application (2022-2029) • Exterior • Interior • Under Bonnet 4.3 Global Automotive Plastics Market, by End-Use (2022-2029) • Conventional Vehicles • Electric Vehicles 5. North America Automotive Plastics Market(2022-2029) 5.1 North America Automotive Plastics Market, by Product Type (2022-2029) • Polypropylene • Polyurethanes • Polyvinyl Chloride • Acrylonitrile butadiene styrene • High-density polyethylene • Polycarbonates • Polymethyl methacrylate • Polyamide • Polyethylene terephthalate 5.2 North America Automotive Plastics Market, by Application (2022-2029) • Exterior • Interior • Under Bonnet 5.3 North America Automotive Plastics Market, by End-Use (2022-2029) • Conventional Vehicles • Electric Vehicles 5.4 North America Automotive Plastics Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Automotive Plastics Market (2022-2029) 6.1. European Automotive Plastics Market, by Product Type (2022-2029) 6.2. European Automotive Plastics Market, by Application (2022-2029) 6.3. European Automotive Plastics Market, by End-Use (2022-2029) 6.4. European Automotive Plastics Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Automotive Plastics Market (2022-2029) 7.1. Asia Pacific Automotive Plastics Market, by Product Type (2022-2029) 7.2. Asia Pacific Automotive Plastics Market, by Application (2022-2029) 7.3. Asia Pacific Automotive Plastics Market, by End-Use (2022-2029) 7.4. Asia Pacific Automotive Plastics Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Automotive Plastics Market (2022-2029) 8.1 Middle East and Africa Automotive Plastics Market, by Product Type (2022-2029) 8.2. Middle East and Africa Automotive Plastics Market, by Application (2022-2029) 8.3. Middle East and Africa Automotive Plastics Market, by End-Use (2022-2029) 8.4. Middle East and Africa Automotive Plastics Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Automotive Plastics Market (2022-2029) 9.1. South America Automotive Plastics Market, by Product Type (2022-2029) 9.2. South America Automotive Plastics Market, by Application (2022-2029) 9.3. South America Automotive Plastics Market, by End-Use (2022-2029) 9.4 South America Automotive Plastics Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 AkzoNobel N.V 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 BASF SE 10.3 Covestro 10.4 Evonik Industries AG 10.5 Johnson Controls 10.6 Magna International 10.7 Momentive Performance Materials Inc. 10.8 SABIC 10.9 The Dow Chemical Company 10.10 Borealis AG 10.11 Hanwha Azdel Inc. 10.12 Grupo Antolin 10.13 Lear Corp. 10.14 Owens Corning 10.15 Quadrant AG 10.16 Royal DSM N.V 10.17 Teijin Ltd 10.18 Compagnie Plastic 10.19 Zoltek Companies Inc. 10.20 DSM Engineering Plastics B.V. 10.21 EXXON Mobile 10.22 Arkema 10.23 Johnson Controls 10.24 Bayer Material Science AG 10.25 China National Offshore Oil Corporation 10.26 Mitsubishi Chemical Holdings Corp. 10.27 National Petrochemical Company 10.28 Grupa Azoty S.A
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