PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477120
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477120
Automotive Plastics Market size was valued at USD 30,420.20 Million in 2023, expanding at a CAGR of 5.83% from 2024 to 2032.
Automotive plastics have revolutionized the manufacturing process of cars, influencing every aspect of modern vehicles, including their performance and appearance. The Automotive Plastics and Polymer Composites Roadmap for Future Mobility is guiding the industry towards advancements in connectivity, autonomy, circularity, shared mobility, electrification, and sustainability. The utilization of plastics in automotive design is crucial for enhancing the overall performance and efficiency of vehicles. Plastics play a key role in enabling cars to achieve high fuel efficiency, reduced weight, and optimal functionality as a cohesive system. From linings to dashboards, bumpers to splash guards, handles to engine covers, plastics are a versatile and essential material in the automotive sector.
Automotive Plastics Market- Market Dynamics
Increasing demand for lightweight and electric vehicles is expected propel the market growth
Automotive manufacturers are continuously working towards reducing the weight of vehicles in order to enhance fuel efficiency and decrease emissions. Plastics serve as a lightweight substitute for traditional materials such as metal, aiding in the achievement of these goals while maintaining safety and performance standards. The emergence of electric vehicles brings about distinctive opportunities for the automotive plastics industry. As per the International Energy Agency, the electric vehicle sector is rapidly expanding, with electric car sales representing 9% of the global car market in 2021 - a four-fold increase from their market share in 2019. In addition, all the net growth in global car sales in 2021 can be attributed to electric cars. Moreover, continuous advancements in material science and manufacturing technologies are fostering innovation within the automotive plastics sector. Nevertheless, challenges related to material compatibility may impede market growth.
Automotive Plastics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.83% over the forecast period (2024-2032)
Based on product type segmentation, Polypropylene was predicted to show maximum market share in the year 2023
Based on Process segmentation, Injection Molding was the leading type in 2023
Based on Vehicle Type segmentation, Passenger Cars was the leading type in 2023
Based on Application segmentation, Interior Furnishings was the leading type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
The Global Automotive Plastics Market is segmented on the basis of Product Type, Process, Vehicle Type, Application, and Region.
The market is segmented into eight product type categories, namely Acrylonitrile Butadiene Styrene (ABS), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), Polyamide (PA), Polypropylene (PP), and Others. Among these categories, Polypropylene (PP) holds the largest market share. This dominance can be attributed to the versatility, cost-effectiveness, and numerous desirable properties of Polypropylene (PP), making it a key material driving the market's growth.
The market is segmented into three categories according to Process: Injection Molding, Blow Molding, Thermoforming, and Other methods. Injection Molding holds the largest share in the market. Injection Molding plays a crucial role in the automotive plastics industry, equipping manufacturers with the necessary tools and technologies to create top-notch, cost-efficient, and cutting-edge plastic parts for contemporary vehicles.
The market is segmented into three groups according to Vehicle Type: Passenger Cars, Light Commercial Vehicles, and Medium & Heavy Commercial Vehicles. Passenger Cars hold the largest market share. Passenger cars experience notable advantages from the use of lightweight materials such as plastics, which contribute to better fuel efficiency, lower emissions, and improved overall performance.
The market is segmented into five categories according to Application: Powertrain, Electrical Components, Interior Furnishings, Exterior Furnishings, Under the Hood, and Chassis. Interior Furnishings holds the largest share in the market. The automotive plastics market significantly influences interior furnishings, allowing car manufacturers to design comfortable, practical, and aesthetically pleasing vehicle interiors that cater to changing consumer preferences and tackle industry issues like lightweighting and sustainability.
Automotive Plastics Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business growth. Asia Pacific leads the market, driven by the rising utilization of plastics in the automotive sector. The thriving automotive industry in the region has resulted in a significant surge in the demand for automotive plastics to cater to the requirements of vehicle manufacturers. Over the past few years, the demand for modified plastic materials in the automotive industry in China has escalated from 3.52 million tons in 2015 to 4.66 million tons in 2019, showing a consistent annual increase. With the continuous growth in automobile production and sales, as well as the advancement of lightweight trends in automobiles, it is anticipated that the demand for modified materials in the automotive sector will continue to exhibit positive growth, as per the reports from China's modified plastics industry. Following Asia Pacific, North America and Europe stand as the second largest regions for market expansion, attributed to the increasing automotive production.
Suppliers of plastic resins and compounds engage in fierce competition, with product quality, innovation, cost-effectiveness, and environmental sustainability being key factors. Manufacturers specializing in automotive plastic components also face intense competition, with design capabilities, production efficiency, technological expertise, and supply chain management playing crucial roles. The automotive plastics market is driven by relentless innovation and technological advancements, as companies strive to create new materials with enhanced properties like strength, lightweighting, heat resistance, and recyclability. To stay competitive and cater to the evolving demands of automotive manufacturers and consumers, companies must consistently invest in research and development, forge strategic partnerships, and maintain operational excellence.
On September 19, 2023, Plastics play a crucial role in contemporary society; nevertheless, there is a growing apprehension among the public regarding their utilization. In order to tackle this issue, BASF is dedicated to diminishing plastic waste, preserving valuable resources, and optimizing the efficiency of materials throughout their lifespan.
On May 25, 2023, Dow and New Energy Blue have revealed a lengthy supply contract in North America. New Energy Blue will be producing bio-based ethylene from renewable agricultural remainders as part of this agreement. Dow plans to procure this bio-based ethylene to lower carbon emissions from plastic manufacturing, utilizing it in recyclable applications within transportation, footwear, and packaging industries.
GLOBAL AUTOMOTIVE PLASTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Akzo Nobel N.V.
BASF SE
Covestro AG
Evonik Industries AG
Adient plc
Magna International, Inc.
Momentive Performance Materials, Inc.
SABIC
Dow, Inc.
Borealis AG
Hanwha Azdel Inc.
Grupo Antolin
Lear Corporation
Owens Corning
Quadrant AG
Royal DSM N.V.
TEIJIN LIMITED
Others