Burlingame, Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global plastic component market size is estimated to be valued at USD 500.20 billion in 2024 and is expected to surpass USD 798.34 billion by 2031, growing at a CAGR of 6.3% from 2024 to 2031.
The growth is attributed to the growing demand for light weight and durable materials from the automotive industry. Plastic components help reduce vehicle weight and improve fuel efficiency.
Growing consumption of consumer goods is also augmenting the demand for plastic components. Plastic components are widely used in consumer goods like home appliances, furniture, and electronics. This is owing to their cost-effectiveness and durability.
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Market Trends
Increasing adoption of recycled plastics: Strict environmental norms have compelled automotive manufacturers to use recycled plastic components. Use of recycled plastics helps reduce production costs and achieve sustainability goals.
Growing demand for innovative and customized solutions: Manufacturers are focused on developing application-specific plastic components with technological advancements. It includes 3D printing, multi-material components, and additive manufacturing. Customized solutions enhance product functionality. This has led to their increased adoption across a wide range of end-use industries.
Plastic Component Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $500.20 billion |
| Estimated Value by 2031 | $798.34 billion |
| Growth Rate | Poised to grow at a CAGR of 6.3% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type of Plastic, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growth in automotive industry • Rise in construction industry |
| Restraints & Challenges | • Stringent environmental regulations • Fluctuations in crude oil prices |
Market Opportunities
The polypropylene segment is expected to dominate the market, accounting for over 30% of the total market share by 2031. Polypropylene is highly preferred for use in automotive components. This is owing to its excellent chemical resistance, heat resistance, and durability. It is widely used in bumpers, instrument panels, door panels, and other exterior and interior parts in vehicles.
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The automotive application segment is expected to hold the largest share of over 35% of the total plastic component market in 2024. Lightweight components are made using engineering plastics. It helps in reducing the overall weight of the vehicles and improving fuel efficiency. Plastics are increasingly replacing traditional materials like metal in various auto parts owing to their superior properties.
The growing automotive production is supported by rising vehicle ownership, especially in developing economies. It is propelling the demand for plastic components in the automotive industry.
Key Market Takeaways
The global plastic component market is anticipated to witness a CAGR of 6.3% during the forecast period 2024-2031. This is owing to the rising application of plastics in various end-use industries like automotive, consumer goods, and healthcare.
On the basis of type of plastic, the polypropylene segment is expected to hold a dominant position. This is owing to widespread use of polypropylene in automotive exterior and interior parts.
On the basis of application, the automotive segment is expected to hold the largest share over the forecast period. This is due to the increasing use of plastics in lightweight vehicle components to improve fuel efficiency.
North America is expected to hold a dominant position over the forecast period. This is owing to robust presence of automotive and packaging industries in the region.
Competitor Insights
-Lanxess India Private Limited
- Tata Autocomp Systems Limited
- Elringklinger Automotive Components Private
- Pennar Industries Limited
- Minda Industries Limited.
Recent Developments:
In August 2024, Nordic Semiconductor announced an advancement in its sustainability. The company has become first semiconductor companies to use reel made from recycled plastic.
In 2023, LyondellBasell, announced a new range of plastic made from recycled marine and maritime gear.
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Detailed Segmentation:
By Type of Plastic:
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Engineering Plastics
By Application:
- Automotive
- Consumer Goods
- Electronics
- Packaging
- Healthcare
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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