Dublin, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Plastics Market Size, Share & Trends Analysis Report by Product (Acrylonitrile Butadiene Styrene, Polypropylene), Application (Powertrain, Electrical Component), Process, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global automotive plastics market size is expected to reach USD 43.44 billion by 2030, registering a CAGR of 5.4% from 2024 to 2030, according to the report. A rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel the market growth. 
The COVID-19 pandemic negatively impacted automotive plastics manufacturers by halting automotive production and reducing vehicle demand due to global financial instability. The outbreak disturbed the entire automotive supply chain on a worldwide scale. Since the market for automobiles is entirely dependent on vehicle sales, this outbreak affected this market significantly. However, the market grew substantially in 2021 primarily due to the increased electric vehicle sales and is therefore expected to stimulate the market growth over the forecast period.
The polyurethane product segment is anticipated to witness significant growth over the forecast period owing to its ability to infuse the characteristics of both plastics and rubber at a lower weight compared to metal and other plastic materials. Increasing product demand from the automotive industry for use in refrigeration insulation, interior trims, and seat cushioning is expected to boost product demand over the forecast period. In September 2021, Adient, a pioneer in automotive seating systems, and Covestor confirmed a strategic alliance. The company will integrate cardyon, a polyol made utilizing Covestro's CO2 technology as a self-sustaining material in the manufacturing of hot cure-shaped polyurethane foam utilized as cushioning in automotive seating systems.
The power train application segment is expected to witness the fastest growth over the forecast period. The rising application of plastics in powertrain engineering is expected to support market growth in the coming years. It helps the manufacturers of vehicles reduce weight and integrate complex parts, which ultimately boosts performance, delivers higher productivity, and saves cost. According to research conducted by E. I. du Pont de Nemours and Company, currently, plastics penetration stands at 110-120 kilograms per car depending on the engine size and region, while manufacturers are still exploring other new opportunities for the usage of plastics.
In Asia Pacific, the market is expected to register the fastest CAGR during the forecast period. The growing automotive industry, coupled with the rising population and increasing disposable income of middle-class families in the emerging economies of the region, is likely to be the primary driving factor in the coming years.
Moreover, strong government support and initiatives and increasing investment by the government are propelling the growth of the automotive industry in the region, which, in turn, is anticipated to fuel the demand for the product in the region. In November 2021, the Indian Oil Corporation (IOC) and two other public sector oil companies declared plans to build 22,000 charging stations for electric vehicles over the next three to five years.
Automotive Plastics Market Report Highlights
- Increasing integration of in-car entertainment and communication systems, engine electronics, advanced safety, and advanced driver-assistance systems is boosting the demand for electrical components application, which, in turn, is fueling the growth of the market in North America
- The polypropylene product segment accounted for the largest revenue share of more than 32.25% in 2023 and is estimated to maintain its lead over the forecast period
- The interior furnishings application segment is expected to be the largest segment over the forecast period owing to the rising product usage for interior furnishings in automobiles including body and light panels, seat covers, steering wheels, and fascia systems
Company Profiles
- Akzo Nobel N.V.
- BASF SE
- Covestro AG
- Evonik Industries AG
- Adient plc (Spin-Off from Johnson Control International 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $30.44 Billion |
| Forecasted Market Value (USD) by 2030 | $43.44 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Plastics Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.1 Global plastics market outlook
3.1.2 Global automotive plastics market outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.3.1 Raw material trends
3.3.2 Manufacturing trends
3.3.3 Sales channel analysis
3.4 Regulatory Framework
3.5 Market Dynamics
3.5.1 Market driver analysis
3.5.2 Market restraint analysis
3.6 Business Environment Analysis: Automotive Plastics Market
3.6.1 Porter's five forces analysis
3.6.2 PESTEL analysis
Chapter 4 Automotive Plastics Market: Product Estimates & Trend Analysis
4.1 Automotive Plastics Market: Product movement analysis, 2021 & 2030
4.2 Acrylonitrile Butadiene Styrene (ABS)
4.2.1 Acrylonitrile Butadiene Styrene (ABS) automotive plastics market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
4.3 Polypropylene (PP)
4.4 Polyurethane (PU)
4.5 Polyvinyl Chloride (PVC)
4.6 Polyethylene (PE)
4.7 Polycarbonate (PC)
4.8 Polymethyl Methacrylate (PMMA)
4.9 Polyamide (PA)
Chapter 5 Automotive Plastics Market: Application Estimates & Trend Analysis
5.1 Automotive Plastics Market: Application movement analysis, 2021 & 2030
5.2 Powertrain
5.3 Electrical components
5.4 Interior furnishings
5.5 Exterior furnishings
5.6 Under-the-hood components
5.7 Chassis
Chapter 6 Automotive Plastics Market: Process Estimates & Trend Analysis
6.1 Automotive Plastics Market: Process movement analysis, 2021 & 2030
6.2 Injection Molding
6.2.1 Automotive plastics market estimates and forecasts, by injection molding, 2018 - 2030 (Kilotons) (USD Million)
6.3 Blow Molding
6.4 Thermoforming
Chapter 7 Automotive Plastics Market: Regional Estimates & Trend Analysis
7.1 Regional Movement Analysis & Market Share, 2021 & 2030
Chapter 8 Competitive Landscape
8.1 Key global players along with the recent developments & their impact on the industry
8.2 Key Company/Competition Categorization
8.3 Plastic Companies Response to the COVID-19 Outbreak
8.4 Vendor Landscape
8.4.1 List of key distributors & channel partners
8.4.2 Key End-users (including IMD/IML service providers)
8.4.3 List of automotive OEM
8.5 Public companies
8.5.1 Company market position analysis
8.5.2 Competitive dashboard analysis
8.6 Market Differentiators
8.7 Strategy Analysis: Major Deals & Strategic Alliances
8.7.1 COVESTRO AG
8.7.1.1 Strategy :
8.7.1.2 analysis
8.7.2 BOREALIS AG
8.7.2.1 Strategy
8.7.2.2 analysis
For more information about this report visit https://www.researchandmarkets.com/r/re9u0l
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