New York, USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The market size of the automotive plastics market was measured to be at USD 30.83 billion in 2023. The market is expected to increase from USD 33.10 billion in 2024 to USD 59.04 billion by 2032, displaying a CAGR of 7.5% between 2024–2032.
Introduction to Automotive Plastics:
Because of their excellent performance, adaptability, and low weight, automotive plastics are engineering polymers used in the automotive sector. Typical automotive plastics include various types such as polyvinyl chloride (PVC), polypropylene, ABS, and polycarbonate. The most common plastic used in the production of automobiles is polypropylene. Due to its thermoplastic nature, it is easily able to take on nearly any shape. It is generally impact-resistant and exhibits outstanding resistance to heat and chemicals. The growing need for lightweight materials in vehicle manufacturing to improve fuel efficiency and lower emissions is propelling the growth of the automotive plastics market strongly. Increased attention to interior design and advancements in polymer technology are also anticipated to drive market growth.
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Automotive Plastics Market Details:
| Report Attributes | Details |
| Market value in 2024 | USD 33.10 billion |
| Market value in 2032 | USD 59.04 billion |
| CAGR | 7.5 % |
| Base year | 2023 |
| Historical data | 2019 – 2022 |
| Forecast period | 2024 – 2032 |
Market Key Players:
The major participants in the automotive plastics market are making significant investments in R&D to broaden their product offerings, which will accelerate the growth of the automotive plastics market over the forecast period. A few of the major key players involved in the market are:
- Arkal Automotive
- Arkema SA
- BASF SE
- Borealis AG
- Covestro AG
- DSM Engineering
- DuPont
- Evonik Industries AG
- ExxonMobil Corporation
- LANXESS
- LG Chem
- LyondellBasell
- SABIC
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Automotive Plastics Market Growth Drivers:
Increased Demand for Lightweight Material:
Due to the growing need for lightweight materials in vehicle manufacturing to improve fuel efficiency and lower emissions, the automotive plastics market is experiencing rapid growth.
Modernization of Vehicles:
The market for automotive plastics is expected to grow significantly as the industry transitions to hydrogen vehicles, propelled by developments in hydrogen storage technologies.
Use of Hydrogen as Automotive Fuel:
The growing use of hydrogen as a clean fuel substitute is boosting demand for innovative plastics in the automotive plastics market.
Regional Overview:
In 2023, the automotive plastic market was dominated extremely by the Asia Pacific region. The growing automotive sector in developing nations like China, Vietnam, Indonesia, Thailand, and India, as well as the availability of inexpensive labor, land, and resources, are the main drivers of this boom in the automotive plastic market.
The automotive plastics market in North America is anticipated to grow at the fastest rate between 2024 and 2032. North American automakers are placing a greater emphasis on lightweight vehicles in order to improve fuel economy and meet emissions and fuel economy regulations. The robust automotive sector in the area drives the need for automotive plastics to satisfy the various needs of locally-made automobiles.
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Segmental Insights:
By Product Outlook
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- PP LGF 20
- PP LGF 30
- PP LGF 40
- Others
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Rigid PVC
- Flexible PVC
- Polyethylene (PE)
- High-density Polyethylene (HDPE)
- Other PE Grades
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (Nylon 6, Nylon 66)
- Others
By Process Outlook
- Injection Molding
- Blow Molding
- Thermoforming
- Others
By Vehicle Type Outlook
- Passenger Cars
- Internal Combustion Engine (ICE) Vehicles
- Electric Vehicles
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
By Application Outlook
- Powertrains
- Electrical Components
- Interior Furnishing
- IMD or IML
- Others
- Exterior Furnishing
- Under the hood
- Chassis
By Regional Outlook
- North America
-
- US
- Canada
- Europe
-
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
-
- Rest of Asia Pacific
- Middle East & Africa
-
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
-
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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