Automotive Plastics Market Size 2023: Industry Share, Growth and Demand Forecast by 2028

IMARC Group, a leading market research company, has recently releases report titled "Automotive Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global automotive plastics market growth, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Automotive Plastics Market
Automotive plastics are a diverse group of materials that play a crucial role in modern vehicle manufacturing. These materials are used extensively in the automotive industry to replace traditional metal components due to their lightweight nature, durability, and versatility. Automotive plastics encompass a wide range of polymers, including polypropylene (PP), polyethylene (PE), polyurethane (PU), polyvinyl chloride (PVC), polycarbonate (PC), and more. These materials are employed in various aspects of vehicle design, from interior components like dashboard panels, door panels, and seats, to exterior elements such as bumpers, grilles, and body panels. The use of automotive plastics offers several advantages. Firstly, their lightweight nature contributes to improved fuel efficiency, leading to reduced emissions and enhanced overall performance. Additionally, plastics provide designers with greater creative freedom, enabling the realization of intricate designs and enhanced aesthetics. Moreover, plastics are resistant to corrosion and have the ability to absorb impact, contributing to the safety and longevity of vehicles. Furthermore, the trend towards electric and hybrid vehicles is bolstering the demand for automotive plastics due to the need for lightweight materials that can contribute to extending the driving range. The automotive industry's shift towards more sustainable and eco-friendly practices also aligns with the use of recyclable and biodegradable plastics, further driving innovation in this field.

How big is the automotive plastics market?
The global automotive plastics market size reached US$ 40.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

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What Are the Growth Prospects and Trends in The Automotive Plastics Industry?
The surging global sales of electric and hybrid vehicles (EVs/HVs) stand as a prominent driver propelling the expansion of the automotive plastics market. This is complemented by the escalating demand for these versatile materials in a wide array of applications, including wheel covers, suspension bushings, dashboards, headlamp lenses, carpet fibers, fuel tanks, truck bed liners, mud flaps, bumpers, gears, and more, which collectively contribute to fostering market growth. Additionally, the rising necessity for synthetic coatings to shield metal surfaces against corrosion induced by factors like salt exposure, high temperatures, and water contact is exerting a positive influence on the worldwide market landscape. The realm of automotive plastics is further invigorated by ongoing technological strides and innovative initiatives sponsored by automotive manufacturers, serving as crucial catalysts for growth. The extensive utilization of nylon, renowned for its tear-resistant attributes, in the production of essential components like seat belts and airbags is another driving force propelling market expansion. Furthermore, the escalating appeal of premium and luxury automobiles, buoyed by increasing consumer spending power, improved living standards, and the burgeoning trend of urban living, is poised to provide a substantial impetus to the automotive plastics market in the forthcoming years.

Automotive Plastics Market Growth and Opportunities:
The automotive plastics market is positioned for substantial expansion, presenting a spectrum of prospects. Plastics hold a pervasive presence within the automotive sector, fueled by their attributes of being lightweight, durable, flexible in design, and economically viable. The escalating desire for fuel-efficient vehicles, coupled with the imperative to trim vehicle weight for enhanced performance and reduced emissions, propels the integration of automotive plastics. Furthermore, the imposition of stringent government mandates pertaining to emissions and fuel efficiency standards further amplifies the growth trajectory. The burgeoning inclination toward electric vehicles and the requisite for lightweight components in their construction carve out avenues for plastic utilization in the automotive realm. Advancements in plastic technologies, including the creation of high-performance and environmentally conscious plastics, unshackle fresh prospects for market expansion. The assimilation of inventive plastic materials and manufacturing methodologies, such as composites and injection molding, empowers the creation of intricate and lightweight automotive components. The market further reaps the rewards of burgeoning demand for refined interior and exterior aesthetics, elevated safety features, and heightened comfort in vehicles. In sum, the automotive plastics market stands at the crossroads of transformative growth and multifaceted potential.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Vehicle Type:
Conventional and Traditional Vehicles
Electric Vehicles

Breakup by Material:
Polyethylene (PE)
Polypropylene (PP)
Polyvinyl Chloride (PVC)
Acrylonitrile Butadiene Styrene (ABS)
Polyurethane (PU)
Polymethyl Methacrylate (PMMA)
Polycarbonate (PC)
Polyamide
Others

Breakup by Application:
Powertrain
Electrical Components
Interior Furnishings
Exterior Furnishings
Under the Hood
Chassis

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Who are the key players operating in the industry?
The report covers the major market players including:
Asahi Kasei Corporation
BASF SE
Borealis AG
Covestro AG
Dow Inc.
Koninklijke DSM N.V.
Lanxess AG
Lear Corporation
LyondellBasell Industries N.V.
Saudi Basic Industries Corporation
Solvay S.A and Teijin Limited
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

Ask Analyst for 10% free customized report: https://www.imarcgroup.com/request?type=report&id=6783&flag=C

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