Automotive Plastics Market Size 2023: Global Share, Industry Trends And Report Outlook By 2028

Industry Overview of Automotive Plastics Market

Automotive plastics represent specialty materials designed to improve vehicle safety, structure, performance, aesthetics, and functionality. They include polypropylene (PP), acrylonitrile butadiene styrene (ABS), nylon, polyethylene (PE), polyoxymethylene (POM), polyurethane (PU), polyvinyl chloride (PVC), and polycarbonate (PC). Automotive plastics aid in extending the life of automobiles, reducing manufacturing costs, increasing design flexibility, easing the integration of components, etc. In addition to this, these materials also assist in lowering the weight of vehicles by replacing heavy elements, such as glass and metal, to save energy and improve fuel efficiency. As a result, automotive plastics find widespread applications in powertrains, electrical components, interior/exterior furnishings, under the hood, chassis, etc.

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 inflating sales of electric and hybrid vehicles (EVs/HVs) across the globe are among the primary factors driving the automotive plastics market. Besides this, the elevating requirement for these materials in the production of wheel covers, suspension bushings, dashboards, headlamp lenses, carpet fibers, fuel tanks, truck bed liners, mud flaps, bumpers, gears, etc., is further augmenting the market growth. Moreover, the escalating demand for synthetic coatings on metal surfaces to reduce the risk of corrosion caused by salt damage, high heat, and water exposure is also catalyzing the global market. Apart from this, the continuous technological advancements and the increasing innovative development activities funded by automobile manufacturers are acting as significant growth-inducing factors. In addition to this, the extensive usage of nylon for manufacturing seat belts and airbags, on account of its tear-resistant properties, is also stimulating the market growth. Furthermore, the growing popularity of premium and luxury cars, owing to the rising consumer expenditure capacities, improving living standards, and the emerging trend of urbanization, is expected to bolster the automotive plastics market in the coming years.

Automotive Plastics Market Growth and Opportunities:

The automotive plastics market is poised for significant growth and offers various opportunities. Plastics are widely used in the automotive industry due to their lightweight, durability, design flexibility, and cost-effectiveness. The increasing demand for fuel-efficient vehicles and the need to reduce vehicle weight for better performance and lower emissions drive the adoption of automotive plastics. Additionally, stringent government regulations regarding emissions and fuel efficiency standards further boost the market growth. The growing trend of electric vehicles and the need for lightweight components in their construction provide opportunities for the use of plastics in the automotive industry. Moreover, advancements in plastic technologies, such as the development of high-performance and eco-friendly plastics, open new avenues for market expansion. The incorporation of innovative plastic materials and manufacturing techniques, such as composites and injection molding, enables the production of complex and lightweight automotive parts. The market also benefits from the increasing demand for interior and exterior aesthetics, enhanced safety features, and improved comfort in vehicles.

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
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o 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

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