Press release
Global Automotive Plastics Market to Reach $68.66 Billion by 2029, Growing at 9.6% CAGR
Automotive Plastics
The automotive plastics market is experiencing significant growth due to the rising demand for lightweight and electric vehicles. Greater use of plastic components within the automotive industry is leading to advances in automobile designs. Furthermore, it aids in minimizing fuel consumption in vehicles since less weight necessitates less energy during acceleration. As referenced in the International Energy Agency (IEA) reports in April 2023, electric car sales experienced a 55% growth in 2022 compared to 2021, exceeding 10 million units. Moreover, the proportion of electric cars in the total car sales expanded from 9% in 2021 to 14% in 2022. Consequently, it's the escalating demand for lightweight and electric vehicles that is propelling the expansion of the automotive plastics market.
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What growth opportunities are expected to drive the automotive plastics market's CAGR through 2034?
In the last few years, there has been impressive growth in the size of the automotive plastics market. The market, valued at $43.29 billion in 2024, is predicted to rise to $47.52 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.8%. This growth can be traced back to factors such as a rise in automobile production, heightened demand for commercial vehicles and passenger vehicles, an increasing demand for eco-friendly plastics, and robust economic growth in developing markets.
The market size of automotive plastics is projected to experience substantial expansion in the coming years, culminating to a value of $68.66 billion in 2029 with a compound annual growth rate (CAGR) of 9.6%. This growth during the anticipated period is attributed to factors such as higher demand for electric vehicles, favorable government schemes, and expansion of the auto industry. The primary trends expected in this forecast period involve launching new production lanes, reclaiming used plastics from automotive parts manufacturing, forming partnerships and collaborations, along with emphasis on producing lightweight goods.
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What are the emerging trends shaping the future of the automotive plastics market?
Leading businesses in the automotive plastics sector are honing in on the creation of groundbreaking products, including compounds derived from polyamide, to boost the performance, visual appeal, durability, and eco-friendly attribute of automotive interior structures. For example, in July 2024, LyondellBasell (LYB), a chemical firm based out of the US, unveiled the Schulamid ET100 product series, a unique compound based on polyamide, tailor-made for internal automotive structures like door window frames. This advance is aimed at augmenting both performance and aesthetics of automobile applications, by delivering excellent surface quality, enhanced durability, apt rigidity, customizable designs, and environmental advantages like decreased density and lower VOC emissions.
Which growth-oriented segments of the automotive plastics market are leading the industry's development?
The automotive plastics market covered in this report is segmented -
1) By Product Type: Polypropylene (PP), Polyurethane (PU), Polyvinylchloride (PVC), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), High Density Polyethylene (HDPE), Polycarbonate (PC), Polybutylene Terephthalate (PBT), Other Product Types
2) By Application: Interior, Exterior, Under Bonnet, Electrical Components, Power Train, Chassis
3) By Vehicle Type: Conventional Or Traditional Vehicles, Electric Vehicles, Hybrid Vehicles
Subsegments:
1) By Polypropylene (PP): Homopolymer PP, Copolymer PP
2) By Polyurethane (PU): Flexible PU, Rigid PU
3) By Polyvinylchloride (PVC): Rigid PVC, Flexible PVC
4) By Polyamide (PA): PA6, PA66
5) By Acrylonitrile Butadiene Styrene (ABS): Standard ABS, High-Impact ABS
6) By High-Density Polyethylene (HDPE): Injection-Molded HDPE, Blow-Molded HDPE
7) By Polycarbonate (PC): Standard PC, Impact-Resistant PC
8) By Polybutylene Terephthalate (PBT): Standard PBT, Reinforced PBT
9) By Other Product Types: Thermoplastic Elastomers (TPE), Polystyrene (PS), Composites
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What regions are leading the charge in the automotive plastics market?
Asia-Pacific was the largest region in the automotive plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the automotive plastics market?
Major companies operating in the automotive plastics market include Lyondellbasell Industries Holdings B.V., BASF SE, Covestro AG, Saudi Basic Industries Corporation (SABIC), Borealis AG, DSM, Evonik Industries AG, Exxon Mobil Corporation, Arkema Group, LG Chem, Lumax Auto Technologies, Tractors and Farm Equipment Limited, Sanhe Group, Changzhou Tourism Automobile Group Co. Ltd, Nanchong Kunhe Automobile Trading Co. Ltd, Ningbo Sailing Falaixin New Material Co. Ltd., Suzhou Xinyite Plastic Technology Co. Ltd., ShanDong DongChen New Technology Co. Ltd., Amazing Plastics Limited, Rapid Direct, Adreco Plastics, Omega Plastics Group, Rochling Industrial UK Ltd, Rutland Plastics, Nifco UK Limited, SKS Metaplast, Tenn-Tex Plastics, Zavod Signal, Ideal-Plast LLC, LitPromGarant -NN LLC, Coba Automotive Rus LLC, Atek Ltd, Aectra Plastics, Chevron Phillips Chemical, Americas Styrenics LLC, Johnson Controls, Lear Corporation, Celanese Corporation, Magna International Inc, Thogus Products, Zwick Roell Group, Belenus of Brazil S / A, METALAC, H.B. Fuller, Rimco Nigeria Limited, DVC Plastics Limited, COBA Plastics Moulding, Ampa Plastics Group (Pty) Ltd, Finke Plastics
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What Is Covered In The Automotive Plastics Global Market Report?
•Market Size Forecast: Examine the automotive plastics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive plastics market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive plastics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive plastics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive plastics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive plastics market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive plastics market.
•Competitive Landscape: Review strategic developments in the automotive plastics market, including expansions, agreements, and new product launches.
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