Press release
Automotive Plastics Market Witnesses Surge in Adoption for Enhanced Fuel Efficiency
Automotive Plastics Market
The global automotive plastics market is experiencing robust expansion, driven by the automotive industry's shift towards lightweight and fuel-efficient vehicles. In 2023, the market was valued at approximately USD 24.56 billion and is projected to reach USD 41.83 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.
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Competitive Landscape and Regional Demand
The market features prominent players such as Covestro AG, SABIC, and Magna International Inc., who are instrumental in driving innovation and competition.
Regionally, the Asia-Pacific market is anticipated to reach USD 25 billion by 2025, with countries like China, India, and Japan leading in automotive production and consumption.
Automotive Plastics Market Country-Specific Developments
Automotive Plastics Opportunities in Vietnam
Vietnam's mergers and acquisitions market is projected to experience a boom in 2025, creating potential opportunities for growth in the automotive plastics sector.
Automotive Plastics Growth in Thailand
Thailand's robust automotive manufacturing industry is increasingly adopting plastic components to enhance vehicle efficiency and meet environmental standards.
Automotive Plastics Trends in Japan
Japan's focus on electric and hybrid vehicles is driving the integration of advanced plastic materials to reduce vehicle weight and improve performance.
Automotive Plastics Consolidation in South Korea
South Korea is witnessing consolidation in its automotive sector, with companies like KG Mobility (formerly SsangYong Motor Company) undergoing strategic transformations to enhance competitiveness.
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Automotive Plastics Updation in Singapore
Singapore's emphasis on smart mobility solutions is leading to the adoption of innovative plastic materials in automotive components to support sustainability initiatives.
Automotive Plastics Advances in the United States
The U.S. automotive industry is incorporating high-performance plastics to meet stringent fuel efficiency regulations and consumer demand for lightweight vehicles.
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Automotive Plastics Developments in China
China's rapid expansion in electric vehicle production is boosting the demand for automotive plastics to achieve weight reduction and energy efficiency.
Automotive Plastics Innovations in Europe
European automakers are investing in research to develop sustainable plastic materials, aligning with the region's environmental policies and circular economy goals.
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Automotive Plastics Market Segmentation Analysis
by Product Type
Polypropylene
Polyurethanes
Polyvinyl Chloride
Acrylonitrile butadiene styrene
High-density polyethylene
Polycarbonates
Polymethyl methacrylate
Polyamide
Polyethylene terephthalate
By product type, the PP segment had the largest market share in 2023. Polypropylene (PP) is another term for polypropene. Polypropylene is a thermoplastic polymer that may be easily formed into practically any shape. Polypropylene is commonly used in passenger vehicles for a number of applications, including interior, exterior, and underbody components. Polypropylene, being a commodity plastic, is less expensive than other designed polymers, hence engineers favor it over other plastics.
by Application
Exterior
Interior
Under Bonnet
Demand for comfort features will fuel growth in the interior application segment of the automotive plastics market for passenger vehicles. Interior applications dominate the market because plastics are increasingly used to provide impact resistance and dimensional stability. The use of plastics in interior applications improves automotive durability, color, and aesthetic appeal.
by End-Use
Conventional Vehicles
Electric Vehicles
Key Recent Developments
Witte Automotive has expanded its global footprint through strategic acquisitions, including a majority stake in Forez Bulgaria, enhancing its capabilities in plastic injection molding for automotive applications.
These developments underscore the dynamic nature of the automotive plastics market, with continuous advancements aimed at improving vehicle performance, sustainability, and meeting evolving consumer preferences globally.
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