Press release
Top Market Shifts Transforming the Automotive Plastics Market Landscape: Key Insights
Automotive Plastics
How Large Will the Automotive Plastics Market Size By 2025?
In recent times, the size of the automotive plastics market has seen robust growth. It is predicted to expand from $43.29 billion in 2024 to an estimate of $47.52 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.8%. Factors that have contributed to this growth in the historical period include a boost in car production, a rise in commercial vehicle demand, an upsurge in passenger vehicles, a growing need for sustainable plastics, and the solid economic growth in emerging markets.
How Big Is the Automotive Plastics Market Size Expected to Grow by 2029?
In the coming years, the automotive plastics market is predicted to experience substantial growth, reaching a value of $68.66 billion in 2029 with a compound annual growth rate (CAGR) of 9.6%. The anticipated growth during this period is largely due to the rising demand for electric vehicles, supportive governmental measures, and expansion of the automotive industry. Key trends that will feature prominently in this period include the establishment of new manufacturing lines, the recycling of used plastics in auto part production, collaborative endeavors and partnerships, and an emphasis on lighter weight products.
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Which Key Market Drivers Powering Automotive Plastics Market Expansion and Growth?
The automotive plastics market is on a growth trajectory, largely driven by the rising demand for lightweight and electric vehicles. The surge in the use of plastic components within the automotive realm has not only fuelled design innovation in cars but has also led to a reduction in fuel consumption due to the drop in vehicular weight. This is because a lighter vehicle necessitates less energy during acceleration. For example, as per the April 2023 report by the France-based International Energy Agency (IEA), there was a significant 55% jump in electric car sales in 2022 relative to 2021, surpassing 10 million units. The report also noted a growth of electric cars as a share of the total car sales, with the percentage rising to 14% in 2022 from 9% in 2021. Consequently, the trend towards lightweight and electric vehicles is actively fuelling the expansion of the automotive plastics market.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Plastics Market?
In an attempt to enhance the delivery of automotive interior structural solutions, leading firms in the automotive plastics market have shifted their focus towards the creation of innovative products like polyamide-based compounds. These compounds promise to improve durability, aesthetics, performance, and sustainability. For example, in July 2024, LyondellBasell (LYB), an American chemical corporation, unveiled Schulamid ET100, a fresh line of polyamide-based compounds explicitly crafted with automotive interior structural solutions in mind, such as door window frames. This innovative approach is focused on refining the aesthetics and performance aspects of automotive applications, by providing superior surface quality, boosted durability, appropriate rigidity, personalizable styles, and sustainability advantages such as reduced VOC emissions and decreased density.
What Are the Emerging Segments in the Automotive Plastics Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Automotive Plastics Industry?
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.
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