The new report by Expert Market Research titled, ‘Global Automotive Plastics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive plastics market assessing the market based on its segments like products, processes, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 21.01 Billion
• Forecast CAGR (2023-2028): 7.95%
• Forecast Market Size (2027): USD 33.25 Billion
The market for automotive plastics is being augmented by the growing manufacturing of automobiles. The rising demand for passenger vehicles owing to rapid urbanisation and industrialisation, the growing middle-class population, and increasing disposable incomes are also driving the market growth of automotive plastics. As various governments are introducing stringent initiatives to reduce automotive emissions, the utilisation of automotive plastics as alternatives to conventional metals is rising and fuelling the growth of the market. With the increasing price volatility of iron and steel, the demand for automotive plastics owing to their cost-effectiveness is surging, which is expected to bolster the market growth in the forecast period.
Automotive Plastics Industry Definition and Major Segments
Automotive plastics refer to plastics that are used in automobiles to reduce their weight and enhance their fuel-efficiency. They are also used to boost the safety and performance of automobiles. Moreover, automotive plastics allow for minimisation of automotive components to increase the flexibility of their designs. Polypropylene, polyurethane, and polyvinyl chloride are some of the most commonly used plastics in the automotive sector.
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The major products of automotive plastics are:
• Acrylonitrile Butadiene Styrene (ABS)
• Polypropylene (PP)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polycarbonate (PC)
• Polymethyl Methacrylate (PMMA)
• Polyamide (PA)
• Others
Based on processes, the market is divided into:
• Injection Moulding
• Blow Moulding
• Thermoforming
• Others
The market, based on application, can be segmented into:
• Powertrain
• Electrical Components
• Interior Furnishings
• Exterior Furnishings
• Under-the-Hood Components
• Chassis
The regional markets of automotive plastics are:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Plastics Market Trends
The market growth can be attributed to the introduction of various stringent government regulations to enhance the fuel-efficiency of vehicles. As advanced plastic materials are lightweight, they are extensively used to improve the fuel economy of vehicles while ensuring their safety and high performance. With the growing demand for plastics in powertrain engineering applications, the market for automotive plastics is flourishing. In the forecast period, the market is anticipated to be driven by the increasing preference for automobiles with enhanced safety, comfort, and sustainability. The growing popularity of electric vehicles in both developing and developed countries is further expected to positively impact the market growth of automotive plastics in the coming years.
Key Market Players
The major players in the market are BASF SE, Covestro AG, SABIC, Dow Inc., and Borealis AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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