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Valued at USD 29.15 billion in 2023, the automotive plastics market was a significant player. With a predicted compound annual growth rate (CAGR) of 6.4% from 2024 to 2031, the automotive plastics business is expected to soar from $30 billion in 2024 to $42 billion in 2031.
In the production of automobile parts, automotive polymers play a key role. The qualities of the metal in cars are comparable to those of these plastics. Abrasion resistance, toughness, rigidity, and flame retardancy are the few characteristics possessed by these polymers. Innovations in automotive design are being propelled by the excellent properties of plastics, such as their versatility and elasticity. Polymers account for about 10% of the weight of the typical automobile. Automakers rely on polymers mostly to lighten their vehicles, which improves fuel economy and cuts down on pollution.
Worldwide, the automobile supply chain has been thrown for a loop due to the COVID-19 pandemic. Aside from the original supply and manufacturing industry, several others have also been affected. Due to lockdown implementation in many regions of the world, the whole automobile industry has been damaged, and the recovery period is uncertain. Limited availability of vehicle parts, falling new vehicle sales, shutdown of production facilities, and declining working capital are the four main problems that the automotive sector is presently encountering as a result of the COVID-19 epidemic. Worldwide sales of passenger cars fell 15.9% in 2020 from 63.7 million in 2019 to 53.6 million, as reported by OICA. The automotive plastics industry for passenger cars is anticipated to be severely affected by this epidemic because it is based on sales of passenger automobiles.
Lightweight vehicle production is on the upswing, which means more need for automotive polymers. Automotive original equipment manufacturers (OEMs) have been compelled to substitute metal components with polymer ones due to the strict environmental and safety restrictions enforced by the governments of numerous nations. One way to lower the overall weight of a car is to use plastics. This helps cut down on emissions of greenhouse gases and improves its fuel economy. Furthermore, the market is anticipated to benefit from the rising number of plastic repairs in the automotive industry.
Increasing consumer interest in EVs is another driver pushing the industry forward. Electric vehicles are more efficient than gas-powered ones, run on renewable energy, and are much lighter. Their increased use of polymers allows them to outperform conventional cars in terms of efficiency. Revenues in this market are expected to grow over the projected period, thanks to the rising demand for electric vehicles globally. Polymers are well-suited for usage in vehicles due to their strength, rigidity, and flexibility. This means that the automotive plastics market is expanding thanks to the rising demand for plastics in this industry. Another factor that is predicted to contribute to the market's growth is the increasing use of plastic paints and dyes for automobiles.
The key elements propelling the expansion of the automotive plastics market include enhanced vehicle design capabilities, a revival in the automotive sector, and an increasing emphasis on reducing vehicle weight and controlling emissions. The automotive plastics industry is experiencing strong growth because to the increasing demand for fuel-efficient vehicles, as well as for both passenger and commercial vehicles. Strict pollution and fuel economy rules are driving the market expansion, as lightweight materials are being increasingly adopted. Cars made of plastic have a number of benefits, including lighter weight, better fuel economy, and less pollution from greenhouse gasses. The increasing need for plastic repairs in automobiles is another factor driving the industry forward. The market is experiencing rapid expansion due to the increasing demand for electric vehicles.
In addition, PMMA plastics are being pushed by vendors due to the increasing number of technical breakthroughs in the automotive plastics market, which aim to reduce vehicle weight and improve overall performance. Lightweight reinforced thermoplastic components and long fiber reinforced thermoplastics (LFRT) are expected to witness significant demand from the automotive industry in the coming years, driving the market expansion. As bioplastics are lighter, more efficient, and powered by renewable energy, their use in a variety of automotive applications is on the rise, which bodes well for the future of the automotive plastics business.
Report Coverage
Global Automotive Plastics research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Plastics report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Plastics competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Plastics market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Plastics market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Plastics market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Teijin Ltd (Japan), AkzoNobel N.V (Netherland), Evonik Industries (Germany), Johnson Controls (U.S.), Magna International (Canada), Momentive (U.S.), Covestro AG (Germany), The Dow Chemical Company (U.S.), BASF SE (Germany), SABIC (Saudi Arabia)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Automotive Plastics market based on the below-mentioned segments:
Global Automotive Plastics Market, By Type
Polypropylene
Polyurethane
PVC
Acrylonitrile-Butadiene-Styrene (ABS)
Polyamide
Polycarbonate
Polymethyl Methacrylate
Others
Global Automotive Plastics market, By Application
Interior
Exterior
Under the hood
Powertrain
Drivetrain
Instruments Panel
Electronics
Others
Global Automotive Plastics market, Regional Analysis
In the production of automobile parts, automotive polymers play a key role. The qualities of the metal in cars are comparable to those of these plastics. Abrasion resistance, toughness, rigidity, and flame retardancy are the few characteristics possessed by these polymers. Innovations in automotive design are being propelled by the excellent properties of plastics, such as their versatility and elasticity. Polymers account for about 10% of the weight of the typical automobile. Automakers rely on polymers mostly to lighten their vehicles, which improves fuel economy and cuts down on pollution.
Worldwide, the automobile supply chain has been thrown for a loop due to the COVID-19 pandemic. Aside from the original supply and manufacturing industry, several others have also been affected. Due to lockdown implementation in many regions of the world, the whole automobile industry has been damaged, and the recovery period is uncertain. Limited availability of vehicle parts, falling new vehicle sales, shutdown of production facilities, and declining working capital are the four main problems that the automotive sector is presently encountering as a result of the COVID-19 epidemic. Worldwide sales of passenger cars fell 15.9% in 2020 from 63.7 million in 2019 to 53.6 million, as reported by OICA. The automotive plastics industry for passenger cars is anticipated to be severely affected by this epidemic because it is based on sales of passenger automobiles.
Lightweight vehicle production is on the upswing, which means more need for automotive polymers. Automotive original equipment manufacturers (OEMs) have been compelled to substitute metal components with polymer ones due to the strict environmental and safety restrictions enforced by the governments of numerous nations. One way to lower the overall weight of a car is to use plastics. This helps cut down on emissions of greenhouse gases and improves its fuel economy. Furthermore, the market is anticipated to benefit from the rising number of plastic repairs in the automotive industry.
Increasing consumer interest in EVs is another driver pushing the industry forward. Electric vehicles are more efficient than gas-powered ones, run on renewable energy, and are much lighter. Their increased use of polymers allows them to outperform conventional cars in terms of efficiency. Revenues in this market are expected to grow over the projected period, thanks to the rising demand for electric vehicles globally. Polymers are well-suited for usage in vehicles due to their strength, rigidity, and flexibility. This means that the automotive plastics market is expanding thanks to the rising demand for plastics in this industry. Another factor that is predicted to contribute to the market's growth is the increasing use of plastic paints and dyes for automobiles.
The key elements propelling the expansion of the automotive plastics market include enhanced vehicle design capabilities, a revival in the automotive sector, and an increasing emphasis on reducing vehicle weight and controlling emissions. The automotive plastics industry is experiencing strong growth because to the increasing demand for fuel-efficient vehicles, as well as for both passenger and commercial vehicles. Strict pollution and fuel economy rules are driving the market expansion, as lightweight materials are being increasingly adopted. Cars made of plastic have a number of benefits, including lighter weight, better fuel economy, and less pollution from greenhouse gasses. The increasing need for plastic repairs in automobiles is another factor driving the industry forward. The market is experiencing rapid expansion due to the increasing demand for electric vehicles.
In addition, PMMA plastics are being pushed by vendors due to the increasing number of technical breakthroughs in the automotive plastics market, which aim to reduce vehicle weight and improve overall performance. Lightweight reinforced thermoplastic components and long fiber reinforced thermoplastics (LFRT) are expected to witness significant demand from the automotive industry in the coming years, driving the market expansion. As bioplastics are lighter, more efficient, and powered by renewable energy, their use in a variety of automotive applications is on the rise, which bodes well for the future of the automotive plastics business.
Report Coverage
Global Automotive Plastics research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Plastics report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Plastics competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Plastics market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Teijin Ltd (Japan), AkzoNobel N.V (Netherland), Evonik Industries (Germany), Johnson Controls (U.S.), Magna International (Canada), Momentive (U.S.), Covestro AG (Germany), The Dow Chemical Company (U.S.), BASF SE (Germany), SABIC (Saudi Arabia) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Plastics Market from 2021 to 2031.
- Market Forecast for Automotive Plastics Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Plastics competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Plastics
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Plastics market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Plastics market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Teijin Ltd (Japan), AkzoNobel N.V (Netherland), Evonik Industries (Germany), Johnson Controls (U.S.), Magna International (Canada), Momentive (U.S.), Covestro AG (Germany), The Dow Chemical Company (U.S.), BASF SE (Germany), SABIC (Saudi Arabia)
Primary Target Market
- Market Players of Automotive Plastics
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Automotive Plastics market based on the below-mentioned segments:
Global Automotive Plastics Market, By Type
Polypropylene
Polyurethane
PVC
Acrylonitrile-Butadiene-Styrene (ABS)
Polyamide
Polycarbonate
Polymethyl Methacrylate
Others
Global Automotive Plastics market, By Application
Interior
Exterior
Under the hood
Powertrain
Drivetrain
Instruments Panel
Electronics
Others
Global Automotive Plastics market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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