What Has Been the Growth Trajectory for the Automotive Plastics Market in Recent Years?
The automotive plastics market has seen considerable growth due to a variety of factors.
• The size of the automotive plastics market has seen significant expansion in the past years. The market, which is expected to escalate from a worth of $43.29 billion in 2024 to reach the value of $47.52 billion in 2025, is projected to grow with a compound annual growth rate (CAGR) of 9.8%.
This phenomenal growth during the historic period is mainly because of the amplified automobile manufacturing, escalation in the demand for commercial vehicles, uptick in passenger vehicles, growing interest for environmentally-friendly plastics, and robust economic development in the budding markets.
What Can Be Expected from the Automotive Plastics Market in the Coming Years?
The automotive plastics market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the automotive plastics market is anticipated to experience significant expansion, predicted to reach $68.66 billion in 2029 with a compound annual growth rate (CAGR) of 9.6%.
The surge can be credited to the heightened demand for electric vehicles, facilitating government schemes, and the burgeoning automotive sector. Key trends for the forecast period encompass a concentration on the initiation of novel production lines, repurposing used plastics in the creation of automotive components, forging partnerships and collaborations, and a heightened attention to lightweight products.
Which Key Drivers Are Propelling Th Automotive Plastics Market's Growth?
The automotive plastics market growth has received a significant boost due to the rising demand for electric and lightweight vehicles. The incorporation of plastic components in car manufacturing has expedited the evolution in the design of automobiles, along with slashing fuel consumption due to weight reduction that leads to lesser energy requirements during acceleration. In terms of data, the International Energy Agency (IEA), a France-originating intergovernmental organization, reported in April 2023 that electric car sales saw a 55% rise in 2022 compared to 2021, exceeding 10 million units, and the market share for these electric cars enhanced from 9% in 2021 to 14% in 2022. Hence, the augmenting demand for electric and lightweight vehicles is the driving force behind the enlargement of the automotive plastics market.
How Are The Segments Defined Within The Global 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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How Are New Trends Expected To Influence The Growth Of The Automotive Plastics Market?
Leading firms in the automotive plastics market are emphasizing the creation of novel products like polyamide-based compounds. These are intended to augment automotive interior structural solutions through improved functionality, aesthetics, durability, and sustainability. LyondellBasell (LYB), a chemical corporation based in the US, is an example of this, having launched the Schulamid ET100 product line in July 2024. The new polyamide-based compound is specifically tailored for automotive interior structural solutions like door window frames. The unique technology focuses on boosting the functionality and aesthetics of automotive applications. It does so by offering top-notch surface quality, enhanced durability, appropriate hardness, customizable designs, and environmental benefits such as reduced density and decreased VOC emissions.
Who Are the Key Players 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
What Is The Most Dominant Region 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.
