Global Exterior Automotive Plastics Market Size 2024, Forecast To 2033
6 Mar, 2024
The exterior automotive plastics market has exhibited strong growth, rising from $12.01 billion in 2023 to $12.78 billion in 2024, reflecting a notable compound annual growth rate (CAGR) of 6.4%. The growth in the historic period is attributed to factors such as the industrialization of livestock farming, considerations related to animal health and productivity, fluctuations in feed ingredient prices, the globalization of livestock production, increasing nutritional awareness, and regulatory support. Moving forward, the exterior automotive plastics market is poised for strong growth, reaching $16.02 billion in 2028 at a CAGR of 5.8%. The anticipated growth in the forecast period is linked to factors including the rising demand for aquaculture feed, the exploration of alternative protein sources, considerations related to biosecurity, the impact of climate change, and the growing demand for animal protein. Major trends for 2028 encompass technological advancements in feed formulation, an emphasis on traceability and transparency, the integration of digital technologies, innovations in feed additives, and sustainable sourcing practices.
Global Exterior Automotive Plastics Market Key Driver
Rising demand from the automotive industry is expected to propel the growth of the exterior automotive plastics market going forward. The automotive industry refers to the industry that comprises of sales and production of various vehicles such as passenger vehicles, hybrid vehicles, and motorcycles. Exterior automotive plastics play a significant role in the automotive industry, as they are used in the production of many parts of a vehicle's exterior, including body panels, bumpers, grilles, mirrors, and trim, these plastics are often preferred over traditional materials, such as steel or aluminum because they are lighter, more durable, and more resistant to corrosion. For instance, in April 2023, Statistics Canada, a Canada-based government agency, the total number of road motor vehicles registered in Canada increased by 1.9% from 2020 with 26.2 million in 2021. Further, in June 2021, according to the report published by OICA (International Organization of Motor Vehicle Manufacturers), a France-based international trade association for vehicles, global passenger car sales increased from 53.91 million in 2020 to 56.39 million in 2021. Therefore, the rising demand from the automotive industry drives the exterior automotive plastics market. The exterior automotive plastics market reached $P billion in 2023 and is anticipated to grow to $Q billion by 2024. By 2028, the market is forecasted to be valued at $R billion.
Get A Free Sample Of The Global Exterior Automotive Plastics Market ReportGlobal Exterior Automotive Plastics Market Segments
The exterior automotive plastics market covered in this report is segmented –
1) By Type: Thermoplastic polymers, Composites, Bioplastics
2) By Vehicle Type: Passenger Cars, Commercial Vehicles, Other Vehicle Types
3) By Material: Polyurethane, Polycarbonate, Polypropylene, Polyethylene, Polyamide, Polyvinyl Chloride, Other Materials
4) By Application: Bumpers and Grills, Roof, Lights, Liftgate, Other Applications
By Geography:The regions covered in the exterior automotive plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the exterior automotive plastics market in 2023. The regions covered in the exterior automotive plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Exterior Automotive Plastics Industry Players
Arkema S.A., BASF SE, Borealis AG, DuPont de Nemours Inc., Royal DSM N.V., Evonic Industries AG, ExxonMobil Corporation, Lanxess, LyondellBasell Industries N.V., Convestro AG, Saudi Arabia's Basic Industries Corporation, Celanese Corporation, Salem Industrial Plastics, Lear Corporation, Magna International Inc., Trinseo S.A., Adient plc, Flex-N-Gate Corporation, Solvay S.A., Teijin Limited, DSM Engineering Plastics, LG Chem Ltd., Kuraray Co. Ltd., Toyoda Gosei Co. Ltd., Sumitomo Chemical Company Limited, Asahi Kasei Corporation, Kautex Textron GmbH & Co. KG, Ravago Group, Plastic Omnium Group, Hanwha Advanced Materials Corp.
Get The Full Global Exterior Automotive Plastics Market ReportExterior Automotive Plastics Market Overview
Exterior automotive plastics are the plastic materials that are applicable in the manufacturing of exterior components of various vehicles. These plastic materials can be thermoplastic polymers, composites, bioplastics, or other plastic blends.
Exterior Automotive Plastics Global Market Report 2023 provides data on the global exterior automotive plastics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The exterior automotive plastics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.