Automotive Plastics Market Overview:
Global Automotive Plastics Market size and share is currently valued at USD 33.10 Billion in 2024 and is anticipated to generate an estimated revenue of USD 59.04 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.5.% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Lightweight Vehicles: Growing demand for fuel efficiency has driven the adoption of lightweight materials, including automotive plastics.
- Electrification: Electric vehicles require lightweight and durable materials, making plastics a preferred choice.
- Regulatory Compliance: Stringent emission regulations push manufacturers to use lightweight plastics to reduce carbon footprints.
- Design Flexibility: Plastics enable innovative designs and functionality, appealing to consumer preferences.
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Key Companies in Automotive Plastics Market:
- Arkal Automotive
- Arkema SA
- BASF SE
- Borealis AG
- Covestro AG
- DSM Engineering
- DuPont
- Evonik Industries AG
- ExxonMobil Corporation
- LANXESS
- LG Chem
- LyondellBasell
- SABIC
Market Research Scope:
This research focuses on the global market trends of automotive plastics, highlighting their role in lightweight vehicle production and fuel efficiency. It examines the adoption of plastics in electric and hybrid vehicles, advancements in recyclable materials, and innovations in automotive design. The study also explores regulatory impacts, emerging applications in interiors and exteriors, and competitive dynamics among manufacturers. Regional analysis covers North America, Europe, and Asia-Pacific, with insights into growth opportunities, sustainability challenges, and key market players.
Automotive Plastics Market Segmentation:
The automotive plastics market is segmented by product type (polypropylene, polyurethane, polycarbonate, ABS, PET, and others), application (interior components, exterior parts, under-the-hood applications, and lighting systems), and vehicle type (passenger cars, commercial vehicles, and electric vehicles). Regional segmentation includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The segmentation enables analysis of demand trends, material preferences, and application-specific requirements, offering insights into growth opportunities across diverse automotive sectors.
Automotive Plastics Market, Product Outlook (Revenue – USD Billion, 2019-2032)
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- PP LGF 20
- PP LGF 30
- PP LGF 40
- Others
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Rigid PVC
- Flexible PVC
- Polyethylene (PE)
- High-density Polyethylene (HDPE)
- Other PE Grades
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (Nylon 6, Nylon 66)
- Others
Automotive Plastics Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Powertrains
- Electrical Components
- Interior Furnishing
- IMD or IML
- Others
- Exterior Furnishing
- Under the hood
- Chassis
Automotive Plastics Market, Process Outlook (Revenue – USD Billion, 2019-2032)
- Injection Molding
- Blow Molding
- Thermoforming
- Others
Automotive Plastics Market, Vehicle Type Outlook (Revenue – USD Billion, 2019-2032)
- Passenger Cars
- Internal Combustion Engine (ICE) Vehicles
- Electric Vehicles
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
Automotive Plastics Industry Developments:
August 2024: AC Plastics secured two significant contracts to injection mold components for upcoming luxury car models manufactured in the UK.
June 2024: Covestro, Neste, and Borealis announced a collaboration to recycle discarded tires into high-quality plastics for automotive applications. This initiative aims to enhance circularity within the plastics value chain and promote sustainable solutions for the automotive industry.
June 2023: Borealis AG acquired Rialti, a leading polypropylene (PP) compounding company specializing in recyclates. This acquisition bolsters Borealis’ expertise and expands its production capacity in the PP compounding sector.
May 2023: Lear Corporation, a leading automotive technology company, revealed plans to establish a connection systems facility in Morocco. The facility will manufacture components for automakers, suppliers, and Lear’s E-systems and seating divisions.
The Automotive Plastics market report offers an in-depth analysis of market dynamics, including trends, sizes, patterns, and growth factors. It highlights critical developments and emerging trends to help stakeholders refine their strategies and strengthen market positioning. The report concludes with a detailed summary of key findings and the research methodologies employed. This comprehensive analysis serves as a valuable resource for businesses, investors, and stakeholders, enabling them to make informed decisions and drive sustainable growth.