Global Automotive Plastics Market Size 2024, Forecast To 2033
11 Mar, 2024
The automotive plastics market has exhibited robust growth, increasing from $39.69 billion in 2023 to $43.56 billion in 2024, with a compound annual growth rate (CAGR) of 9.8%. This growth is fueled by increased automobile production, heightened demand for commercial and passenger vehicles, increased demand for sustainable plastics, and strong economic growth in emerging markets. Looking forward, the market is expected to witness substantial growth, reaching $62.05 billion in 2028 at a CAGR of 9.2%. Factors such as the rising demand for electric vehicles, supportive government initiatives, and the expanding automotive industry will drive this growth. Key trends include the launch of new production lines, the recovery of used plastics, partnerships and collaborations, and a focus on lightweight products.
Global Automotive Plastics Market Key Driver
The heightened demand for lightweight and electric vehicles is a significant driver behind the growth of the automotive plastics market. The automotive industry's increased use of plastic components has led to advancements in vehicle design and contributed to reduced fuel consumption. According to the European Automobile Manufacturers' Association data from April 2022, global automobile production reached 79.1 million units in 2021, reflecting a 1.3% increase from 2020. This rise is indicative of the growing demand for lightweight and electric vehicles, which, in turn, is fueling the expansion of the automotive plastics market. Consequently, the market sizes for 2023, 2024, and 2028 are expected to capture the sustained growth propelled by the demand for these innovative and environmentally friendly automotive solutions.
Get A Free Sample Of The Global Automotive Plastics Market ReportGlobal Automotive Plastics Market Segments
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/Traditional Vehicles, Electric Vehicles, Hybrid Vehicles
By Geography:The regions covered in the automotive plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the automotive plastics market in 2022. 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.
Major Automotive Plastics Industry Players
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, Nextage Co. Ltd., Bigmotor Co. Ltd, Evergreen Motors, Kothari Auto Link Private Limited, Modi Motors Agencies Private Limited, CarZ, China Grand Automobile Service Co. Ltd, Xianglong Borui Auto Services (Group) Co. Ltd., 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.
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Automotive Plastics Market Overview
Automotive plastics refers to a polymer used in automotive vehicles to design and produce parts that provide mechanical strength, withstand shear stress, wear metal stress, offer aesthetic appearance, and are utilized in making the automotive body. These plastic components mainly replace the various metal parts in automobiles as they provide similar properties such as stiffness, flame retardancy, and others.
Automotive Plastics Global Market Report 2023 provides data on the global automotive plastics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive plastics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.