Global Automotive Plastics Market is Estimated to Grow at a CAGR of5.0 % from 2021 to 2028

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Global automotive plastics market size was estimated at 53.35 USD billion by 2028 and is anticipated to grow at a CAGR of 5.0 % during the projected time frame (2021-2028). Automotive plastics are plastics used in manufacturing vehicle components. Plastics are used in automotive components owing to their characteristics such as versatility, flexibility, durability, and molding properties.

Improved vehicle design, increasing focus on emission control and vehicle weight reduction are major factors driving the automotive plastics market. Various governments have imposed strict emission and fuel economy guidelines for vehicles. These regulations force automotive OEMs (original equipment manufacturers) to use light-weight materials such as automotive plastics. This helps in reducing green house gas emissions and increases fuel efficiency.

Although automotive plastics are inexpensive as compared to metals, the manufacturing equipment and design parameters expensive. Although plastic is a light material, it can also cause a concern to customer safety. All these factors can restrain the growth of automotive plastics market over the forecast period. Increasing adoption of electric vehicles due to government initiatives, increasing environment awareness, and investments from OEMs in electrical vehicles are expected to create market growth opportunities during the forecast period.

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OVERVIEW

The COVID-19 pandemic has disrupted every industry including the automotive supply chain globally. Shut down of production facilities, reduced working capital, limited supply of vehicles parts, and drop in vehicle sales are the effects of this pandemic on automotive industry. In 2020, the passenger car sale observed a decline by 14% as compared to 2019. The automotive plastics market is heavily impacted by the COVID-19 pandemic. However, due to ease of restriction and successful measures to curb the coronavirus spread, the market is expected to show positive signs of growth during the post-COVID period.

Market Segmentation of Automotive Plastics Market

Product Analysis of Automotive Plastics Market

By product, the automotive plastics market is classified into polyurethane (PU), polypropylene (PP), polyamide (PA), and polyvinyl chloride (PVC). The polypropylene segment is expected to dominate the market during the forecast period. The segment growth can be attributed to increasing demand from end-user industries such as automotive, electrical and electronics, packaging, construction, and consumer products.

Vehicle Type of Automotive Plastics Market

By vehicle type, the automotive plastics market is classified into electric cars and conventional cars. The electric cars segment is expected to observe fastest growth during the forecast period. Electric cars are manufactured solely using light-weight materials to improve their efficiency. The growing demand for electric vehicles is expected to augment the market growth during the forecast years.

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Application of Automotive Plastics Market

By application, the automotive plastics market is classified into interior, exterior, and under the bonnet. The interior segment is expected to hold the largest market share during the forecast period. Increasing demand for automotive plastics for applications in body and light panels, steering wheel, seat covers and bases, and other interiors of cars is expected to drive the segment growth.

Regional Analysis of Automotive Plastics Market

By region, the automotive plastics market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific automotive market dominates the regional market. China and Japan significantly contribute to regional market dominance. Due to easy raw material availability, low labor cost, and increasing adoption modern technologies, Asia Pacific has become a hub for foreign investments and emerging industrial sectors. Presence of major automotive manufacturers such as Hyundai, Honda, Nissan, and Toyota also contribute to regional market growth.

Key Development

  • In May 2021, Covestro AG launched rPET (recycled Polyethylene Terephthalate). The new product is optimized for 3D pellet printing. This technology (also known as fused granulated fabrication, FGF) allows economical and fast viable additive manufacturing of large-size parts.
  • In March 2021, DuPont announced the acquisition of Laird Performance Materials (China), world leader in high-performance electromagnetic shielding and thermal management with a comprehensive offering of performance components and solutions for USD 2.3 million.

Market Segmentation

By Product

  • Polyurethane (PU)
  • Polypropylene (PP)
  • Polyamide (PA)
  • Polyvinyl Chloride (PVC)

By Vehicle Type

  • Electric Cars
  • Conventional Cars

By Application

  • Interior
  • Exterior
  • Under the Bonnet

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Key Companies Listed

The major companies listed in the automotive plastics market are BASF SE, SABIC, DuPont, Covestro AG, Evonik Industries AG, Borealis AG, Magna International, Inc., Teijin Limited.

These companies are spread over North America, Europe, South America, and Asia Pacific markets, which empowers it to take into account clients over the globe. The company’s leading position in the automotive plastics market is endorsed by its wide product portfolio.

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