Global Automotive Plastics Market Growth, Trends, and Forecasting till 2028

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Global Automotive Plastics Market, by Product (Polyurethane (PU), Polypropylene (PP), Polyamide (PA), Polyvinyl Chloride (PVC)), Vehicle Type (Electric Cars, Conventional Cars), Application (Interior, Exterior, Under the Bonnet), Region – Growth, COVID-19 Impact, Trends, and Forecasting till 2028
  • Market Overview

    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. In modern cars, plastics contributes to only 10% of total weight and around 50% of total car volume. This makes the car light-weight and enhances its fuel efficiency.

    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 regulation 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, itcan also cause a concern to customer safety. All these factors can restrain the growth of automotive plastics market over the forecast period. Ban on use of plastics due to environmental concerns can also hinder the market growth. However, increasing adoption of electricvehicles 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.

    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.

    TABLE 1:GLOBAL MARKETSCOPE

    Parameters Covered
    Report Title Global Automotive Plastics Market Report
    Market Size and Forecasting 2018–2028
    Base Year 2020
    Estimated Year 2021
    Forecast Period 2021–2028
    Market Sizing Units Value in USD Billion
    Market Segmentation Covered Product, Vehicle Type, Application, and Region
    Regions North America, Europe, Asia Pacific, Middle East and Africa, and South America
    Major Key Players BASF SE, SABIC, DuPont, Covestro AG, Evonik Industries AG, Borealis AG, Magna International, Inc., Teijin Limited
    Number of Pages of Report 165
    Customization Available Yes, Customization Is Available As Per The Requirements

     

    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. Polypropylene can be molded into any shape according to the end-use. It has extensive applications in passenger cars for interior, exterior, and under the bonnet components. Polypropylene is light in weight which makes it suitable for various applications in automotive industry.

    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. Major automotive manufacturers are investing on R&D of plastic materials that store and discharge electric energy. This is also expected to contribute to automotive plastics market over the forecasted period.

    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. Plastic reduces noise levels, vibrations, threats to customers during accidents. This is also expected to accelerate the segment growth.

    Application of Automotive Plastics Market

    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.

    Regional Analysis of Automotive Plastics Market

    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 marketis endorsed by its wide product portfolio.

    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 Automotive Plastics Market
    • Europe Automotive Plastics Market
    • Asia Pacific Automotive Plastics Market
    • Middle East & Africa Automotive Plastics Market
    • South America Automotive Plastics Market
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  • Chapter 1. Executive Summary

    Chapter 2. Market Introduction

    Chapter 3. Global Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028 – Key Industry Dynamics
    3.1. Key Market Drivers
    3.2. Key Market Restraints
    3.3. Market Opportunities
    3.4. Future Trends
    3.5. Impact Analysis of Drivers and Restraints
    3.6. COVID-19 Impact Analysis
    3.7. Major Developments in the Market

    Chapter 4. Global Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028

    Chapter 5. Global Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028 – By Type
    5.1. Type 1
    5.2. Type 2
    5.3. Type 3

    Chapter 6. Global Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028 – By End User
    6.1. End User 1
    6.2. End User 2
    6.3. End User 3

    Chapter 7. Global Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028 – By Region
    7.1. North America
    7.2. Europe
    7.3. Asia Pacific
    7.4. Middle East & Africa
    7.5. South America

    Chapter 8. North America Market – Analysis and Revenue Forecast 2021-2028
    8.1. Automotive Plastics Market – By Type
    8.1.1. Type 1
    8.1.2. Type 2
    8.1.3. Type 3

    8.2. North America Automotive Plastics Market – By End User
    8.2.1. End User 1
    8.2.2. End User 2
    8.2.3. End User 3
    8.3. North America Automotive Plastics Market – By Country
    8.3.1. U.S.
    8.3.2. Canada

    Chapter 9. Europe Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028
    9.1. Europe Automotive Plastics Market – By Type
    9.1.1. Type 1
    9.1.2. Type 2
    9.1.3. Type 3
    9.2. Europe Automotive Plastics Market –By End User
    9.2.1. End USER 1
    9.2.2. END USER 2
    9.2.3. END USER 3
    9.3. Europe Automotive Plastics Market – By Country
    9.3.1. Germany
    9.3.2. France
    9.3.3. UK
    9.3.4. Spain
    9.3.5. Italy
    9.3.6. Rest of Europe

    Chapter 10. Asia Pacific Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028
    10.1. Asia Pacific Automotive Plastics Market – By Type
    10.1.1. Type 1
    10.1.2. Type 2
    10.1.3. Type 3
    10.2. Asia Pacific DNA Based Cancer Detection Market – By End User
    10.2.1. End USER 1
    10.2.2. END USER 2
    10.2.3. END USER 3
    10.3. Asia Pacific Automotive Plastics Market – By Country
    10.3.1. China
    10.3.2. India
    10.3.3. Japan
    10.3.4. South Korea
    10.3.5. Rest of Asia Pacific

    Chapter 11. South America Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028
    11.1. South America Automotive Plastics Market – By Type
    11.1.1. Type 1
    11.1.2. Type 2
    11.1.3. Type 3
    11.2. South America Automotive Plastics Market – By End User
    11.2.1. End User 1
    11.2.2. End User 2
    11.2.3. End User 3
    11.3. South America Automotive Plastics Market – By Country
    11.3.1. Brazil
    11.3.2. Mexico
    11.3.3. Rest of South America

    Chapter 12. Middle East & Africa Automotive Plastics Market – Analysis and Revenue Forecast 2021-2028
    12.1. Middle East & Africa Automotive Plastics Market – By Type
    12.1.1. Type 1
    12.1.2. Type 2
    12.1.3. Type 3
    12.2. Middle East & Africa Automotive Plastics Market – By End User
    12.2.1. End User 1
    12.2.2. End User 2
    12.2.3. End User 3
    12.3. Middle East & Africa Automotive Plastics Market – By Country
    12.3.1. UAE
    12.3.2. Saudi Arabia
    12.3.3. Turkey
    12.3.4. Rest of Middle East & Africa

    Chapter 13. Competitive Analysis
    13.1.1. Competition Dashboard
    13.1.2. Company Profiles
    13.1.2.1. Company 1
    13.1.2.2. Company 2
    13.1.2.3. Company 3
    13.1.2.4. Company 4
    13.1.2.5. Company 5
    13.1.2.6. Company 6
    13.1.2.7. Company 7
    13.1.2.8. Company 8
    13.1.2.9. Company 9
    13.1.2.10. Company 10

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    • BASF SE
    •  SABIC
    • DuPont
    • Covestro AG
    • Evonik Industries AG
    • Borealis AG
    • Magna International, Inc.
    • Teijin Limited.
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    Report Highlights:

    • Complete overview of market
    • Major drivers, restrain, opportunities, and challenges of the market
    • Market Trends and how they are boosting the market growth
    • Changing dynamics in the Market
    • Complete overview of the market
    • Historical, Base year, projected, and current market size in terms of value and volume
    • COVID-19 Impact analysis of the market
    • Current industry trends and developments

    CLIENTS

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