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Automotive Plastics Market Size (2024 - 2029)

The automotive plastics market is anticipated to experience significant growth, driven by the rising demand for lightweight and electric vehicles. Despite the challenges posed by plastic recycling, technological advancements in electric vehicles present opportunities for further expansion. The market has rebounded from the setbacks caused by COVID-19 and is expected to continue its upward trajectory. The Asia-Pacific region leads in market share, largely due to the heightened demand for electric vehicles in the area.

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Market Size of Automotive Plastics Industry

Automotive Plastics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) > 10.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Automotive Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Automotive Plastics Market Analysis

The Automotive Plastics Market is expected to register a CAGR of greater than 10% during the forecast period.

COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.

  • The increasing demand for lightweight and electric vehicles is expected to drive the demand for the market during the forecast period. On the flip side, challenges associated with plastic recycling are likely to hinder the market's growth.
  • Technological development in electric vehicles is projected to act as an opportunity for the market in the future. The Asia-Pacific region dominates the global market due to increased demand for electric vehicles in the region.

Automotive Plastics Industry Segmentation

Plastics are majorly processed into automotive components and parts owing to their ease of manufacturing, possible sourcing from renewable raw materials, and relative ease of improved design. Further, automotive plastics play a crucial role in performance and safety innovations in commercial vehicles, heavy motor vehicles (HMVs), modern cars, and sport utility vehicles (SUVs).

The automotive plastics market is segmented by material, application, vehicle type, and geography. By material, the market is segmented into polypropylene, polyurethane, polyvinyl chloride, polyethylene, acrylonitrile butadiene styrene, polyamides, polycarbonate, and other materials. By application, the market is segmented into the interior, exterior, under-bonnet, and other applications. By vehicle type, the market is segmented into conventional/traditional vehicles and electric vehicles. The report also covers the market size and forecasts for automotive plastics in 15 countries across major regions.

For each segment, the market sizing and forecasts have been done based on volume (metric tons).

Material
Polypropylene (PP)
Polyurethane (PU)
Polyvinyl Chloride (PVC)
Polyethylene (PE)
Acrylonitrile Butadiene Styrene (ABS)
Polyamides (PA)
Polycarbonate (PC)
Other Materials
Application
Exterior
Interior
Under Bonnet
Other Applications
Vehicle Type
Conventional/Traditional Vehicles
Electric Vehicles
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Automotive Plastics Market Size Summary

The automotive plastics market is poised for significant growth, driven by the increasing demand for lightweight and electric vehicles. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue its upward trajectory. The Asia-Pacific region, particularly China, is a dominant force in this market, fueled by the surge in electric vehicle production and sales. Plastics play a crucial role in enhancing the efficiency and affordability of electric and hybrid vehicles by replacing heavier components, thereby improving battery longevity and vehicle performance. Despite challenges related to plastic recycling, technological advancements in electric vehicles present lucrative opportunities for market expansion.

The market landscape is characterized by a partial fragmentation, with key players such as BASF SE, Covestro AG, Celanese Corporation, Borealis AG, and DSM leading the charge. These companies are actively pursuing sustainability initiatives, such as BASF's ChemCyclingTM project, to improve plastic recycling processes. The demand for automotive plastics is further bolstered by the growing automotive production base in the Asia-Pacific region, with countries like China, India, and Japan investing heavily in electric vehicle infrastructure to meet net-zero emissions targets. This regional focus, combined with the ongoing innovation in plastic applications for under-the-hood components, positions the automotive plastics market for robust growth in the coming years.

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Automotive Plastics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Lightweight Materials from Electric and Hybrid Vehicles

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Challenges Associated with Plastic Recycling

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Material

      1. 2.1.1 Polypropylene (PP)

      2. 2.1.2 Polyurethane (PU)

      3. 2.1.3 Polyvinyl Chloride (PVC)

      4. 2.1.4 Polyethylene (PE)

      5. 2.1.5 Acrylonitrile Butadiene Styrene (ABS)

      6. 2.1.6 Polyamides (PA)

      7. 2.1.7 Polycarbonate (PC)

      8. 2.1.8 Other Materials

    2. 2.2 Application

      1. 2.2.1 Exterior

      2. 2.2.2 Interior

      3. 2.2.3 Under Bonnet

      4. 2.2.4 Other Applications

    3. 2.3 Vehicle Type

      1. 2.3.1 Conventional/Traditional Vehicles

      2. 2.3.2 Electric Vehicles

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

        4. 2.4.2.4 Rest of North America

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Automotive Plastics Market Size FAQs

The Automotive Plastics Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

BASF SE, Covestro AG, Celanese Corporation, Borealis AG and DSM are the major companies operating in the Automotive Plastics Market.

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