IMARC Group, a leading market research company, has recently releases report titled “Automotive Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global plastics automotive market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What are Automotive Plastics?
Automotive plastics are specialized materials designed to enhance various aspects of vehicles, including safety, structure, performance, aesthetics, and functionality. They encompass a range of materials such as polypropylene (PP), acrylonitrile butadiene styrene (ABS), nylon, polyethylene (PE), polyoxymethylene (POM), polyurethane (PU), polyvinyl chloride (PVC), polycarbonate (PC), and more. These automotive plastics offer multiple benefits, including prolonging the lifespan of automobiles, reducing manufacturing costs, enabling greater design flexibility, and facilitating the integration of components. Moreover, automotive plastics play a significant role in reducing the weight of vehicles by replacing heavier materials like glass and metal. This weight reduction not only contributes to energy savings but also enhances fuel efficiency. Consequently, automotive plastics are extensively utilized in various automotive applications, including powertrains, electrical components, interior and exterior furnishings, under the hood, chassis, and more.
How big is the automotive plastics market?
The global automotive plastics market size reached US$ 40.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
What Are the Growth Prospects and Trends in The Automotive Plastics Industry?
The automotive plastics market is being driven by the widespread adoption of hybrid vehicles (HVs) worldwide. Additionally, there is a growing demand for automotive plastics in various applications such as wheel covers, suspension bushings, dashboards, carpet fibers, fuel tanks, truck bed liners, mud flaps, bumpers, gears, headlamp lenses, and more, which is further fueling the market growth. Furthermore, the increasing need for synthetic coatings on metal surfaces to protect against corrosion caused by heat, salt, and water exposure is contributing to the market expansion. Furthermore, continuous advancements in technology and significant research and development efforts by leading manufacturers are playing a crucial role in the growth of the market. Moreover, the use of nylon in the production of seat belts and airbags due to its tear-resistant properties is also contributing to the market growth. Additionally, the rising popularity of luxury and premium cars, driven by increasing consumer spending capacity and improving living standards, is expected to drive the automotive plastics market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Conventional and Traditional Vehicles
- Electric Vehicles
Breakup by Material:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyurethane (PU)
- Polymethyl Methacrylate (PMMA)
- Polycarbonate (PC)
- Polyamide
- Others
Breakup by Application:
- Powertrain
- Electrical Components
- Interior Furnishings
- Exterior Furnishings
- Under the Hood
- Chassis
Breakup by Region:
- North America
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- United States
- Canada
- Asia-Pacific
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- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
-
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
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- Brazil
- Mexico
- Others
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Asahi Kasei Corporation
- BASF SE
- Borealis AG
- Covestro AG
- Dow Inc.
- Koninklijke DSM N.V.
- Lanxess AG
- Lear Corporation
- LyondellBasell Industries N.V.
- Saudi Basic Industries Corporation
- Solvay S.A and Teijin Limited