Automotive Plastics Market Size Is Anticipated To Reach USD 43.77 Billion By 2030


 

San Francisco, 20 March 2024: The Report Automotive Plastics Market Size, Share & Trends Analysis Report By Product (ABS, PP, PU, PVC, PE, PC, PMMA, PA), By Process (Injection Molding, Blow Molding, Thermoforming), By Application, By Regions, And Segment Forecasts, 2024 - 2030

The global automotive plastics market size is anticipated to reach USD 43.77 billion by 2030 is projected to grow at a CAGR of 5.6% from 2024 to 2030 according to a new report by Grand View Research, Inc. Growing awareness of environmental sustainability is a key trend, pushing automakers toward eco-friendly and recyclable plastic solutions. Additionally, advancements in polymer technology and a rising focus on interior aesthetics are expected to contribute to the projected growth of the market. The global automotive plastics market is expected to witness significant growth over the forecast period. Increasing utilization of plastics in automotive components coupled with a rise in the production of passenger cars and heavy-duty vehicles, particularly in Central & South America and Asia Pacific, is expected to boost the growth of the automotive plastics market over the forecast period. Furthermore, vehicle weight regulations and standardization of emission norms are anticipated to impact the market growth positively.

Automobiles involve the use of various types of plastics such as polyurethane, polypropylene, acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polymethyl methacrylate (PMMA), polycarbonate, polyamides, and others. These materials possess various physical properties that are particularly of use in the automotive industry and can also be employed in other industries, thereby generating additional revenues for automotive plastics.

For instance, polypropylene is highly resistant to chemicals and almost completely impervious to water. These features make it suitable for use in manufacturing automotive bumpers, fuel tanks, cable insulation, battery boxes, petrol cans, and indoor & outdoor carpets. The same properties are also useful in the manufacture of chemical tanks, bottles, non-automotive carpets, liners, and insulators. This diversification of automotive plastics provides a new source of revenue for automotive plastic manufacturers, and the market could expand further into other manufacturing disciplines.

Properties such as high chemical resistance and impermeability to water have contributed to P.P.'s emergence as the dominant material in the automotive plastics market. However, from the manufacturing point of view, Polyurethane (PU) is one of the most attractive materials in the automotive plastics market at present since it is not only the second-largest market segment but also one of the fastest-growing plastics in automotive applications.

Access Research Report of Automotive Plastics  Market @ https://www.grandviewresearch.com/industry-analysis/automotive-plastics-market

Automotive Plastics Market Report Highlights

  • The expansion of the market is being fueled by the increasing demand for lightweight materials in vehicle manufacturing, driven by the pursuit of enhanced fuel efficiency and reduced emissions
  • The segment has witnessed growth due to the increasing adoption of PP in the manufacturing of lightweight and durable automotive components, including interiors, exteriors, and under-the-hood applications.
  • The growth of the segment can be attributed to the escalating demand for advanced and lightweight materials in vehicle interiors. Automakers are increasingly incorporating plastics in components like dashboards, door panels, and seating to achieve a balance between aesthetics, functionality, and weight reduction.
  • Asia Pacific’s dominance is fuelled by various factors, such as increasing vehicle production, rising consumer purchasing power, and a growing emphasis on lightweight materials to enhance fuel efficiency. Additionally, the presence of key automotive original equipment manufacturers (OEMs) and a thriving supply chain contribute to the significant market share held by the Asia Pacific region in the automotive plastics sector.

Automotive Plastics Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 31.63 billion

Revenue forecast in 2030

USD 43.77 billion

Growth rate

CAGR of 5.6% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2023

Forecast period

2024 - 2030

List of Key Players of Automotive Plastics market

  • Akzo Nobel N.V.
  • BASF SE
  • Covestro AG
  • Evonik Industries AG
  • Adient plc
  • Magna International, Inc.
  • Momentive Performance Materials, Inc.
  • SABIC
  • Dow, Inc.
  • Borealis AG
  • Hanwha Azdel Inc.
  • Grupo Antolin
  • Lear Corporation
  • Owens Corning
  • Quadrant AG
  • Royal DSM N.V.
  • TEIJIN LIMITED

 Access Press Release of Automotive Plastics  Market @ https://www.grandviewresearch.com/press-release/global-automotive-plastics-market

 

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