Automotive Plastics Market By Plastic Type (Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polyamide, HDPE, Others); Application (Interior, Exterior, Under Bonnet); Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026582 | Pages: 100 | Industry: Automotive and Transportation | Date: Oct 2022 | Type: Global

The market crossed US$ 21.1 billion mark in 2022 and is expected to hit US$ 30.8 billion by 2030, recording a CAGR of 7.9% during the forecast period.

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Automotive Plastics Market with Surging Demand For Adoption of lightweight materials due to stringent emission and fuel economy regulations

Several governments across the globe have raised stringent emission and fuel thrift regulations for vehicles. These regulations have made automotive OEMs increase the use of lightweight materials such as plastics. Advanced plastic materials help increase a vehicle's fuel economy while ensuring safety and performance. A 10% reduction in vehicle mass can improve fuel economy by 6 to 8%. Using plastics decreases fuel consumption in a vehicle because less weight takes less energy during acceleration. Carbon emission in passenger cars can be lowered by using greenhouse gas (GHG) reduction technologies, such as an adjustment in valve timing, turbocharging, aerodynamic designing, and the opening of hybrid, plug-in hybrid, and fuel cell systems in automobiles.

The Automotive Plastics Market is experiencing a Low cost and extensive interior applications will drive demand for PP product type segment in the automotive plastics market for passenger cars

Polypropylene (PP) is also known as polypropene. As a thermoplastic polymer, polypropylene can easily be formed into almost any shape. Polypropylene is extensively used in passenger cars for various applications, such as interior, exterior, and under bonnet components. Polypropylene, being a commodity plastic, is cheaper than other engineered plastics and, hence, preferred over other plastics by design engineers. The low-cost vehicle design requirement for engineers is usually met using polypropylene. These factors are responsible for the large share of PP in the automotive plastics market for passenger cars.

Growing trend of vehicle electrification one of the major factors accelerating Automotive Plastics Market growth.

The introduction of EVs has resulted in a specialized revolution in the automotive industry. These vehicles have only one version of their internal combustion counterparts. Factors such as increased environmental awareness, government support and incentives, and OEM investments have paved the way for EVs. Leading automotive players such as Volkswagen, BMW, Tesla Motors, Ford, General Motors, and Toyota have ventured into the electric vehicle segment.

Recent strategic developments in the Automotive Plastics Market

The Automotive Plastics market has undergone several significant developments, and a few of these have been mentioned below:

  • In May 2021, Covestro AG launched a new product, recycled Polyethylene Terephthalate (rPET). The recycled PET has been optimized for 3D pellet printing.
  • In May 2021, DuPont announced the addition of Laird Performance Materials (China) for USD 2.3 billion, which will pay from existing cash balances.

Several players drive the Automotive Plastics market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Adient plc.; BASF SE; Borealis AG; Compagnie Plastic Omnium SE; Covestro AG; Evonik Industries AG; Lear Corporation; Magna International Inc.; SABIC; TEIJIN LIMITED.are among the prominent players operating in the Automotive Plastics market.

The target audience for the report:

  • Raw material providers
  • Automotive Plastics Manufacturers
  • Automotive Plastics service providers
  • Lawn Mowe-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Automotive Plastics component suppliers
  • Automotive Plastics and components distributors and sales firms
  • End users of Automotive Plastics
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the Automotive Plastics market has been segmented based on:

  • By Plastic Type:
  • Polypropylene
  • Polyurethan
  • Polyvinyl Chloride
  • AB
  • Polyamide
  •  HDPE
  •  Others.
  • By Application :
  • Interior
  • Exterior
  • Under Bonnet.
  • By Vehicle Type:
  • Passenger Cars
  • Light Commercial Vehicles (LCVs)
  • Heavy Commercial Vehicles (HCVs).
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • Rest of the World
  • Companies profiled
    •  Adient plc.
    •  BASF SE
    •  Borealis AG
    •  Compagnie Plastic Omnium SE
    •  Covestro AG
    •  Evonik Industries AG
    •  Lear Corporation
    •  Magna International Inc.
    •  SABIC

The List of Companies
- Adient plc.
- Borealis AG
- Compagnie Plastic Omnium SE
- Covestro AG
- Evonik Industries AG
- Lear Corporation
- Magna International Inc.

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