Automotive Plastics Market Size By Product (Polyurethane, PVC, Polyethylene, Polypropylene, ABS, Polycarbonate, Polyamide, PMMA), By Application (Electrical Components, Power Train, Under the Hood, Chassis, Interior & Exterior Furnishings), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024

Published Date: Jan 2018  |  Report ID: GMI110  |  Authors: Kunal Ahuja, Shreya Deb

Report Format: PDF   |   Pages: 310   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Plastics Market size was over USD 23.5 billion in 2016 and industry expects consumption at over 20 million tons by 2024.

UK Automotive Plastics Market Share, By Product, 2016 & 2024, (Kilo Tons)

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Growing product demand for various automobile furnishing such as light panels & displays, steering wheels, fascia systems, and seat covers owing to optimal insulation properties & rising safety concerns should accelerate market growth. Global automotive market witnessed consumption of over 95 million vehicles in 2017 pertaining to declining unemployment and rise in consumer spending power which indicates ample growth opportunities. These high-performance products find extensive usage in interior automotive components such as headliners, load floors, rear package shelves and seat bases. Rising economic standards which has led to increase in consumer spending on luxury and stylish vehicles along with rising automakers’ efforts to cater to diverse customer expectations should further drive product demand.

Expansion in automotive manufacturing bases and rising investment in advanced production technologies is likely to promote market growth. There is a substantial shift in automobile production operations from Germany, the U.S. and Spain to China, India, Vietnam, Indonesia and Thailand owing to significant economic growth. China passenger vehicle market witnessed a production of over 20 million vehicles in 2015 which represents healthy growth potential. Rising government initiatives for investment & trade liberalization in the region along with improving manufacturing efficiency should further accelerate market growth.

Rising ecological concerns owing to intensive energy usage during plastic manufacture are likely to hinder market growth. The manufacture & disposal of these products presents significant risk of land, air & water pollution along with toxic effects on human health. However, manufacturers’ efforts to improve recycling processes and adoption of streamlined mass production techniques have resulted in the development of cost-efficient & technologically advanced products with enhanced sustainability, which should stimulate market growth.

Automotive Plastics Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 23.5 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 11% 2024 Value Projection: 50 Billion (USD)
Pages: 310 Tables, Charts & Figures: 398
Geographies covered (18): U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, Poland, Spain, China, India, Japan, South Korea, Indonesia, Thailand, Brazil, South Africa
Segments covered: Product, Application and Region
Companies covered (22): Adient plc., BASF S.E., Bayer MaterialScience LLC (Covestro AG), Borealis AG, Celanese SO.F.TER. Spa, Delphi Automotive PLC, DSM, Evonik Industries, Grupo Antolin, Hanwha Azdel Inc., Lear Corporation, LG Chem, Owens Corning, WOT Analysis, Quadrant AG, RTP Co., S&E Specialty Polymers, SABIC, Solvay SA, Strategic Landscape, SRF Ltd., Teijin Ltd., Toyoda Gosei, The Dow Chemical Company,
Growth Drivers:
  • North America: Increasing demand for lightweight automobiles to obtain better fuel efficiency
  • Improving vehicle aesthetics
  • Middle East: Abundant availability of raw materials
  • Asia Pacific: Increasing demand for passenger vehicles
  • 4 Europe: Reduction in vehicles material cost
Pitfalls & Challenges:
  • Lack of standardization of plastic materials
  • Growing environmental concerns

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Automotive Plastics Market, By Product

Global polypropylene based product demand surpassed USD 6.5 billion in 2016 on account of rising preference for nuclear families and significant demand for small cars. The product is extensively used in battery boxes, cable insulation, bottles, petrol cans, carpet fibers, indoor & outdoor carpets, chemical tanks and automotive bumpers. Strict regulatory guidelines regarding CO2 emission standards due to rising environmental concerns mainly in Germany, Italy and France are likely to drive automotive plastics market growth.

Polyvinyl chloride (PVC) based product demand should register over 8.5% gains by 2024 on account of growing automotive production. It finds widespread usage in underbody coatings, floor modules, sealants, wire harness, door panels seating, and arm rest pertaining to its sealant property & humidity resistance. Increasing consumer awareness regarding vehicle safety issues and growing environmental concerns regarding carbon emission should further boost market growth.

Polyethylene (PE) based product demand is estimated to surpass USD 4.5 billion by the end of the forecast period owing to its high transparency and ability to reduce overall vehicle weight. It is lighter than wood, aluminum and steel which helps in reducing emission and increases its suitability for use in electrical insulation, packaging, car bodies and car design. Rising technological advancement in polyethylene manufacture and growing demand for sustainability should further stimulate product demand owing to its capability to be produced from various sources.

Automotive Plastics Market, By Application

Electrical components application market size exceeded USD 7.5 billion in 2016 owing to growing requirement for advanced safety systems such as lane departure warning systems and airbags. These products offer high temperature & corrosion resistance along with light weight which makes them ideal for circuit boards, wiring & cables, switches and sockets. Shift in consumer preferences towards stylish and trendy automobile vehicles along with technological advancements should favor industry growth.

Automotive plastics market share from under the hood applications should register over 10% gains in the predicted timeframe pertaining to growing passenger car production, aftermarket sales and stringent emission norms boosting demand for composite materials. These products make the fuel delivery systems leak proof, reliable & corrosion resistant along with reducing design restraints. Rising demand for plastic alternatives from automotive OEMs and increasing fuel efficiency concerns should further boost automotive plastics industry demand.

Power train applications should surpass USD 5 billion by 2024 owing to increasing demand for automotive transmission and engine downsizing. Various plastics such as polyamides, elastomers and nylon are widely used in transmission oil pans, air ducts, suction pipes, exhaust gas recirculation cooler units, engine front covers, and seal rings which reduces vehicle weight. Increasing consumer emphasis on fuel efficiency and rising environmental consciousness should further accelerate market growth.

Regional Insights

North America, driven by Canada, Mexico and U.S. automotive plastics market share should register over 8.5% gains in the foreseeable timeframe. Increasing prevalence of stringent government regulations for reducing automotive emissions has led to growing preference for plastic materials over conventional metals which should stimulate market growth. Rising iron & steel prices and significant potential of automotive plastics in reducing vehicle weight, thereby reducing fuel consumption should drive product demand. Rising technological innovation in automotive industry and growing demand for lightweight electric vehicles should further accelerate market growth.

Europe automotive plastics market size driven by France, Russia, UK, and Germany should surpass USD 14.5 billion by 2024 owing to increasing demand by plastic manufacturers to develop innovative products & lower production costs. Injection moulded plastics reduce automotive assembly costs by 25% to 50% as compared to metal components along with providing high strength, reliability and durability. Booming automotive interior industry and growing safety concerns should further accelerate market growth.

Asia Pacific led by Japan, China, South Korea, and India may register over 10% gains by the end of the foreseeable timeframe. Increasing production of passenger vehicles along with efforts by various manufacturers to reduce vehicle weight should drive regional product demand. Strong economic growth, tax reforms and government policies encouraging FDI in the automotive sector should stimulate product demand.

Competitive Market Share

Global automotive plastics market share is moderately consolidated and includes various participants such as BASF, Evonik, Delphi Automotive, Adient, Dow Chemicals and Borealis AG. Various manufacturers are engaged in strategic collaboration to develop new products and production capacity expansion to satisfy rising customer demand and ensure market growth.

Industry Background

These products are high performance polymers which offer high scratch resistance, durability, strength, abrasion resistance, vibration & noise control.  These products are extensively used in automotive cable insulation, chemical tanks, carpet fibers, suspension bushings, cushions, elastomeric wheels and instrument panels. Rising demand for fuel efficiency to ensure regulatory compliance has stimulated product demand for replacing heavy metal components, thereby reducing overall vehicle weight and reducing emissions, which should boost market growth.

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