Automotive Plastics Market Size & Share 2024 to 2032
Market Size by Product (Acrylonitrile Butadiene Styrene, Polypropylene, Polyurethane, Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl Methacrylate, Polyamide), Application & Global Forecast.
Report ID: GMI110
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Published Date: February 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Global Automotive Plastics Market Size
Automotive Plastics Market size exceeded USD 22.4 billion in 2023 and is estimated to grow at a CAGR of over 11% between 2024 and 2032. Rising demand for modern plastics and polymer composites in vehicles to improve passenger safety and increasing demand for light weight plastics to make vehicles more fuel efficient is anticipated to boost the market.
Automotive plastics are specialty plastic materials used for enhancing performance, safety, construction, and functionality of cars. Remarkable attributes of plastics such as its ability to offer flexibility, resilience for added safety, resistance to corrosion, reduce noise, excellent thermal insulation, and allow optimum space utilization facilitates its use in automotive applications. Four polymers including polyurethane, polypropylene, PVC, and polyamides constitute around 70 percent of the polymers used in automotive applications.
Light weight construction, emission reduction and design flexibility are few trends driving the growth of automotive industry. The versatile properties of automotive plastics such as high design flexibility, high temperature resistance, good mechanical strength, and light weight, among others are likely to boost the automotive plastics market in vehicles.
The utilization of plastics in automotive makes mobility more efficient, safe, and more comfortable, while improving the aesthetic appeal of vehicles which is likely to escalate product demand for automotive applications. Polyurethanes are widely used in automotive applications owing to its ability to offer safety, comfort, and energy efficiency in modern vehicle concepts.
Driver assistance systems, networked, and electric mobility is driving the automotive sector which should further accelerate the development of automotive plastics. Plastics offers a combination of appearance, light weight, functionality, and optimization of system costs, which facilitates its wide usage in exterior car parts such as glass roofs, body panel, and structural components.
Global Automotive Plastics Market Analysis
Global polyurethane product segment surpassed $5 billion in 2020 and is projected to account around USD 9.05 billion by 2027. Ability of polyurethane to provide protection against corrosion and scratch has increased its demand from the automotive industry for its use on car exterior since the past few years. Ability of polyurethane to offer durability, high gloss, provide increased strength to glass windows and fog resistance should boost the automotive plastics market share from automotive exterior applications.
Polyurethane plastics provide flexibility, heat resistance, toughness and exceptional resistance to abrasion, solvents, radiation, and weather, thus facilitating its use in car seats and hard plastic parts which should accelerate the automotive plastics market growth. The use of polyurethane plastic systems provides various advantages including functional integration, weight reduction, improved NVH, performance and cost savings.
Rising demand for highly comfortable seats and cushion covers owing to increasing instances of vehicle accidents due to driver fatigue and stress are likely to propel the automotive plastics demand. Polyurethane plastics are stronger and can withstand a wide range of operating temperatures, which should favour its usage in a wide range of automotive parts. Ability of polyurethane foams to provide comfort, protection and energy conservation are likely to provide its use in armrests, headrests, and seats of vehicles.
Global automotive plastics market from chassis application is anticipated to surpass USD 2.5 billion by 2027. An automotive chassis is the supporting frame of a light vehicle which gives the vehicle rigidity and strength and helps to increase crash resistance through energy absorption. Plastics are used in car chassis owing to its ability to provide light weight, higher stiffness, and low cost. High strength and light weight nature of plastics enhance the efficiency of chassis.
Improved fuel efficiency, safety of vehicles, reduced transmission noise and mass offered by chassis is likely to encourage manufacturers to replace traditional metal with plastics which should foster automotive plastics market growth. Automotive plastics make up to 50% of the volume in lightweight vehicles and contributes only to 10% of its weight.
Polymer composites, advanced plastics and carbon fiber reinforced plastics enable remarkable improvements in terms of safety, design, and performance, facilitating its use in car chassis structure. Manufacturers are focusing on new material formulations and technology for making vehicles lighter and fuel efficient which is likely to favor the automotive plastics market trends.
Increased battery range, flexibility, and aesthetically pleasing design are additional benefits offered by automotive plastics. Innovations in plastic technology has led to improvement in support, suspension, and structural performance in chassis over the past few years. Technological advancements and product innovations accompanied by government initiatives to encourage development of fuel-efficient cars should boost the demand for automotive plastics.
North America automotive plastics market is poised to surpass USD 5 billion by the end of 2027. Increasing inclination of manufacturers towards production of light weight car models owing to growing consumer demand for fuel efficient vehicles should boost product demand. Automotive plastics are used in production of vehicle parts owing to its benefits of light weight and enhanced safety. Rising fuel economy standard in the region is pushing manufacturers towards production of light weight models, which should in turn raise the product demand.
Advancements in materials and technology is anticipated to drive product demand, in turn stimulating business growth. Improvement in recycling process along with cost-effective way to curb atmospheric pollution by reducing vehicular emission should fuel product demand in the region.
Stringent government regulations on fuel economy, new light weight vehicle, reduced vehicular emissions and increasing efforts by auto manufacturers to meet the reduced GHG emission standards laid down by the government is likely to further escalate market growth. Increasing launch of electric vehicles and efforts towards development of driverless cars are factors driving the growth of automotive industry.
Global Automotive Plastics Market Share
The automotive plastics industry is competitive and includes various companies such as the
Companies are primarily engaged in market strategy such as expanding production capacity, merger, and acquisitions for business growth.
In June 2021, HDT automotive solutions LLC agreed to acquire Veritas AG. The deal would advance HDT’s innovative material science and connection expertise across rubber, plastics, metal fluid connecting devices for diverse automotive applications. This acquisition would also expand the engineering capabilities of HDT to provide thermodynamics systems for the growing electric and hybrid vehicle market.
Global automotive plastics market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2021 to 2027 for the following segments:
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The above information has been provided for the following regions:
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