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Automotive Plastics Market Size
- Report ID: GMI110
- Published Date: Feb 2022
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Automotive Plastics Market Size in 2023: | USD 22.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 11% |
| 2032 Value Projection: | USD 57.15 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 209 |
| Segments covered: | Product, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Automotive Plastics Market Scope
