IMARC Group, a leading market research company, has recently releases report titled “Automotive Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automotive plastics market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What are Automotive Plastics?
Automotive plastics are specialized materials engineered to enhance various facets of vehicles, encompassing safety, structural integrity, performance, aesthetics, and functionality. They comprise a diverse range of materials such as polypropylene (PP), acrylonitrile butadiene styrene (ABS), nylon, polyethylene (PE), polyoxymethylene (POM), polyurethane (PU), polyvinyl chloride (PVC), polycarbonate (PC), and more. These automotive plastics offer numerous advantages, including the extension of vehicle lifespan, cost reduction in manufacturing, greater design flexibility, and the facilitation of component integration. Furthermore, automotive plastics play a pivotal role in reducing vehicle weight by substituting heavier materials like glass and metal. This weight reduction not only contributes to energy conservation but also enhances fuel efficiency. Consequently, automotive plastics find extensive application in various automotive components, spanning powertrains, electrical elements, interior and exterior furnishings, under the hood, chassis, and more.
How big is the automotive plastics market?
The global automotive plastics market size reached US$ 40.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
What Are the Growth Prospects and Trends in The Automotive Plastics Industry?
The global automotive plastics market is witnessing robust growth driven by several key factors. First and foremost, the widespread adoption of hybrid vehicles (HVs) on a global scale is a major catalyst for this growth. Furthermore, there is a growing demand for automotive plastics in a wide range of applications, including wheel covers, suspension bushings, dashboards, carpet fibers, fuel tanks, truck bed liners, mud flaps, bumpers, gears, headlamp lenses, and more, which further propels market expansion. Moreover, the increasing requirement for synthetic coatings on metal surfaces to safeguard against corrosion induced by heat, salt, and water exposure is contributing to the market’s expansion. Ongoing advancements in technology and substantial research and development initiatives by leading manufacturers play a pivotal role in driving market growth. Additionally, the utilization of nylon in the production of seat belts and airbags, owing to its tear-resistant properties, is also a significant contributor to market expansion. Furthermore, the rising popularity of luxury and premium cars, spurred by increased consumer spending capacity and improved living standards, is expected to fuel the growth of the automotive plastics market in the foreseeable future.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Conventional and Traditional Vehicles
- Electric Vehicles
Breakup by Material:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyurethane (PU)
- Polymethyl Methacrylate (PMMA)
- Polycarbonate (PC)
- Polyamide
- Others
Breakup by Application:
- Powertrain
- Electrical Components
- Interior Furnishings
- Exterior Furnishings
- Under the Hood
- Chassis
Breakup by Region:
- North America
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- United States
- Canada
- Asia-Pacific
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- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
-
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
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- Brazil
- Mexico
- Others
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Asahi Kasei Corporation
- BASF SE
- Borealis AG
- Covestro AG
- Dow Inc.
- Koninklijke DSM N.V.
- Lanxess AG
- Lear Corporation
- LyondellBasell Industries N.V.
- Saudi Basic Industries Corporation
- Solvay S.A and Teijin Limited
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
TOC for the Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape