Asia-Pacific Automotive Plastics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 5.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Automotive Plastics Market Analysis
The Asia-Pacific Automotive Plastics Market size is estimated at 9.26 Million tons in 2024, and is expected to reach 11.88 Million tons by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
The COVID-19 pandemic has affected the automotive plastics market negatively. Due to the lockdown and restrictions, the supply of raw materials was disrupted leading to a negative impact on the manufacturing activities in the region. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- The increasing demand for lightweight materials and increasing polypropylene applications in vehicles are the major factors driving the growth of the market studied.
- However, challenges associated with plastic recycling are likely to restrain the growth of the studied market.
- Nevertheless, an increase in market penetration of electric vehicles is likely to create lucrative growth opportunities for the studied market.
- China represents the largest market over the forecast period due to the increasing demand for electric vehicles.
Asia-Pacific Automotive Plastics Market Trends
Interior Segment to Dominate the Market
- Plastics are the primary material used in vehicles, which helps to make the vehicles lightweight and fuel efficient. It holds the properties to keep vehicles safe and comfortable for the passengers and allows producers to make their vehicles more appealing to consumers.
- The average automotive vehicle has 30,000 parts and about one-third of these parts are made from plastic materials. Plastics are used for making parts like carburetors, fenders, dashboards, handles, engine covers, interior wall panels, seating, truck bed liners, cable insulation, and others.
- Major luxury car manufacturers such as BMW, Audi, Mercedes, Porsche, and Rolls Royce, all use plastic materials, primarily in the interior of their cars whether it be for small details like the button on the doors or center console or in some cases, a sizable portion of the dashboard and gauges.
- According to BMW, China recorded the largest sales market for BMW in the fiscal year of 2022. China accounted for around 33.1% of Rolls-Royce, BMW, and MINI cumulative sales. Chinese customers bought almost 793,500 such vehicles in the 2022 fiscal year.
- According to the Federation of Automobile Dealers Associations, in the financial year 2022, Mercedes was the leading luxury car brand in terms of sales with around 11.6 thousand units sold in India. It was followed by BMW and Audi, with 8.5 thousand and 3.3 thousand units sold respectively.
- Thus, all the aforementioned factors are likely to increase the demand for the automotive plastics market in the Asia-Pacific region over the forecast period.
China to Dominate the Market
- China is the world's biggest automobile market in terms of both production and sales. Thus, with the rising number of vehicles, the demand for automotive plastics is also increasing.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the total vehicle production accounted for 27 million units in 2022, registering an increase of 3.4% compared to the last year.
- Further, according to the China Association of Automobile Manufacturers (CAAM), the total production of passenger cars and commercial vehicles in 2022 reached 2.38 million units and 318 thousand units, respectively.
- Furthermore, with government subsidies, Chinese electric vehicles are emerging as price leaders in Southeast Asian nations where Japanese companies like Toyota Motor Corp. and Isuzu Motors Ltd. have long controlled most of the automotive market.
- For more than a decade, China has backed the production of smaller, affordable EVs and their most expensive component, batteries. In 2022, China accounted for more than half of EVs sold globally.
- In China, sales of new EVs increased by 82% in 2022 compared to the previous year. The country accounted for 59% of global EV sales last year, cementing its position as the world’s largest electric vehicles market.
- According to the International Energy Agency (IEA), China sold nearly six million electric cars in the Asia-Pacific region alone in 2022.
- Therefore, the rising automotive production in the region is likely to positively influence the market studied over the forecasted period.
Asia-Pacific Automotive Plastics Industry Overview
The Asia-Pacific automotive plastics market is consolidated in nature. The major players in the market (not in any particular order) include BASF SE, Borealis AG, Celanese Corporation, Covestro AG, and DSM, among others.
Asia-Pacific Automotive Plastics Market Leaders
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BASF SE
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Borealis AG
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Celanese Corporation
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Covestro AG
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DSM
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Automotive Plastics Market News
March 2023: Covestro AG announced to expand its production capacity for polycarbonate films in Thailand to meet the rising demand in the Asia-Pacific region and worldwide. In the automotive industry, these films are used primarily in automotive displays.
October 2022: Borealis AG announced the launch of its proprietary Borstar Nextension technology, a step change in PP performance. For mobility applications, the product will enable purity levels beyond today’s automotive industry requirements with reduced odor and volatiles in automotive interior and exterior applications.
Asia-Pacific Automotive PlasticsMarket Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand for Lightweight Materials
- 4.1.2 Increasing Polypropylene Application In Vehicles
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Challenges Associated with Plastic Recycling
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Material
- 5.1.1 Polypropylene (PP)
- 5.1.2 Polyurethane (PU)
- 5.1.3 Polyvinyl Chloride (PVC)
- 5.1.4 Polyethylene (PE)
- 5.1.5 Acrylonitrile Butadiene Styrene (ABS)
- 5.1.6 Polyamides (PA)
- 5.1.7 Polycarbonate (PC)
- 5.1.8 Other Materials (ASA, PET, PBT, PMMA, etc.)
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5.2 Application
- 5.2.1 Exterior
- 5.2.2 Interior
- 5.2.3 Under Bonnet
- 5.2.4 Other Applications (Instrument Panel, Powertrain, Door Systems, etc.)
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5.3 Vehicle Type
- 5.3.1 Conventional/Traditional Vehicles
- 5.3.2 Electric Vehicles
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5.4 Geography
- 5.4.1 China
- 5.4.2 India
- 5.4.3 Japan
- 5.4.4 South Korea
- 5.4.5 ASEAN Countries
- 5.4.6 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Arkema
- 6.4.2 BASF SE
- 6.4.3 Borealis AG
- 6.4.4 Celanese Corporation
- 6.4.5 Covestro AG
- 6.4.6 DSM
- 6.4.7 Evonik Industries AG
- 6.4.8 Exxon Mobil Corporation
- 6.4.9 LG Chem
- 6.4.10 LyondellBasell Industries Holdings B.V.
- 6.4.11 SABIC
- 6.4.12 Solvay
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Electric Vehicle Penetration
- 7.2 Other Opportunities
Asia-Pacific Automotive Plastics Industry Segmentation
Automotive plastics are engineering plastics that have high performance which makes them compatible with the rigorous demands of the automotive industry. Generally, they are versatile, making them suitable for achieving the needed innovation in the industry. The use of engineering plastics in automobiles reduces vehicle weight, which also supports improving the fuel efficiency of the vehicle.
The automotive plastics market is segmented by material, application, vehicle type, and geography. By material, the market is segmented into polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), polyethylene (PE), acrylonitrile butadiene styrene (ABS), polyamides (PA), polycarbonate (PC), and other materials (acrylonitrile styrene acrylate (ASA), polyethylene terephthalate (PET), polybutylene terephthalate (PBT), Acrylic (PMMA)). By application, the market is segmented into the interior, exterior, under-bonnet, and other applications (instrument panel, powertrain, door systems, etc.). By vehicle type, the market is segmented into conventional/traditional vehicles and electric vehicles. The report also covers the market size and forecasts for automotive plastics in 5 countries across the Asia-Pacific region. For each segment, the market sizing and forecasts have been done based on volume (tons).
| Material | Polypropylene (PP) |
| Polyurethane (PU) | |
| Polyvinyl Chloride (PVC) | |
| Polyethylene (PE) | |
| Acrylonitrile Butadiene Styrene (ABS) | |
| Polyamides (PA) | |
| Polycarbonate (PC) | |
| Other Materials (ASA, PET, PBT, PMMA, etc.) | |
| Application | Exterior |
| Interior | |
| Under Bonnet | |
| Other Applications (Instrument Panel, Powertrain, Door Systems, etc.) | |
| Vehicle Type | Conventional/Traditional Vehicles |
| Electric Vehicles | |
| Geography | China |
| India | |
| Japan | |
| South Korea | |
| ASEAN Countries | |
| Rest of Asia-Pacific |
Asia-Pacific Automotive PlasticsMarket Research FAQs
How big is the Asia-Pacific Automotive Plastics Market?
The Asia-Pacific Automotive Plastics Market size is expected to reach 9.26 million tons in 2024 and grow at a CAGR of 5.10% to reach 11.88 million tons by 2029.
What is the current Asia-Pacific Automotive Plastics Market size?
In 2024, the Asia-Pacific Automotive Plastics Market size is expected to reach 9.26 million tons.
Who are the key players in Asia-Pacific Automotive Plastics Market?
BASF SE, Borealis AG, Celanese Corporation, Covestro AG and DSM are the major companies operating in the Asia-Pacific Automotive Plastics Market.
What years does this Asia-Pacific Automotive Plastics Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Automotive Plastics Market size was estimated at 8.81 million tons. The report covers the Asia-Pacific Automotive Plastics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Automotive Plastics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Automotive PlasticsIndustry Report
Statistics for the 2024 Asia-Pacific Automotive Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Automotive Plastics analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
