Market Size of Automotive Plastics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR (2024 - 2029) | 10.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Automotive Plastics Market Analysis
The Automotive Plastics Market is expected to register a CAGR of greater than 10% during the forecast period.
COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The increasing demand for lightweight and electric vehicles is expected to drive the demand for the market during the forecast period. On the flip side, challenges associated with plastic recycling are likely to hinder the market's growth.
- Technological development in electric vehicles is projected to act as an opportunity for the market in the future. The Asia-Pacific region dominates the global market due to increased demand for electric vehicles in the region.
Automotive Plastics Industry Segmentation
Plastics are majorly processed into automotive components and parts owing to their ease of manufacturing, possible sourcing from renewable raw materials, and relative ease of improved design. Further, automotive plastics play a crucial role in performance and safety innovations in commercial vehicles, heavy motor vehicles (HMVs), modern cars, and sport utility vehicles (SUVs).
The automotive plastics market is segmented by material, application, vehicle type, and geography. By material, the market is segmented into polypropylene, polyurethane, polyvinyl chloride, polyethylene, acrylonitrile butadiene styrene, polyamides, polycarbonate, and other materials. By application, the market is segmented into the interior, exterior, under-bonnet, and other applications. 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 15 countries across major regions.
For each segment, the market sizing and forecasts have been done based on volume (metric tons).
Material | |
Polypropylene (PP) | |
Polyurethane (PU) | |
Polyvinyl Chloride (PVC) | |
Polyethylene (PE) | |
Acrylonitrile Butadiene Styrene (ABS) | |
Polyamides (PA) | |
Polycarbonate (PC) | |
Other Materials |
Application | |
Exterior | |
Interior | |
Under Bonnet | |
Other Applications |
Vehicle Type | |
Conventional/Traditional Vehicles | |
Electric Vehicles |
Geography | |||||||
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Automotive Plastics Market Size Summary
The automotive plastics market is poised for significant growth, driven by the increasing demand for lightweight and electric vehicles. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue its upward trajectory. The Asia-Pacific region, particularly China, is a dominant force in this market, fueled by the surge in electric vehicle production and sales. Plastics play a crucial role in enhancing the efficiency and affordability of electric and hybrid vehicles by replacing heavier components, thereby improving battery longevity and vehicle performance. Despite challenges related to plastic recycling, technological advancements in electric vehicles present lucrative opportunities for market expansion.
The market landscape is characterized by a partial fragmentation, with key players such as BASF SE, Covestro AG, Celanese Corporation, Borealis AG, and DSM leading the charge. These companies are actively pursuing sustainability initiatives, such as BASF's ChemCyclingTM project, to improve plastic recycling processes. The demand for automotive plastics is further bolstered by the growing automotive production base in the Asia-Pacific region, with countries like China, India, and Japan investing heavily in electric vehicle infrastructure to meet net-zero emissions targets. This regional focus, combined with the ongoing innovation in plastic applications for under-the-hood components, positions the automotive plastics market for robust growth in the coming years.
Automotive Plastics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Lightweight Materials from Electric and Hybrid Vehicles
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Challenges Associated with Plastic Recycling
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Material
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2.1.1 Polypropylene (PP)
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2.1.2 Polyurethane (PU)
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2.1.3 Polyvinyl Chloride (PVC)
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2.1.4 Polyethylene (PE)
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2.1.5 Acrylonitrile Butadiene Styrene (ABS)
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2.1.6 Polyamides (PA)
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2.1.7 Polycarbonate (PC)
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2.1.8 Other Materials
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2.2 Application
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2.2.1 Exterior
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2.2.2 Interior
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2.2.3 Under Bonnet
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2.2.4 Other Applications
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2.3 Vehicle Type
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2.3.1 Conventional/Traditional Vehicles
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2.3.2 Electric Vehicles
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.2.4 Rest of North America
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Automotive Plastics Market Size FAQs
What is the current Automotive Plastics Market size?
The Automotive Plastics Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Automotive Plastics Market?
BASF SE, Covestro AG, Celanese Corporation, Borealis AG and DSM are the major companies operating in the Automotive Plastics Market.