Global Automotive Plastics Market is segmented By Type (Polypropylene, Polyurethanes, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polystyrene, Polyethylene, Polyoxymethylene, Others), By Application (Interior, Exterior, Under Bonnet), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Automotive Plastics Market Overview
The Global Automotive Plastics Market is growing at a CAGR of 4.5% during the forecast period (2024-2031). Automotive industries are researching recycling plastic and polymer composite material which can be challenging in terms of costs, technologies required, and plastics' properties.
However, effective strategies are being made to recycle plastics, particularly post-industrial scrap, and use recycled plastic materials in car parts as automotive companies have made commitments to reduce waste and include recycled materials in new vehicles. Moreover, engineers and designers are looking for cost, and weight savings including technologically advanced plastics components, for their unique properties and flexibility. As a lightweight vehicle, it increases fuel efficiency, reduces carbon emissions, and provides unparalleled safety benefits like seatbelts and airbags, and plastics help to enable beautiful, sleek contouring and design.
Automotive Plastics Market Scope
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Metrics |
Details |
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Market CAGR |
4.5% |
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Segments Covered |
By Type, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Automotive Plastics Market Dynamics
According National Highway Traffic Safety Administration (NHTSA), around 15,000 lives have been saved due to polyester fiber seat belts, and airbags are commonly made from high-strength nylon fabric that can reduce the risk of dying in a direct, frontal car crash by about 30%. Moreover, the automotive plastic market is nearly USD 36 billion and is expected to increase by almost USD 84 billion in the forecast period. In addition, the 10% depletion in vehicle weight results in approx. 7% depletion in fuel usage, which will reduce carbon emissions and increase the market's growth.
The increasing demand for lightweight fuel efficiency, lower-cost carbon fiber, safety, and increasing comfort level is expected to drive market growth. The automotive industries are designing a lightweight vehicle, a key driver in boosting fuel efficiency, reducing emissions, and lowering motorists' costs. Many plastic components can weigh 50% less than similar components made from other materials. Moreover, fuel efficiency on its own is a great contributor to sustainability. As the use of plastics in vehicle manufacturing increases, light-weighting design techniques is the integration of plastics and polymer composites into vehicle design where some other materials have been traditionally used that can benefit performance and energy savings. Increasing numbers of automakers are using recycled plastics in automotive applications to make things like seat cushions and radiator shrouds. On average, plastics reduce the weight of automobiles by 500 to 750 pounds. But with about 39 different types of plastics being used in automobiles, recycling those vehicles at their practical end-of-life—about 27 million every year around the world can be a challenge.
However, increased awareness and understanding of plastics & recycled plastics in automotive manufacturing are also needed with the very engineers developing designs and specifications for new elements. In addition, high-quality recycled plastics, at scale, need to be designed for automotive engineers at a competitive price.
Automotive Plastics Market Segmentation Analysis
By type, the market is segmented into polypropylene, polyurethanes, polyvinyl chloride, acrylonitrile butadiene styrene, polystyrene, polyethylene, polyoxymethylene, and others. By application, the market is segmented into the interior, exterior, and under the bonnet.
Polypropylene is frequently used plastic in automotive manufacturing. It is also known as a thermoplastic polymer, and it can easily be formed into almost any shape. Moreover, it has excellent chemical and heat resistance and is generally resistant to impact. In addition, it is frequently found in car bumpers and carpet fibers of your car's interior flooring. It's also a more cost-effective alternative to costly plastics of similar strength and durability, which helps drive down manufacturing costs. Polypropylene is expected to boost the market growth in the forecast period due to its properties like semi-rigid, translucent, good chemical resistance, toughness, good fatigue resistance, integral hinge property, and good heat resistance.
Automotive Plastics Market Geographical Share
APAC holds the largest automotive plastics market share and is expected to dominate the forecast period due to leading manufacturing countries like China and India. China is dominating the region due to significant players and raw material availability at a low cost, which reduces production costs. Automotive plastic is driven due to reducing the weight of the vehicle, government regulation to reduce emissions in this region, and expected to increase the demand.
North America is expected to dominate the market due to the increasing demand for corrosion inhibition, design flexibility, durability, and low density, which will increase the opportunity in the region. Moreover, Europe and the Middle East will also contribute to the growth of the automotive plastics market due to growing environmental concerns and government regulations on the automaker to reduce the vehicle's weight, which reduces the carbon emission and will be cost-effective.
Automotive Plastics Market Companies and Competitive Landscape
The automotive plastics market is fragmented with the presence of regional and global players. The competitive outline lies with the increase in the regional company and growing investment in upstream applications. Arkema SA, BASF SE, DuPont, Evonik Industries AG, ExxonMobil Corporation, SABIC, Borealis AG, LANXESS, LG Chem, and Arkal Automotive are the major player in the plastics market. The major players are adopting many growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the automotive plastics market globally.
Evonik Industries AG
Evonik manufactures the vehicle which reduces the weight by 60 to 70% compared to conventional steel parts. Fillers for tire rubber decrease rolling resistance and fuel consumption as an energy-efficient & environmentally friendly solution that saves money.
Moreover, for applications like lamination in the car interior, windshield bonding, sound damping mats, or underbody protection, a universal plasticizer from Evonik assures maximum flow properties of adhesives and sealing compounds and also the expected flexibility of vibration and protective compounds even at low temperatures, thus making a significant contribution towards decreasing weight in automobile construction. In addition, fumed silica improves the rheological and mechanical properties of adhesives and sealants, and organofunctional silanes are used as an adhesion promoter in adhesives and sealants.
Furthermore, improved seating comfort and lower noise level inside the automobile create a pleasant atmosphere for drivers and passengers. As required additives for the production of various polyurethane foam applications in the automotive industry, polyurethane additives from Evonik add to drivers' and passengers' comfort and general well-being.
