Global Automotive Plastic Materials Market is estimated to be 83.9 billion by 2027 with a CAGR of 11.1% during the forecasted period.

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Published Date: April 2023

Increasing product demand for numerous automobile furnishing such as light panels & displays, fascia systems, steering wheels, and seat covers due to rising safety concerns and optimal insulation properties should influence market growth.

The Automotive plastic materials market accounted for US$ 35.7 billion in 2019 and is estimated to be 83.9 billion by 2027 and is anticipated to register a CAGR of 11.1%. The report. "Global Automotive Plastic Materials Market, By Product (Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl methacrylate (PMMA), and Polyamide), By Application (Power Trains, Electrical Components, Interior & Exterior Furnishing, Under the Hood, and Chassis), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2026”.

Analyst View:

Plastics undergo five various stages while recycling involving categorizing, washing, shredding, identification and classification, and extruding into final product or component. Enhancements in the process of recycling have strengthen manufacturers to use high-performance automotive plastics. Typically, an average car contains 5.8 to 10% of plastics, reliant on performance requirements and fuel-efficiency standards, with consumption in vehicular equipment estimating for over 105 kg in an average car. This percentage is projected to grow due to increasing demand from consumers for high-performance, fuel-efficient, and lightweight vehicles, thereby promoting demand for automotive plastics over the forecast period. Weight reduction also provides a cost-effective method to reduce fuel consumption and greenhouse gas (GHG) emissions, preserving non-renewable crude oil reserves.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Automotive Plastic Materials Market”, By Product (Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl methacrylate (PMMA), and Polyamide), By Application (Power Trains, Electrical Components, Interior & Exterior Furnishing, Under the Hood, and Chassis), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global automotive plastic materials market accounted for US$ 35.7 billion in 2019 and is estimated to be 83.9 billion by 2027 and is anticipated to register a CAGR of 11.1%. The market report has been segmented on product, application, and region.

By product, polypropylene segment estimates leading share on account of rising preference for nuclear families and substantial demand for small cars. The product is widely utilized in cable insulation, battery boxes, bottles, carpet fibers, chemical tanks petrol cans, indoor & outdoor carpets, and automotive bumpers. Stringent rules and guidelines concerning CO2 emission standards owing to growing environmental concerns mainly in Italy, Germany, and France are likely to boost the automotive plastics market.
By application, electrical components segment dominated the target market due to increasing requirement for advanced safety systems such as airbags and lane departure warning systems. These products provides features of corrosion resistance & high temperature along with light weight which makes them ideal for wiring & cables, circuit boards, switches and sockets..
By region, Asia Pacific was the leading regional market for automotive plastics and estimated for about 46% of the global market share in 2019. Unstable production bases from established regions to developing economies of Asia Pacific, particularly in China, India, Thailand, Vietnam, and Indonesia, is projected to drive market growth.

Competitive Landscape:

The prominent player operating in the global automotive plastic materials market includes Akzo Nobel N.V., BASF SE, Evonik Industries AG, Lear Corporation, Grupo Antolin-Irausa S.A., Bayer MaterialScience AG, Hanwha Azdel Inc., Borealis AG, Johnson Controls Inc., and Magna International Inc..

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period