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The global automotive plastics market was valued at US$ 38.7 Billion in 2021.
We expect the global automotive plastics market to exhibit a CAGR of 4.60% during 2022-2027.
The rising adoption of automotive plastics for reducing vehicular weight to control carbon emissions and improve fuel efficiency, is currently catalyzing the global automotive plastics market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous manufacturing units for automotive plastics.
Based on the vehicle type, the global automotive plastics market can be segmented into conventional and traditional vehicles and electric vehicles. Currently, conventional and traditional vehicles hold the majority of the total market share.
Based on the material, the global automotive plastics market has been divided into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyurethane (PU), Polymethyl Methacrylate (PMMA), Polycarbonate (PC), polyamide, and others. Among these, Polypropylene (PP) currently exhibits a clear dominance in the market.
Based on the application, the global automotive plastics market can be categorized into powertrain, electrical components, interior furnishings, exterior furnishings, under the hood, and chassis. Currently, interior furnishings account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive plastics market include 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.
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