Global Automotive Plastics Market to Reach US$ 51.65 Billion by 2027, Catalyzed by Surging Sales of Luxury and Premium Cars

September 23, 2022

IMARC Group’s latest report, titled “Automotive Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global automotive plastics market size reached US$ 38.7 Billion in 2021. Automotive plastics are specialty materials designed to improve vehicle performance, safety, structure, aesthetics, and functionality. Some commonly used automotive plastics include polyurethane (PU), polyvinyl chloride (PVC), polypropylene (PP), acrylonitrile butadiene styrene (ABS), nylon, polyethylene (PE), polyoxymethylene (POM), and polycarbonate (PC). They help enhance design flexibility, extend the life of automobiles, lower manufacturing costs, and facilitate the integration of components. They also assist in reducing the weight of vehicles by replacing heavy materials, such as metal and glass, to improve fuel efficiency and save energy. As a result, automotive plastics are widely employed in manufacturing dashboards, fuel tanks, carpet fibers, wheel covers, suspension bushings, headlamp lenses, truck bed liners, mud flaps, bumpers, and gears. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.                     

Global Automotive Plastics Market Trends:

The surging sales of luxury and premium cars due to inflating consumer expenditure capacities, elevating living standards, and rapid urbanization represents the primary factor driving the market growth. Besides this, the growing adoption of electric and hybrid vehicles (EVs/HVs) owing to the rising environmental concerns has augmented the demand for automotive plastics. In addition, governments of various countries are implementing stringent fuel economy and emission regulations for vehicles, which have compelled automakers to adopt lightweight materials, such as plastics, for weight reduction. Along with this, the shifting consumer inclination toward the lightweight, fuel-efficient, and affordable automobiles has accelerated the adoption of automotive plastics. Furthermore, several key players are investing in research and development (R&D) activities to formulate new, advanced, high-performance plastics for the expanding automotive industry. In line with this, the increasing adoption of recycled plastics for manufacturing seat cushions, replacement bumpers, splash guards, and wheel liners has catalyzed market growth. Apart from this, the surging use of bio-based plastics and polymers instead of fossil-based plastics to reduce carbon footprint and promote sustainability is contributing to market growth. Other factors, including the rising usage of nylon to fabricate seat belts and airbags owing to its tear-resistant properties, rapid expansion in the plastics industry, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 51.65 Billion by 2027, growing at a CAGR of 4.60% during 2022-2027.

Market Summary:

  • Based on the vehicle type, the market has been bifurcated into conventional and traditional, and electric vehicles. 
  • On the basis of the material, the market has been classified into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polyurethane (PU), polymethyl methacrylate (PMMA), polycarbonate (PC), polyamide, and others. 
  • The market has been segregated based on the application into powertrain, electrical components, interior furnishings, exterior furnishings, under the hood, and chassis. 
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.     
  • The competitive landscape of the market has also been analyzed, with some of the key players being 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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Global Automotive Plastics Market to Reach US$ 51.65 Billion by 2027, Catalyzed by Surging Sales of Luxury and Premium Cars
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