Automotive Plastics Market Is Expected To Expand At A CAGR Of 4.7% From 2022 To 2030

 Automotive Plastics industry overview

The global automotive plastics market size was valued at USD 28.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Globally, recovery in the automotive sector, improved vehicle design capabilities, and increasing focus on vehicle weight reduction and emission control are the key factors boosting the growth of the market for automotive plastics. Plastics are widely used in automotive components and parts owing to easy manufacturing, possible sourcing from renewable raw materials, and improved designs.

The COVID-19 pandemic impacted the market due to a drop in new vehicle sales, the shutdown of production facilities, a limited supply of vehicle parts, and a decline in working capital. It led to the interruption in the supply chain and suspension of production, resulting in reduced retail sales. Furthermore, many individuals were uncertain about their jobs and the long-term economic and health effects of the virus on their lives, influencing their purchasing decisions.

Polypropylene (PP), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), and Polyurethane (PU) are the most commonly utilized materials for vehicle parts and component applications. Plastics undergo five different stages while recycling including sorting, washing, shredding, identification, and classification, and extruding into the final component or product. Improvements in recycling processes have forced manufacturers to use high-performance automotive plastics. Usually, an average car consists of 5.8 to 10% of plastics, depending on fuel-efficiency standards and performance requirements, with consumption in vehicular equipment accounting for over 110-120 kg in an average car.

 

Gather more insights about the market drivers, restrains and growth of the Global automotive plastics market

This percentage is expected to increase owing to the growing demand from consumers for high-performance, lightweight, and fuel-efficient vehicles, thereby augmenting the demand for automotive plastics over the years to come. Weight reduction also offers a cost-effective way to reduce Greenhouse Gas (GHG) emissions and fuel consumption, conserving non-renewable crude oil reserves. For example, every 10% weight reduction in a vehicle would improve fuel economy by 5 to 7%.

Plastic monomers are polymerized using chemical reactions and catalysts to form polymers and co-polymers and are turned into Polycarbonate (PC), Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), and other such polymerized materials. These materials possess far better properties than their respective monomers and are extremely stable for use in molding and fabrication.

Designing a vehicle is a critical factor as it is subjected to various external forces and the possibility of high impacts. Thus, to preserve the structural integrity of a vehicle, the materials used in its production become important factors for safety and stability. Although they are relatively cheaper than metals, their design parameters and manufacturing equipment are highly expensive, which is expected to pose a challenge to industry participants.


Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

  • Recycling Equipment Market - The global recycling equipment market size was valued at USD 27.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. The growth of the recycling equipment industry is attributed to the rising awareness about the sustainable benefits of reusing and recycling waste materials such as metal, plastic, and construction waste.

 

  • Styrenic Block Copolymer Market - The global styrenic block copolymer market size was estimated at USD 8.19 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Styrenic Block Copolymers (SBCs) are produced by ionic copolymerization of styrene, isoprene, and butadiene and are considered one of the largest volume commercial thermoplastic elastomers.

 

Automotive Plastics Market Segmentation

Grand View Research has segmented the global automotive plastics market on the basis of product, process, application, and region:

Automotive Plastic Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Acrylonitrile Butadiene Styrene (ABS)
  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyvinyl Chloride (PVC)
  • Polyethylene (PE)
  • Polycarbonate (PC)
  • Polymethyl Methacrylate (PMMA)
  • Polyamide (PA)
  • Others

Automotive Plastic Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Injection Molding
  • Blow Molding
  • Thermoforming
  • Others

Automotive Plastic Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Powertrain
  • Electrical Components
  • Interior Furnishings
  • Exterior Furnishings
  • Under the Hood
  • Chassis

Automotive Plastic Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)


Market Share Insights

  • March 2019: BASF SE inaugurated a new research and development center in Shanghai, China, which has a special automotive application center for handling research and development activities specific to the automotive industry. 


Key Companies profiled:

Some prominent players in the global automotive plastics market include:

  • BASF SE
  • SABIC
  • Dow Inc.
  • AkzoNobel N.V.
  • Covestro AG
  • Evonik Industries AG
  • Borealis AG
  • Royal DSM N.V.
  • Magna International, Inc.
  • Teijin Limited


Order a free sample PDF of the Automotive Plastics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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