The automotive plastics market was valued at $30.4 billion in 2023, and is projected to reach $51.1 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
Automotive plastics refer to a wide range of synthetic materials used in vehicle manufacturing to improve efficiency, reduce weight, and enhance design flexibility. These plastics are lightweight, durable, and offer significant advantages over traditional materials like metal, helping to meet stringent fuel efficiency and emissions standards. Common types include polypropylene, polyurethane, polyamide, and acrylonitrile butadiene styrene (ABS), each serving different purposes within vehicle components like interiors, exteriors, and engine parts.
The growth of the global automotive plastics market is driven by rise in penetration of electric vehicles. This is attributed to the fact that automotive plastics support lightweighting, improve range, and offer design flexibility for battery housing and insulation. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. Moreover, multiple benefits associated with automotive plastics significantly drive the market growth.
For instance, plastics are often more cost-effective than traditional materials like metal, providing automakers with an economic solution without compromising on strength or durability. Furthermore, automotive plastics provide enhanced design flexibility, allowing for the integration of complex shapes and parts that are difficult to achieve with metals. Increase in use of automotive plastics in airbags, seatbelts, and other safety-critical parts due to their ability to absorb impact and protect passengers significantly contributes toward the market growth. Although plastics offer recyclability potential, they are still largely derived from non-renewable sources like crude oil.
Growing concerns about plastic waste, pollution, and the overall environmental impact of petroleum-based plastics have led to stricter regulations on plastic use, which can restrain the market growth. Moreover, availability of alternatives such as aluminum, carbon fiber, and other composite materials that offer better strength-to-weight ratios restrains the market growth. On the contrary, innovations in polymer materials, such as improved heat resistance, durability, and recyclability, are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.
The global automotive plastics market is segmented by type, application, and region. Depending on type, the market is classified into polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polyamide (PA), polystyrene (PS), polyethylene (PE), and others. By application, it is divided into dashboards, engine covers, door handles, wheel covers, bumpers, plug connectors, knobs & fittings, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of application, the bumper segment held the garnered the largest share in 2023, and is anticipated to dominate during the forecast period.
Region wise, Asia-Pacific dominated the market, in terms of revenue, in 2023.
Automotive plastics refer to a wide range of synthetic materials used in vehicle manufacturing to improve efficiency, reduce weight, and enhance design flexibility. These plastics are lightweight, durable, and offer significant advantages over traditional materials like metal, helping to meet stringent fuel efficiency and emissions standards. Common types include polypropylene, polyurethane, polyamide, and acrylonitrile butadiene styrene (ABS), each serving different purposes within vehicle components like interiors, exteriors, and engine parts.
The growth of the global automotive plastics market is driven by rise in penetration of electric vehicles. This is attributed to the fact that automotive plastics support lightweighting, improve range, and offer design flexibility for battery housing and insulation. According to the International Energy Agency, a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. Moreover, multiple benefits associated with automotive plastics significantly drive the market growth.
For instance, plastics are often more cost-effective than traditional materials like metal, providing automakers with an economic solution without compromising on strength or durability. Furthermore, automotive plastics provide enhanced design flexibility, allowing for the integration of complex shapes and parts that are difficult to achieve with metals. Increase in use of automotive plastics in airbags, seatbelts, and other safety-critical parts due to their ability to absorb impact and protect passengers significantly contributes toward the market growth. Although plastics offer recyclability potential, they are still largely derived from non-renewable sources like crude oil.
Growing concerns about plastic waste, pollution, and the overall environmental impact of petroleum-based plastics have led to stricter regulations on plastic use, which can restrain the market growth. Moreover, availability of alternatives such as aluminum, carbon fiber, and other composite materials that offer better strength-to-weight ratios restrains the market growth. On the contrary, innovations in polymer materials, such as improved heat resistance, durability, and recyclability, are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.
The global automotive plastics market is segmented by type, application, and region. Depending on type, the market is classified into polypropylene (PP), polyurethane (PU), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polyamide (PA), polystyrene (PS), polyethylene (PE), and others. By application, it is divided into dashboards, engine covers, door handles, wheel covers, bumpers, plug connectors, knobs & fittings, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By type, the polypropylene (PP) segment held the highest market share in 2023, and is expected to maintain its leadership status from 2024 to 2033.On the basis of application, the bumper segment held the garnered the largest share in 2023, and is anticipated to dominate during the forecast period.
Region wise, Asia-Pacific dominated the market, in terms of revenue, in 2023.
Competition Analysis
Competitive analysis and profiles of the major players in the global Automotive Plastics Market include Knauf Industries, BASF SE, SABIC, Arkema, LG Chem, Exxon Mobil Corporation, Asahi Kasei Corporation, DuPont, Celanese Corporation, and Dow Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.Additional benefits you will get with this purchase are:
- Quarterly Update* (with the purchase of an enterprise license)
- 5 additional Company Profiles, pre- or post-purchase, as a free update.
- Free Updated Version (once released) with the purchase of an enterprise user license.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Analysis of raw material in a product (by %)
- Manufacturing Capacity
- Go To Market Strategy
- New Product Development/ Product Matrix of Key Players
- Additional company profiles with specific to client's interest
- Historic market data
- SWOT Analysis
Key Market Segments
By Type
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamide (PA)
- Polystyrene (PS)
- Polyethylene (PE)
- Others
By Application
- Dashboards
- Engine Covers
- Door Handles
- Wheel Covers
- Bumpers
- Plug Connectors
- Knobs and Fittings
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Knauf Industries
- BASF SE
- SABIC
- Arkema
- LG Chem
- Exxon Mobil Corporation
- Asahi Kasei Corporation
- DuPont
- Celanese Corporation
- Dow Inc.
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: AUTOMOTIVE PLASTICS MARKET, BY TYPE
CHAPTER 5: AUTOMOTIVE PLASTICS MARKET, BY APPLICATION
CHAPTER 6: AUTOMOTIVE PLASTICS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Knauf Industries
- BASF SE
- SABIC
- Arkema
- LG Chem
- Exxon Mobil Corporation
- Asahi Kasei Corporation
- DuPont
- Celanese Corporation
- Dow Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 340 |
| Published | September 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 30.4 billion |
| Forecasted Market Value ( USD | $ 51.1 billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
