Automotive Plastics: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Plastics used in automotive manufacturing are known as automotive plastics. Interior auto parts including the dashboard, door panels, seats, consoles, trim pieces, and carpet are frequently made of plastic. Due to its lightweight nature and versatility in design, plastics are used in exterior pieces such as bumpers, grilles, body panels, spoilers, and mirror housings.

Market Insights

In volume terms, the automotive plastics market was valued at 38 million tonnes in 2022 and was expected to expand at a CAGR of 7.25% from 2023 to 2030. The third-largest consumer of polymers, behind packaging and building & construction, is the automotive industry. As a result, modifications in material consumption may significantly affect both the demand for polymers and the financial results of polymer producers.

The polypropylene PP sector had a larger market share for automotive plastics in 2022, and it is projected that this trend would continue throughout the course of the projection period. Polypropylene plastic is perfect for a variety of end-use industries since it is mechanically tough and resistant to numerous chemical solvents including bases and acids. The main uses of PP are in textiles, plastic parts, packaging and labelling, and many kinds of reusable containers. As a result, PP plastic is becoming more and more popular around the world for making plastics and for usage in automobiles.

In 2022, the global automotive plastics market was dominated by the interior furnishings application segment. The interiors of cars have changed due to the use of plastic. They have shown to be the perfect material for building durable, visually beautiful, and comfortable interior components while also lowering the interior of the car’s harshness and vibration levels and conserving time, money, and resources. A car’s interior design is primarily concerned with comfort, noise level, visual appeal, ergonomic layout, and durability. These elements significantly influence a consumer’s purchasing choice. Therefore, the polymers utilised in car interiors should be extraordinary and effective in addressing all of these issues and more. During the projected period, the external furnishings application category is likely to expand at a robust CAGR, which is anticipated to benefit automotive plastics.

The category of passenger cars as a vehicle type led the worldwide automotive plastics market in 2022. The interiors of cars have changed due to the use of plastic. The most popular means of transportation in industrialised nations is the passenger vehicle, and as per capita wealth rises in the Asia-Pacific area, passenger cars are becoming more prevalent in poorer nations as well. The automotive plastics are likely to benefit from the anticipated robust compound annual growth rate (CAGR) expansion of the lightweight vehicles vehicle type segment throughout the course of the projection year.

Market Dynamics: Drivers

Integration of New Materials and Parts in Place of Traditional Materials

One of the key drivers in the ongoing development and use of plastics in automobiles is technological advancements in the plastics sector. For many new requirements, they now provide multi-component, customised solutions, taking the place of older, heavier materials. A modern car now weighs about 100 kg of plastic instead of 200–300 kg of conventional materials. A major market driver has been the use of plastics in place of conventional materials including metal, glass, coatings, and composites in a variety of automotive applications. Plastics are less expensive, lighter, and have many other excellent qualities. In passenger cars, plastic has taken the place of glass. Nearly all vehicles today have a PC headlamp and a PC or PMMA rear lighting. In the upcoming years, polycarbonate is anticipated to take the place of automotive windows. In the Mercedes Benz S Class, plastic has also taken the place of glass in the headlights, giving designers more creative flexibility and providing a sturdy, clear, easy-to-install, scratch-resistant replacement. Additionally, vehicles’ throttle bodies have begun to use plastic in place of more traditional materials. Thermoplastic composites, which are substantially lighter than steel and aluminium and are employed as replacements, are used as moulding plastics, which saves even more energy. According to an outdated maxim in the automobile sector, fuel efficiency increases by around 5% for every 10% of vehicle weight decrease.

Market Dynamics: Challenges

Volatility in the Plastics Industry

The plastics sector faces unique difficulties, including feedstock holdings, supplier concentration, and dominance by a few number of providers. There have been plant shutdowns and factory closures at some plastic producers’ facilities. In addition, feedstock prices have increased, and governments around the world have tightened their rules. High-performance polymers are subject to volatile conditions in the plastics sector, including a restricted supply, significant swings in demand, and rising pricing for raw ingredients.

Market Segmentation

• Based on Polymer Type, the Global Automotive Plastics market is segmented into
  • Polypropylene (PP)
  • Polyvinyl Chloride (PVC)
  • Polyurethane (PU)
  • Acrylonitrile-Butadiene-Styrene (ABS)
  • High-Density Polyethylene (HDPE)
  • Polycarbonate (PC)
  • Polyamide (PA)
  • Others
• Based on Application, the Global Automotive Plastics market is segmented into
  • Interior
  • Exterior
  • Electrical Components
  • Under the Hood Components
  • Other Applications
• Based on Vehicle Type, the Global Automotive Plastics market is segmented into
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
• Based on Geography, the Global Automotive Plastics market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Automotive Plastics Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Automotive Plastics Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Automotive Plastics Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Automotive Plastics Market study?