Automotive Plastics Market Growth, Analysis and Advancement Outlook 2030
Automotive Plastics Industry Overview
The global automotive plastics market size is expected to reach USD 43.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. A rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel the market growth.
Automotive Plastics Market Segmentation
Grand View Research has segmented the global automotive plastics market on the basis of product, process, application, and region:
Based on the Product Insights, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polymethyl Methacrylate (PMMA), Polyamide (PA), and Others.
- The polypropylene segment led the market for automotive plastics and accounted for a revenue share of more than 30.0% in 2021. This growth can be attributed to the rising product demand from the end-use industries such as packaging, electrical and electronics, construction, consumer products, and automotive.
- Polyvinyl chloride emerged as the second-largest product segment in 2021. PVC is used in a broad range of domestic and industrial products such as raincoats, shower curtains, window frames, and indoor plumbing. Its major automotive applications include underbody coatings, sealants, floor modules, wire harnesses, passenger compartment parts, and exterior parts.
Based on the Process Insights, the market is segmented into Injection Molding, Blow Molding, Thermoforming, and Others.
- The injection molding segment led the market and accounted for a revenue share of more than 55.0% in 2021. This is attributed to the application of a broad range of injection-molded plastics in the automotive industry to manufacture door handles, engine hoses and tubes, console and dashboard covers and brackets, radio covers and other electrical internal components, buttons and bezel panels, knobs for shifter levers, controls and covers for the sunroof, and convertible roof assemblies.
- The blow molding process is widely used in the automotive industry owing to its advantage of making more complex products in various designs and shapes that would otherwise be challenging with other technologies with the cost of the end product being significantly higher.
Based on the Application Insights, the market is segmented into Powertrain, Electrical Components, Interior Furnishings, Exterior Furnishings, Under the Hood, and Chassis.
- The interior furnishings segment led the market for automotive plastics and accounted for a revenue share of more than 40.0% in 2021. Growing demand for automotive plastics in body and light panels, seat covers, steering wheels, seat bases, load floors, headliners, rear package shelves, and fascia systems is projected to boost the market growth over the forecast period.
- the proliferation of digitalization has fostered the demand for plastics integrated into car dashboards to support highly advanced electronics. Safety concerns and high electrical insulation properties of plastics have also propelled their demand in instrument panels containing advanced electronic systems.
Automotive Plastics Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The global players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about suppliers and regulations. Companies in the market compete on the basis of product quality offered and the technology used for the production of automotive plastics.
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.