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Automotive Plastics Market Size

Report ID: GMI110
Published Date: Feb 2022
Report Format: PDF

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Global Automotive Plastics Market Size

Automotive Plastics Market size exceeded USD 22.4 billion in 2023 and is estimated to grow at a CAGR of over 11% between 2024 and 2032. Rising demand for modern plastics and polymer composites in vehicles to improve passenger safety and increasing demand for light weight plastics to make vehicles more fuel efficient is anticipated to boost the market.

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Automotive plastics are specialty plastic materials used for enhancing performance, safety, construction, and functionality of cars. Remarkable attributes of plastics such as its ability to offer flexibility, resilience for added safety, resistance to corrosion, reduce noise, excellent thermal insulation, and allow optimum space utilization facilitates its use in automotive applications. Four polymers including polyurethane, polypropylene, PVC, and polyamides constitute around 70 percent of the polymers used in automotive applications.

Automotive Plastics Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Plastics Market Size in 2023:	USD 22.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	11%
2032 Value Projection:	USD 57.15 Billion
Historical Data for:	2018 - 2023
No. of Pages:	200
Tables, Charts & Figures:	209
Segments covered:	Product, Application
Growth Drivers:	North America: Increasing consumer demand for light weight vehicles Europe: Growing automobile industry along with increase in advanced technology Asia Pacific: Increase in vehicle production in APAC
Pitfalls & Challenges:	Growing environmental concerns pertaining to the use of automotive plastics

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Light weight construction, emission reduction and design flexibility are few trends driving the growth of automotive industry. The versatile properties of automotive plastics such as high design flexibility, high temperature resistance, good mechanical strength, and light weight, among others are likely to boost the automotive plastics market in vehicles.

The utilization of plastics in automotive makes mobility more efficient, safe, and more comfortable, while improving the aesthetic appeal of vehicles which is likely to escalate product demand for automotive applications. Polyurethanes are widely used in automotive applications owing to its ability to offer safety, comfort, and energy efficiency in modern vehicle concepts.

Driver assistance systems, networked, and electric mobility is driving the automotive sector which should further accelerate the development of automotive plastics. Plastics offers a combination of appearance, light weight, functionality, and optimization of system costs, which facilitates its wide usage in exterior car parts such as glass roofs, body panel, and structural components.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The global automotive plastics market is slated to exceed $57.15 billion by 2032 and is predicted to showcase more than 11% CAGR between 2024 and 2032.

The polyurethane segment exceeded $5 billion in the global automotive plastics market in 2020 due to the product’s ability to offer protection to a car’s exterior surface against heat, corrosion, and scratches.

The overall industry value from the chassis application is expected to go past $2.5 billion by 2027 as plastics offer various benefits to the automotive chassis, such as higher stiffness, lightweight, and low cost, thereby amplifying its efficiency.

North America automotive plastics market share is projected to cross $5 billion by 2027 due to the rising demand for lightweight and fuel-efficient vehicles among customers.

Renowned organizations, such as Teijin Ltd, SABIC, BASF SE, Solvay SA, Evonik Industries, DSM, Arkema SA, Covestro AG, and Borealis AG, among many others, are favoring the global automotive plastics market outlook.