The automotive plastics market size was USD 28.1 billion in 2020 and is estimated to register a substantial CAGR of above 10% during the forecast period, 2021–2028. The growth of the market is attributed to increasing demand for lightweight and electric vehicles.
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Plastics are extensively used in automotive components and parts owing to easy manufacturing, possible sourcing from renewable raw materials, and improved designs.
The Covid-19 pandemic had an adverse impact on the automotive plastics market. The production and supply in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing focus on vehicle weight reduction & emission control and improving vehicle design are expected to drive the market during the forecast period.
- Growing demand from consumers for high-performance, lightweight, and fuel-efficient vehicles are estimated to surge the market in coming years.
- Plastic monomers are polymerized and these materials possess far better properties than their respective monomers and are extremely stable for use in molding and fabrication thereby, fueling the demand for automotive plastics
- Plastics are electric conductor as well as an insulator. Therefore, it is used under bonnet applications alternative drive systems, concerning propulsion, and batteries and is likely to boost the market growth.
- Slowdown in the automotive industry is projected to impede the market.
- R&D investment and technological advancement in automotive plastics market are expected to offer lucrative opportunities for the market players.
Market Segment insights
The polyethylene segment is projected to constitute a large market share
Based on material, the automotive plastics market is segregated into polycarbonate, polymethyl methacrylate, polyethylene, polyvinyl chloride, polypropylene, polyamide, and others. The polyethylene segment is expected to account for a key share of the market during the forecast period owing to rising product demand from end-use industries such as packaging, construction, consumer products, electrical and electronics, and automotive; however, polyvinyl chloride segment is anticipated to expand at a rapid pace during the forecast period owing to its applications in sealants, underbody coatings, and floor modules, wire harnesses, passenger compartment parts, and exterior parts.
The under bonnet segment is expected to register a substantial CAGR
Based on application, the market is divided into interior, exterior, under bonnet, and others. The under bonnet segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to properties such as heat and chemical resistance of plastics which is most crucial for under bonnet applications such as turbo chargers, is making it possible for small engines to meet high-profile performance requirements; however, interior segment is anticipated to expand at a rapid pace during the forecast period owing to growing demand for automotive plastics in an area such as seat covers, body and light panels, seat bases, steering wheels, headliners, load floors, and rear package shelves and fascia systems are expected to drive the market of automotive plastics.
Asia Pacific is expected to dominate the market
In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. Shifting production bases from developed regions to emerging economies of Asia Pacific is expected to drive the market growth in near future. Furthermore, growing manufacturing base and increasing investments in advanced technologies for vehicular production in this region are projected to propel the market growth in near future.
Competitive Landscape
Key players competing in the 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.; and Teijin Limited.
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