Plastics Market in Automotive Industry

Plastics Market in Automotive Industry

The global automotive plastics market in terms of revenue grew at a CAGR of 8.5% from USD 63,796 million in 2020 to USD 81,524 million in 2023. This trend is expected to continue in the coming years with the global automotive plastics market expected to grow at a CAGR of 7.4% from 2023 to 2028, reaching USD 116,479 million in 2028.

Major plastic components used in automotive applications include polypropylene (PP), polyurethane (PU), poly-vinyl chloride (PVC), ABS and other styrenics, polyamide (PA), and polycarbonate (PC). High performance plastics such as Polyphenylene Sulphide (PPS), Polyphthalamide (PPA), Polyether ether ketone (PEEK), and polyethersulfones (PESU) are also used for specified applications. In terms of raw materials, the Polypropylene (PP) segment dominated the market studied in 2022, holding a substantial share of 31.5%. The valuation of the Polypropylene (PP) segment in 2022 stood at USD 23,417 million, and it is projected to reach USD 32,660 million by 2028.

Rewrite, use formal English, ensure logical flow: The global interior segment market grew at a CAGR of 9.5% from USD 31,721 million in 2020 to USD 41,702 million in 2023. It is expected to continue its rapid growth in the coming years, reaching USD 62,374 million in 2028 at a CAGR of 8.4%. Plastics have revolutionized the interior design of automobiles, offering a range of benefits such as comfort, durability, aesthetics, and noise reduction. They have proven to be an ideal material for creating interior components that enhance the overall driving experience. The key elements of car interior design, including comfort, noise levels, aesthetic appeal, ergonomic layout, and durability, significantly influence consumers' purchasing decisions. Automotive plastics used in interior must address these aspects efficiently.

In terms of geography, Asia-Pacific has emerged as the dominant player in the automotive plastics market studied in 2022, Following closely behind are North America and Europe. The North America automotive plastics market is dominated by the United States, which holds the largest market share of 85.1% in 2022. The United States has witnessed substantial growth in purchasing power and income spending over the past few years, leading to a surge in the demand for automobiles in the country. This increase in demand has, in turn, contributed to the growth of the automotive plastics market in the United States.

In 2022, Europe held the third-largest share of the global automotive plastics market, accounting for 18.3% of the market. The region is projected to grow at a compound annual growth rate (CAGR) of 6.6% in terms of volume from 2023 to 2028. Within Europe, the Rest of Europe region claimed the largest share of the automotive plastics market, accounting for 31.2%.

The Tier I automotive plastics market is influenced by several key players. These include BASF SE, Arkema S.A., Asahi Kasei Corporation, Covestro AG, Evonik Industries AG, Koninklijke DSM N.V., Lyondellbasell Industries Holdings B.V., SABIC, and Toray Industries Inc. These companies play a significant role in shaping the competitive dynamics of the market. In addition to these major players, there are several other prominent vendors that contribute to the competitive landscape. These vendors include Borealis AG, Victrex plc, Solvay S.A., Braskem S.A., TotalEnergies SE, DuPont de Nemours, Inc., Eastman Chemical Company, Celanese Corporation, Dow Chemical Company, Huntsman Corporation, DIC Corporation, Kureha Corporation, Tosoh Corporation, Trinseo plc, LG Chem Ltd., Lotte Chemical Corporation, INEOS AG, Chi Mei Corporation, Versalis S.p.A., Sinochem Corporation, and Mitsubishi Chemical Group Corporation, among others.

This study aims to analyze the global market for various segments of automotive plastics, including:

Raw Materials: Polypropylene (PP), Polyurethane (PU), Acrylonitrile-Butadiene-Styrene (ABS), Polycarbonate (PC), Polyamide (PA), Other Compounds (Polyvinyl Chloride, High-density Polyethylene, High-Performance Polyamides, Polyphenylene Sulfide, Polyetheretherketones, etc.)
Application: Interior, Exterior, Electrics and Electronics, and Others.End-User: Passenger Cars and Commercial Vehicles (Light Commercial Vehicles, Heavy Trucks, Buses & Coaches).
Region: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA).