Global Automotive Plastics Market to Reach USD 48.74 billion by 2032, Aided by the Adoption of Lightweight Materials Due to Stringent Emission

In automotive manufacturing, traditional materials are being replaced by highly advanced polymers to improve qualities such as reduced weight, more appeal, and more fuel efficiency, thus augmenting the growth of automotive plastics. The growing popularity of lightweight automotive interior components, driven by the need for better fuel efficiency in vehicles, will continue fuelling the sales of automotive plastics. In addition, technological advancement for innovations and techniques for the development of specialised materials will boost the market's growth. Polyamide's growing use in automobiles and its combination with other thermoplastics like polyphenylene ether (PPE) to improve heat resistance will likely drive-up demand in the coming years. Increased demand for fuel efficiency, greater comfort, and sustainable materials for automotive components are major factors propelling the adoption of the product in the conventional cars segment. In addition, the flexibility offered by plastics, primarily in terms of weight and costs, could be an advantage to the suppliers as electric vehicles demand grows further. Other advantages of employing automotive plastics include toughness, durability, resilience, good corrosion resistance, and lower manufacturing costs. These advantages are also helping to boost the popularity of automotive plastics and, as a result, the automotive plastics market's overall growth.

Various strategic efforts have been recorded to increase market growth. For example, in May 2019, Covestro AG (OTCMKTS: COVTY) announced plans to expand its polycarbonate film production capacity at its Dormagen, Germany, facility. The facility, which was planned to open by the end of 2020, will produce PC films in automotive interiors, security cards, medical devices, and automotive displays, among other applications.

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Market Analysis by Product, Process, Application, and Regions:

• Based on product, the industry can be divided into Polyurethane (PU), Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), and Polyamide (PA), among others.

• The process used in the industry can be categorised into injection moulding, blow moulding, and thermoforming, among others.

• The product finds wide applications in powertrain, electrical components, interior furnishings, exterior furnishings, under-the-hood components, and chassis.

• The regional markets for automotive plastics include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Increasing the disposable income of the consumers is expected to augment the market growth.

• Growing middle-class population and industrialisation are expected to drive passenger vehicles, providing various growth prospects to the automotive plastics market.

• Government support and a rise in government investment are also moving the automotive industry forward, which is expected to stimulate demand for automotive plastics.

• The rising iron and steel prices are also likely to foster the demand for plastics in automobiles.

Key Offerings of the Report:

• The EMR report gives an overview of the global automotive plastics market for the periods (2018-2023) and (2024-2032).  

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the product, process, application, and major regions of automotive plastics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive plastics industry are BASF SE, Covestro AG, SABIC, Dow Inc., and Borealis AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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