IMARC Group's report titled "Automotive Plastics Market Report by Vehicle Type (Conventional and Traditional Vehicles, Electric Vehicles), Material (Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyurethane (PU), Polymethyl Methacrylate (PMMA), Polycarbonate (PC), Polyamide, and Others), Application (Powertrain, Electrical Components, Interior Furnishings, Exterior Furnishings, Under the Hood, Chassis), and Region 2024-2032". The global automotive plastics market size reached US$ 42.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 60.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.

Grab a sample PDF of this report: https://www.imarcgroup.com/automotive-plastics-market/requestsample

Factors Affecting the Growth of the Automotive Plastics Industry:

• Preferences for Lightweight Materials:

Automotive manufacturers are focusing on enhancing fuel efficiency and reducing emissions to meet stringent regulatory standards. Plastics offer a lightweight alternative to traditional materials like metal, enabling weight reduction in vehicle components without compromising strength or safety. This reduction in weight translates to improved fuel economy and lower emissions, making plastics a key solution for automakers striving to achieve regulatory compliance while meeting consumer demands for more eco-friendly vehicles. Furthermore, lighter vehicles exhibit improved handling and performance characteristics, enhancing the overall driving experience of individuals.

• Fuel Efficiency and Emission Reduction:

The increasing focus on fuel efficiency and emissions reduction due to concerns about climate change and air pollution is contributing to the market growth. Moreover, governing agencies of several countries are implementing stringent emissions regulations for vehicles, which is impelling the market growth. Furthermore, plastics play a crucial role in helping automakers develop vehicles that meet these regulations by contributing to weight reduction and aerodynamic improvements. Lighter vehicles consume less fuel and emit fewer pollutants, making plastics valuable for achieving the desired fuel efficiency and emission reduction targets.  

• Rising Focus on Cost-Effectiveness:

The increasing need for cost-effective solutions is strengthening the market growth. Plastics offer several cost advantages over traditional materials, including lower material costs, reduced tooling expenses, and streamlined manufacturing processes. Besides this, injection molding allows for high-volume production at relatively low costs, making plastics economically viable for mass-produced vehicles. Additionally, plastics are lighter as compared to metals, resulting in savings in transportation costs and improved fuel efficiency over the lifetime of the vehicle. Furthermore, automakers are seeking to optimize production costs while maintaining product quality and performance.

Leading Companies Operating in the Global Graphene Composites Industry:

• Asahi Kasei Corporation
• BASF SE
• Borealis AG
• Covestro AG
• Dow Inc.
• Koninklijke DSM N.V.
• Lanxess AG
• Lear Corporation
• LyondellBasell Industries N.V.
• Saudi Basic Industries Corporation
• Solvay S.A
• Teijin Limited

Automotive Plastics Market Report Segmentation:

By Vehicle Type:

• Conventional and Traditional Vehicles
• Electric Vehicles

Conventional and traditional vehicles represent the largest segment as they have a lower initial purchase price.  

By Material:

• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Acrylonitrile Butadiene Styrene (ABS)
• Polyurethane (PU)
• Polymethyl Methacrylate (PMMA)
• Polycarbonate (PC)
• Polyamide
• Others

Polypropylene (PP) holds the biggest market share on account of its enhanced resistance to several chemicals, acids, and solvents.  

By Application:

• Powertrain
• Electrical Components
• Interior Furnishings
• Exterior Furnishings
• Under the Hood
• Chassis

Interior furnishings account for the largest market share due to the rising focus on customization.   

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia-Pacific enjoys the leading position in the graphene composites market on account of its robust manufacturing infrastructure and skilled workforce.

Global Automotive Plastics Market Trends:

Plastics offer enhanced design flexibility that allows automakers to create vehicles with innovative shapes, curves, and features that are unattainable with traditional materials. This flexibility enables the development of aerodynamic designs that reduce drag and improve overall vehicle performance. Additionally, plastics can be molded into complex shapes more easily and cost-effectively than metals, facilitating the production of custom-designed components and streamlined assemblies. In addition, increasing consumer preferences for more stylish and functional vehicles is impelling the market growth.

Apart from this, technological advancements in the field of plastics manufacturing are leading to the development of new materials with improved properties. These materials offer better performance, durability, and recyclability.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact US:

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: [email protected]

Tel No:(D) +91 120 433 0800

United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163