Automotive Plastics Market Will Rise As Of Increasing Focus On Vehicle Weight Reduction And Emission Control

 Automotive Plastics Industry Overview

The global automotive plastics market size was valued at USD 28.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030.

Globally, recovery in the automotive sector, improved vehicle design capabilities, and increasing focus on vehicle weight reduction and emission control are the key factors boosting the growth of the market for automotive plastics. Plastics are widely used in automotive components and parts owing to easy manufacturing, possible sourcing from renewable raw materials, and improved designs.

Gather more insights about the market drivers, restrains and growth of the Global Automotive Plastics Market

The COVID-19 pandemic impacted the market due to a drop in new vehicle sales, the shutdown of production facilities, a limited supply of vehicle parts, and a decline in working capital. It led to the interruption in the supply chain and suspension of production, resulting in reduced retail sales. Furthermore, many individuals were uncertain about their jobs and the long-term economic and health effects of the virus on their lives, influencing their purchasing decisions.

 

Polypropylene (PP), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), and Polyurethane (PU) are the most commonly utilized materials for vehicle parts and component applications. Plastics undergo five different stages while recycling including sorting, washing, shredding, identification, and classification, and extruding into the final component or product. Improvements in recycling processes have forced manufacturers to use high-performance automotive plastics. Usually, an average car consists of 5.8 to 10% of plastics, depending on fuel-efficiency standards and performance requirements, with consumption in vehicular equipment accounting for over 110-120 kg in an average car.

 

This percentage is expected to increase owing to the growing demand from consumers for high-performance, lightweight, and fuel-efficient vehicles, thereby augmenting the demand for automotive plastics over the years to come. Weight reduction also offers a cost-effective way to reduce Greenhouse Gas (GHG) emissions and fuel consumption, conserving non-renewable crude oil reserves. For example, every 10% weight reduction in a vehicle would improve fuel economy by 5 to 7%.

 

Plastic monomers are polymerized using chemical reactions and catalysts to form polymers and co-polymers and are turned into Polycarbonate (PC), Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), and other such polymerized materials. These materials possess far better properties than their respective monomers and are extremely stable for use in molding and fabrication.

 

Designing a vehicle is a critical factor as it is subjected to various external forces and the possibility of high impacts. Thus, to preserve the structural integrity of a vehicle, the materials used in its production become important factors for safety and stability. Although they are relatively cheaper than metals, their design parameters and manufacturing equipment are highly expensive, which is expected to pose a challenge to industry participants.

 

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

• Polycarbonate Market - The global polycarbonate market size was USD 15.24 billion in 2015. The resin finds applications across a wide range of industries that include automotive & transportation, construction, packaging, consumer goods, and medical devices. In the recent past, the industry has experienced tremendous demand from automotive manufacturers as a result of regulations favoring vehicular weight reduction and plastics usage.
• Acrylonitrile Butadiene Styrene Market - The global acrylonitrile butadiene styrene (ABS) market size was estimated at USD 23.09 billion in 2016 and it is projected to witness a CAGR of 7.1% over the forecast period. Considering the lightweight properties of ABS, which aids in high fuel efficiency, demand for the same is likely to increase in the automotive industry.

 

Automotive Plastics Market Segmentation

Grand View Research has segmented the global automotive plastics market report on the basis of product, process, application, and region:

• Automotive Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polypropylene (PP)
    • PP LGF 20
    • PP LGF 30
    • PP LGF 30Y
    • Others
  • Polyurethane (PU)
  • Polyvinyl Chloride (PVC)
  • Polyethylene (PE)
  • Polycarbonate (PC)
  • Polymethyl Methacrylate (PMMA)
  • Polyamide (PA)
  • Others
• Automotive Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
  • Injection Molding
  • Blow Molding
  • Thermoforming
  • Other
• Automotive Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
  • Powertrain
    • Polyethylene (PE)
    • Polypropylene (PP)
    • Polyvinyl Chloride (PVC)
    • Polyurethane (PU)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Polycarbonate (PC)
    • Polyamide (PA)
    • Others
  • Electrical Components
    • Polyamide (PA)
    • Polypropylene (PP)
    • Polymethyl Methacrylate (PMMA)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Polyvinyl Chloride (PVC)
    • Others
  • Interior Furnishings
    • Polyurethane (PU)
    • Polypropylene (PP)
    • Polymethyl Methacrylate (PMMA)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Polyvinyl Chloride (PVC)
  • Exterior Furnishings
    • Polypropylene (PP)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Polyvinyl Chloride (PVC)
    • Polyurethane (PU)
    • Polyamide (PA)
  • Under the Hood
    • Polyethylene (PE)
    • Polypropylene (PP)
    • Polyamide (PA)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Polyurethane (PU)
  • Chassis
    • Polyethylene (PE)
    • Polypropylene (PP)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Polyamide (PA)
    • Polyurethane (PU)
    • Others
  • Automotive Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa (MEA)

Market Share Insights

• March 2019: BASF SE inaugurated a new research and development center in Shanghai, China, which has a special automotive application center for handling research and development activities specific to the automotive industry.

Key Companies profiled:

Some of the prominent players 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.
• Teijin Limited

 

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