Automotive Plastics Market Size & Share, by Product (Polyurethane, Polyvinyl Chloride, Polyethylene); Application (Interior, Exterior, Under Bonnet); Process (Injection Molding, Blow Molding, Thermoforming); Vehicle Type (Conventional Cars, Electric Cars) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Automotive Plastics Market Highlights Over 2023 - 2033

The global automotive plastics market is estimated to garner a revenue of ~USD 45 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 28 Billion in the year 2022. The primary factor that is attributed to fuel the automotive plastics market growth in the forecast period is the rapid expansion in the automotive industry. Recent calculation stated that the revenue generation by global automotive industry is anticipated to stand at almost USD 9 trillion by 2030.   

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Car manufacturers are highly focusing on building improved designs to reduce the weight of vehicles. Plastics are easy to produce which can be sourced from renewable materials are easy to handle for improved designs. As a result, automotive plastics are preferred over the rest in the automotive industry. This rapid growth of automotive industry has also propelled the employment rate to increase in the sector considerably. In fiscal year 2018, the Indian automotive industry employed approximately 2 million people.

Global Automotive Plastics Market: Growth Drivers and Challenges

Growth Drivers

• Rising Middle Income of Population - With the increase of middle income, people are turning towards adopting upgraded version of vehicles for more comfort. Automotive plastics which are useful component for manufacturing lightweight vehicles with fuel-efficient properties and enhanced on-road performance are preferred option for the population. Thus, with the rising income levels, the adoption rate of automotive plastics is anticipated with the expansion of the market. According to World Bank, the total population with middle income in the world rose from 5.51 Billion in 2015 to 5.86 Billion in 2021.

• Escalation of Vehicles Production -  As per Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80 million units in 2021. This is a rise from 77 million units in 2020.

• High Demand of Electric Cars by Population -  A latest report by the International Energy Agency stated the number of electric cars on the road was 16.5 million in 2021.

• Increased Number of Vehicles on the Worldwide Roads – A recent report estimated that there were approximately 2 billion vehicles on roads across the globe by the end of first quarter of 2022.

Challenges

• High Cost of Capital and Infrastructure
• Increasing Concerns Regarding Plastic Recyclability
• Rising Governmental Policies Regarding Pollutants Emission

The automotive plastics market is segmented and analyzed for demand and supply by vehicle type into conventional cars and electric cars. Out of these, the conventional cars segment is anticipated to garner the highest market share by 2033, owing to rising demand of passenger cars around the world.  vehicles by the burgeoning population. International Organization of Motor Vehicle Manufacturers (OICA) revealed the sales of global passenger vehicles to be 53 million in 2020 and the production to be 55 million in the same time period.

Major Macro-Economic Indicators Impacting the Market Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Automotive Plastics Market Regional Synopsis

Regionally, the global automotive plastics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033. The rising the population along with their income levels have increased the demand of vehicles which, in turn, is expected to bring lucrative growth opportunities for automotive plastics market. The total production of vehicles in the region was 46 million in 2021, whereas, the total sales in the region was 42 million in 2021 as per statistics released by International Organization of Motor Vehicles (OICA). Also, the presence of leading key players and exporters in the region is an another factor that is expected to affect the market positively.  China, a country of Asia Pacific is estimated to have exported around 402,000 commercial vehicles and around 2 million passenger vehicles in the year 2021.

The global automotive plastics market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Automotive Plastics Market Segmentation

Our in-depth analysis of the global automotive plastics market includes the following segments:

Top Featured Companies Dominating the Global Automotive Plastics Market

• Arkema
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• BASF
• Saudi Basic Industries Corporation
• LyondellBasell Industries N.V.
• LG Chem
• DuPont de Nemours, Inc.
• Covestro AG
• Evonik Industries AG
• Solvay Group
• Borealis AG