Automotive Plastics Market to Expand at 6.9% CAGR by 2031
As per a recent market analysis by ESOMAR-certified consulting firm Future Market Insights (FMI), the global automotive plastics market is projected to total US$ 61.58 Bn in 2021, expanding at a healthy 6.9% CAGR.
Owing to the ongoing COVID-19 crisis, the automotive plastic market witnessed a stagnated sales in 2020. However, demand is estimated to increase as the automotive industry attains its pre-pandemic status in 2021.
Automotive plastics are advanced materials used in vehicles to improve the functionality, appearance, and safety, resulting in high demand for the same. Besides this, stringent government regulations to curb vehicular emissions is encouraging consumers to prefer lightweight vehicles, which in turn is driving sales of automotive plastics.
The use of plastic components significantly reduces the overall curb weight of a vehicle by replacing aluminum and steel components. Lightweight cars are more fuel-efficient, which further helps reduce their CO2 emission.
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In addition to this, increasing preference for aesthetic appearance in passenger cars is encouraging manufacturers to employ advanced plastics. These materials are easier to mold into desired shapes without adding to the vehicle’s overall weight.
As a result, component makers are aiming to provide revolutionary lightweight automotive components using improved plastic material processing technology to meet the growing demand for fuel-efficient vehicles.
As per FMI’s regional analysis, the Asia Pacific and Europe are projected to remain lucrative regions in the global automotive plastics market. Considering this, the global automotive plastics market is anticipated to reach a value of US$ 119,802.5 Mn by the end of 2031.
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Key Takeaways from Automotive Plastics Market Study
- The polypropylene material segment is estimated to account for 26.6% of the total automotive plastics consumption.
- Based on applications, the interior components segment is expected to hold 63.1% of the total automotive plastics market share.
- Sales of automotive plastics for conventional cars are anticipated to grow by 6.3% year-over-year in 2021.
- Demand for automotive plastics in the U.S. is slated to rise by 5.6% year-over-year through 2031.
- India is projected to account for 50.2% of the Southeast Asia Pacific automotive plastics market in 2021.
- China will emerge as an attractive market, holding 69% of the East Asia automotive plastics market share.
- Japan and South Korea are expected to account for 6.3% and 6.5% of the global automotive plastics market share respectively.
Competitive Landscape
Key players operating in the global automotive plastics market are LyondellBasell Industries Holdings B.V, Evonik Industries, BASF-STOCKS-70dc04b4-71c7-40d6-b399-c3163c3ba8c4>BASF SE, Arkema Group, DuPont de Nemours, Inc., The Dow Chemical Company, Hexion Inc., Momentive Performance Materials, Hanwha Group, Saudi Basic Industries Corporation (SABIC), Formosa Plastics, Sumitomo Chemical Co., Ltd., Mitsui Chemicals, Inc., Zoltek, Covestro AG and Eastman Chemical Company among others.
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