Automotive Plastics Market for Passenger Cars Growth Analysis | 2022-2028

Market Insights

The automotive plastics market for passenger cars was valued at USD 21.15 billion in 2021 and is likely to grow at a CAGR of 7.84% during 2022-2028 to reach USD 35.99 billion in 2028.

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What are automotive plastics?

Automotive plastics are a group of materials used in the automobile industry that possess abrasion resistance, rigidity, mechanical strength, heat resistance, etc. Passenger cars are widely used because of their strength-to-weight ratio. They also provide adequate strength at very low weight, which ultimately helps to gain better fuel efficiency.

Automotive plastics are of different types such as Polypropylene, Polyurethane, Polyvinyl chloride, ABS, Polyamide, HDPE, Polycarbonate, PBT, and others. They are majorly used in applications such as interior, exterior, and under bonnets.

Market Dynamics

The growing demand for automotive plastics is major because of their lightweight property that significantly helps in the weight reduction of vehicles and enables the achievement of better fuel efficiency. This is a major key driver underpinning the growth of the market during the forecast period.

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Segments' Analysis

By Product Type

Based on the product type, the market is segmented as polypropylene, polyurethane, polyvinyl chloride, ABS, polyamide, HDPE, polycarbonate, PBT, and others. The polypropylene segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period, owing to its excellent mechanical properties such as design flexibility, lightweight, and low cost. On the other hand, the polyamide segment is expected to grow at the fastest rate in the next five years.

By Application Type

Based on the application type, the market is segmented as interior, exterior, and under bonnet. The interior segment is estimated to be the largest segment of the market, owing to its ability to possess scratch resistance and offer aesthetics and good surface finish. Its use in various interior components, such as door panels & consoles, interior lighting, and instrument panels is driving the growth of the segment during the forecast period.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest growing market during the forecast period, with China, Thailand, and India being the major countries as the growth engines. The market is driven by the increasing per-capita income of individuals in the region, leading to rising demand for passenger cars, which in turn, is driving the automotive plastics market for passenger cars in the Asia-Pacific region.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The automotive plastics market for passenger cars is segmented into the following categories.

By Product Type

• Polypropylene
• Polyurethane
• Polyvinyl Chloride
• ABS
• Polyamide
• HDPE
• Polycarbonate
• PBT
• Others

By Application Type

• Interior
• Exterior
• Under Bonnet

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major automotive plastic manufacturers are-

• Magna International Inc.
• Lear Corporation
• Adient PLC
• BASF SE
• Compagnie Plastic Omnium

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market Trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.