Automotive Plastics Market Size to Grow US$ 30.8 Billion by 2026, at a CAGR of 7.9%, Reveals a MarketsandMarkets™ Research
The global automotive plastics market for passenger cars size is projected to grow from USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9%. The adoption of lightweight materials such as plastics due to stringent emission and fuel economy regulations is one of the major factors propelling the growth of the automotive plastics market for passenger cars.
The shift towards the use of bioplastics in vehicle production, use of anti-microbial plastics and additives, use of composites and PMMA, and the growing trend of vehicle electrification has increased the demand for automotive plastics across the globe. The development in 3D printing technology is expected to act as new opportunities for the automotive plastics market for passenger cars to grow. However, the high cost of capital and infrastructure for re-engineering of plastics is expected to hinder the market growth during the forecasted period.
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The under-bonnet is the fastest-growing application segment of the automotive plastics market for passenger cars during the forecast period. Automotive plastics used in the manufacturing of under-bonnet components of passenger cars include Polypropylene, PBT, polyamide, and other engineered plastics. The use of plastics in under-bonnet applications provides high durability, high-temperature resistance, strength, and rigidity to automobiles. The under-bonnet segment includes components such as the battery, onboard chargers, connectors, cables, electric motor, anti-lock braking system, hoses, hydraulic booster unit, load-sensing valve, master cylinder, metering valve, fuel delivery modules, intake manifolds, brackets, duck work, accumulator pistons pressure differential valve, proportioning valve, and thermal management system which require plastics in their manufacturing.
Polyamide is the fastest-growing product type segment of the automotive plastics market for passenger cars during the forecast period, owing to its enhanced properties, such as impact strength and superior surface finish. Commonly used grades are PA 6 and PA 66. It has various properties such as high stiffness, strength, dimensional stability, high temperature and abrasion resistance, and low friction characteristics, along with chemical, flame, abrasion, creep, and fatigue resistance. Moreover, owing to their excellent strength and toughness at the time of exposure to hot and automotive fluids, polyamides are used for automotive thermal management and other applications areas including gears, bushes, cams, bearings, and weatherproof coatings, etc.
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By vehicle type, the electric car segment is estimated to be the fastest-growing segment. The production of electric cars is expected to grow in countries such as China, India, France, Germany, and the US due to attractive government policies and stringent emission standards. Thus, with growing sales, and production, use of plastics for electric car are expected to grow significantly by 2026. The growing trend of vehicle electrification is expected to drive the demand for plastics in electric cars.
Asia Pacific, Europe, and North America are significant regional markets for automotive plastics market for passenger cars. The Asia Pacific is the fastest-growing market for automotive plastics used in passenger cars. The automotive industry in APAC has been dynamic over the past few years and has witnessed an increase in the annual production and sales of vehicles. The fastest growth is attributed to the high growth in the economies of countries such as China, South Korea, Japan, and India, which in turn, led to the growth of the automotive industry in the region. These countries are the leading producer of passenger cars globally and is expected to continue their dominance in the coming years. The increased vehicle production in these countries caters to domestic as well as global demand. This is expected to drive the market for automotive plastics for passenger cars in the country.
BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), LG Chem (South Korea), DuPont (US), Covestro AG (Germany), Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis AG (Austria), LANXESS (Germany), DSM (Netherlands), Toray Industries Inc. (Japan), Mitsui Chemicals (Japan), Celanese Corporation (US), Toyota Boshoku Corporation (Japan), Faurecia SA (France), TOYODA GOSEI Co., Ltd. (Japan), INEOS (UK), Sumitomo Chemicals Co. (Japan), Ltd., UBE Industries (Japan), Mitsubishi Engineering Plastics Corporation (Japan), Formosa Plastics Corporation (Taiwan), EMI Chemi Holdings (China), and Momentive Performance Materials (US) are some of the leading players operating in the automotive plastics market for passenger cars. These players have adopted the strategies of acquisitions and partnerships to enhance their position in the market.
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