The global automotive plastics market size is expected to reach USD 68.58 billion by 2025 registering a CAGR of 11.5%, according to a new report by Grand View Research, Inc. Rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel the market growth. Superior properties, such as versatility and flexibility, of plastic materials have fostered innovations, in terms of technologies and designs. However, the quality of plastics is highly dependent on their properties, functions, and applications. Streamlined mass production has enabled provision of technologically-sound and cost-efficient products with high sustainability.
Utilization of polymer matrix and carbon fiber composites helps reduce the overall weight of vehicles by 25 to 75%. These composites are essential for emission reduction and fuel conservation while supporting the additional weight of advanced safety equipment. Stringent regulations, such as the Corporate Average Fuel Economy (CAFE) in North America, have compelled automobile Original Equipment Manufacturers (OEMs) to seek alternative methods for reducing vehicle weight to improve efficiency. Polycarbonate (PC) is expected to emerge as the fastest-growing product segment from 2019 to 2025. It offers excellent weathering, optical, thermal, and electrical properties and provides a unique combination of stiffness, toughness, and hardness.
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Further key findings from the study suggest:
- Powertrains are expected to emerge as the fastest-growing application segment over the forecast period
- Powertrain engineering applications assist vehicle manufacturers to reduce weight and integrate complex parts, which ultimately delivers higher productivity, boosts performance, and saves overall cost
- APAC is projected to be the fastest-growing regional automotive plastics market expanding at a CAGR of 12.0% from 2019 to 2025
- This growth is attributed to the rapidly expanding manufacturing base and increasing investments in advanced processing technologies in APAC
- Major market participants include AkzoNobel N.V.; BASF SE; Covestro AG; Evonik Industries AG; Johnson Controls International PLC; Magna International, Inc.; Momentive Performance Materials, Inc.; SABIC; The Dow Chemical Company; Borealis AG; Hanwha Azdel, Inc.; Grupo Antolin; Lear Corp.; Owens Corning; Quadrant AG; Royal DSM N.V.; and Teijin Ltd.
Grand View Research has segmented the global automotive plastics market on the basis of product, application, and region:
Automotive Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (PA)
Automotive Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Electrical Components
- Interior Furnishings
- Exterior Furnishings
- Under-the-Hood Components
Automotive Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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