A research report on the Automotive Plastics Market for Passenger Cars has recently been published by Stratview Research, which addresses the significant changes in the Automotive Plastics Market for Passenger Cars. The study’s purpose is to recognize recent market sizes for various segments and countries, as well as forecast values for the coming years. This research gives an analytical review of the market’s present trend and future estimates in order to find additional opportunities. The report is meant to provide both qualitative and quantitative aspects of the market in each of the areas and countries studied.
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.
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.
What is automotive plastic?
Automotive plastics are a group of materials used in the automobile industry which 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 less 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.
Profiling Key Companies –
- Magna International Inc.
- Lear Corporation
- Adient PLC
- BASF SE
- Compagnie Plastic Omnium
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.
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.
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.
𝗞𝗲𝘆 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗥𝗲𝗽𝗼𝗿𝘁:-
- Assessment of the market
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
- Future Business Scope & Opportunities Forecast
Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please connect with our experts at +1-313-307-4176.
Critical Questions Answered in the Report
- What are the key trends in the Automotive Plastics Market for Passenger Cars?
- How the market (and its various sub-segments) has grown in the last five years and what growth trajectory will it follow in the next five years?
- On what scale has COVID-19 impacted the Automotive Plastics Market for Passenger Cars?
- What are some key strategies adopted by the market leaders in the Automotive Plastics Market for Passenger Cars?
- How much share of the Automotive Plastics Market for Passenger Cars do the top players own?
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