Automotive plastics play a pivotal role in the manufacture of external and internal parts of cars and other large vehicles. Preference for owning personal cars and its use for travel over public transportation can create a market for automotive plastics. The global automotive plastics market report by Market Research Future (MRFR) stresses on drivers, roadblocks, opportunities, and trends for the period of 2022 to 2030. The impact of the COVID-19 virus on the industry and the effects of its disruption are noted in the report coupled with suggestive measures.

Market Scope

The global Automotive Plastics Market will exhibit a CAGR of 4.4% during the forecast period 2022-2030. This can be attributed to their malleable nature and their ability to be modified into any possible shape and size. The emergence of thermoplastics, polyamide, polycarbonate, polyacetal and other polymers facilitated several groundbreaking transformations in the sector. In addition, the introduction of alloys and various other innovative polymer blends is allowing carmakers to develop automotive designs that are ready for the future. The integration of the latest devices owing to consumer demand and penchant for infotainment is likely to fuel the need for automotive plastics significantly. Environmental concerns calling for fuel-efficient vehicles can warrant the demand in the global automotive plastics market. Elevated demand for passenger, commercial, and luxury vehicles can continue to influence the market in the coming years.

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The COVID-19 pandemic has led to several lockdown scenarios in countries globally causing a massive disruption in the production line. The gap in the supply of raw materials from China and additional taxes levied on the country has negatively impacted automaker revenues.

Segmentation

Different types of automotive plastics such as polymethyl methacrylate, polycarbonate, polypropylene, polyurethane, PVC, acrylonitrile-butadiene-styrene (ABS), and polyamide is also available in the report. The polypropylene segment accounted for the major market share and is anticipated to display a 10.11% CAGR over the forecast period. Major drivers of the segment include chemical resistance, imperviousness to water, and low costs.

By application, it is segmented into electronic panel, interior, exterior, under the hood, powertrain, drivetrain, and instruments panel. The interior segment accounted for a large market share in 2017. It can exhibit a strong growth rate over the assessment period owing to preference of customers for door panels, instrument panels, and upholstery.

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Regional Analysis

Asia Pacific (APAC) accounted for 52.35% market share in 2017. It exhibited 11.07% CAGR over the forecast period owing to hubs of major automakers present in India and China. The penchant for luxury and premium cars can drive the regional automotive plastics market growth till 2023. It can touch a value of USD 23,580.26 million by 2023. The use of composite materials to lower vehicle production and overall mass can bode well for the market.

Latin America can showcase a CAGR of 10.35% over the forecast period due to the immense production of automobiles. However, the recent surge in COVID-19 cases in Brazil and Argentina may dampen the growth of the global automotive plastics market.

Competitive Outlook

Covestro AG, LANXESS, Koninklijke DSM NV, BASF SE, TEIJIN LIMITED, DowDuPont, SABIC, Evonik Industries AG, Mitsubishi Chemical Corporation, and LyondellBasell Industries Holdings BV are key players of the global automotive plastics market.

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