Key Trends Shaping the Automotive Plastics Industry's Growth to $30.8 Billion by 2026
Automotive plastics refer to a diverse range of lightweight, durable, and versatile synthetic materials used in the design and manufacturing of vehicles. These plastics have revolutionized the automotive industry by replacing traditional materials such as metal and glass, offering numerous benefits such as improved fuel efficiency, enhanced safety, and design flexibility. Automotive plastics find applications in various vehicle components, including bumpers, dashboards, interior trim, lighting, seating, and under-the-hood parts. Their growing adoption is driven by the industry's efforts to reduce vehicle weight, improve fuel economy, and address environmental concerns by increasing recyclability and sustainability in automotive manufacturing.
The global automotive plastics market size for passenger cars is projected to grow from USD 21.1 billion in 2021 to USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period 2021 to 2026. Automotive plastics are replacing metal components in passenger cars as they offer lightweight and cost-effective solutions in vehicles. The increase in the production of passenger cars and the growing trend of lightweight vehicles are the major factors driving the growth of the automotive plastics market for passenger cars.
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The polyurethane (PU) product type segment accounted for the largest share of the automotive plastics market for passenger cars in 2020.
Polyurethane stands out among automotive plastic materials due to its superior mechanical properties and ability to resist wear, tear, and high temperatures. It is also highly resistant to oils, chemicals, and abrasion, making it suitable for a wide range of automotive applications. It is also lightweight, making it an ideal choice for passenger cars. It is used in the manufacture of sound-dampening components, door panels, dashboards, and center consoles. Additionally, it is used in the production of airbags, seat cushions, and headliners.
The electric car vehicle type is expected to be the fastest-growing segment of the automotive plastics market for passenger cars.
Electric cars are becoming increasingly popular as more countries adopt stringent emissions regulations and consumers become more conscious of their environmental impact. The rising demand for electric vehicles, coupled with the increasing use of lightweight plastics, is expected to drive the growth of the automotive plastics market for passenger cars. Electric cars rely heavily on plastics to reduce the overall weight of the vehicle, improve fuel efficiency, and reduce emissions. Plastics also help to improve the overall safety of a car by providing better crash protection. Additionally, the use of plastics for interior and exterior parts helps to reduce the overall cost of production, making electric vehicles more affordable for consumers.
Asia Pacific region accounted for the largest share in the global automotive plastics market for passenger cars in 2020.
The Asia Pacific region dominated the global automotive plastics market for passenger cars in 2020 due to the increasing production of vehicles in countries such as China, India, and Japan. The increasing demand for lightweight materials in the automotive industry, rapid urbanization, and the increasing demand for passenger cars are some of the key factors driving the growth of the automotive plastics market for passenger cars in the region. Moreover, the increasing government support for research and development in the automotive industry, combined with the availability of cheap labor and raw materials, are some of the other factors driving the growth of the automotive plastics market for passenger cars in the region.
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The key players operating in the automotive plastics market for passenger cars include 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), among others.
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