Automotive Plastics Market Size & Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Automotive Plastics Market


The global Automotive Plastics market size is projected to reach US$ 75.7 billion by 2026, from US$ 39.4 billion in 2020, at a CAGR of 11.5% during 2021-2026. Global recovery in the automotive sector, improved vehicle design capabilities, and increasing focus on vehicle weight reduction and emission control are the key factors boosting growth of the market. Plastics are widely used in automotive components and parts owing to easy manufacturing, possible sourcing from renewable raw materials, and improved designs.

Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC), and Polyurethane (PU) are the most common materials used for vehicle part and component applications. Plastics undergo five different stages while recycling including sorting, washing, shredding, identification & classification, and extruding into final component or product. Improvements in recycling processes have forced manufacturers to use high-performance products. Usually, an average car consists of 5.8 to 10% of plastics, depending on fuel-efficiency standards and performance requirements, with consumption in vehicular equipment accounting for over 105 kg in an average car.

This percentage is expected to increase owing to growing demand from consumers for high-performance, lightweight, and fuel-efficient vehicles, thereby augmenting the product demand over the years to come. Weight reduction also offers a cost-effective way to reduce Greenhouse Gas (GHG) emissions and fuel consumption, conserving non-renewable crude oil reserves. For example, for every 10% weight reduction in a vehicle would improve fuel economy by 5 to 7%. However, 1 kg weight decrease can reduce 20 kg of carbon emission.
Plastic monomers are polymerized using chemical reactions and catalysts to form polymers and co-polymers and are turned into PC, Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), and other such polymerized materials. These materials possess far better properties than their respective monomers and are extremely stable for use in molding and fabrication.

Designing a vehicle is a critical factor as it is subjected to various external forces and the possibilities of high impacts. Thus, to preserve the structural integrity of a vehicle, the materials used in its production become important factors for safety and stability. Although they are relatively cheaper than metals, their design parameters and manufacturing equipment are highly expensive, which is expected to pose a challenge to industry participants.

Market Segmentation, Outlook & Viewpoint: Global Automotive Plastics Market

Product Market Segmentation & 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)
  
Others

Application Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

Powertrain

  
PE
  
PP
  
PVC
  
PU
  
ABS
  
PC
  
PA
  
Others

Electrical Components

  
PA
  
PP
  
PMMA
  
ABS
  
PVC
  
Others

Interior Furnishings

  
PUR
  
PP
  
PMMA
  
ABS
  
PVC
  
PE
  
PA
  
Others

Exterior Furnishings

  
PP
  
ABS
  
PVC
  
PUR
  
PA
  
Others

Under-the-Hood Components

  
PE
  
PP
  
PA
  
ABS
  
PUR
  
Others

Chassis

  
PE
  
PP
  
ABS
  
PA
  
PUR
  
Others

Key Players, Recent Developments & Regional Insights: Global Automotive Plastics Market

Polypropylene emerged as the leading product category and accounted for 25% of the total volume in 2018. The product offers excellent chemical and electrical resistance at very high temperatures. It is semi-rigid, translucent and also provides integral hinge property. Moreover, PP is lightweight as compared to other materials and is widely used as a thermal insulator and noise and vibration dampener in vehicular components.

Polyurethane emerged as the second-largest product segment in 2018. PU exhibits superior properties, such as high tensile strength, abrasive strength, hardness, and impact and abrasion resistance. Growing demand from automotive Original Equipment Manufacturers (OEMs) and electronic appliance manufacturers for applications, such as refrigeration insulation, interior trims, and seat cushioning, has significantly influenced the growth.

Application Insights

Interior furnishings emerged as the leading application and accounted for over 50% of the total volume in 2018. Plastics are widely utilized for automobile furnishings including light displays and panels, seat covers, steering wheels, and fascia systems. Numerous other interior components including seat bases, load floors, headliners, and rear package shelves, are being constructed entirely from high-performance plastics, such as Glass-Mat Thermoplastic (GMT) and ABS composites, instead of conventional rubber and metal. Moreover, proliferation of digitalization has fostered the demand for plastics integrated into car dashboards to support highly advanced electronics. Safety concerns and high electrical insulation properties of plastics have also propelled their demand in instrument panels containing advanced electronic systems.

Regional Insights

Asia Pacific was the dominant regional market and accounted for around 50% of the global volume share in 2018. Shifting production bases from developed regions to emerging economies of Asia Pacific, particularly in China, India, Thailand, Vietnam, and Indonesia, is expected to boost the market growth. Expanding manufacturing base and increasing investments in advanced technologies for vehicular production is expected to bring about a new era of automobiles, positively influencing the market. Consumers in Europe and APAC are highly conscious regarding fuel-efficiency.

This has also driven the demand for sustainable plastics. Europe accounted for around 35% of the overall revenue share in 2018. European automobile manufacturers are using high-performance plastics as these materials are energy-efficient and help in weight reduction of the vehicle. Strict emission standards in the region owing have forced automakers in European countries to shift from diesel engines to electrified motors. This is also expected to augment the product demand over the next few years.

Automotive Plastics Market Share Insights

Major companies focus more on R&D, technological innovations, M&A and other collaborations to increase their market share. Furthermore, a number of companies have also invested in expansion of their production capabilities to enhance their portfolios and regional presence. Some of the leading companies in this market 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.

Key Insights Covered: Global Automotive Plastics Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Automotive Plastics industry.
2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Automotive Plastics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Automotive Plastics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automotive Plastics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Automotive Plastics industry.

Research Methodology: Global Automotive Plastics Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other