Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "North America Automotive Plastics Market Size, Share & Trends Analysis Report By Product (PP, PU), By Application (Interior Furnishings, Power Trains), By Process, By Vehicle Type, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The North America automotive plastics market size is anticipated to reach USD 7.37 billion by 2030, registering a CAGR of 5.7% over the forecast period.
The presence of stringent government regulations regarding reducing vehicular emissions is leading automotive manufacturers in the region to use plastics in their vehicles to reduce their weight, which results in declined fuel consumption.
This trend is anticipated to lead to the growth of the market in North America over the forecast period. Polypropylene (PP) offers excellent chemical and electrical resistance even at very high temperatures.
It is semi-rigid, translucent, and provides integral hinge properties. PP is relatively lightweight compared to other plastics and is widely used in the automotive sector. It helps reduce the overall weight of vehicles, which, in turn, helps reduce fuel consumption and carbon dioxide emissions. It is used in several end-use industries, such as packaging, electrical & electronics, construction, consumer products, and automotive. Injection molding is a widely utilized plastic molding process in the automotive plastics market. This process is used to mold plastics that can be used as housing covers, light covers & lenses, clips for engine & lighting parts, wiring harnesses, and connectors.
In addition, this process is used to manufacture engine hoses and tubes, entire door handles, console & dashboard radio covers, and other electrical internal components, knobs for shifter levers, buttons, bezel panels, controls & covers for the sunroof and convertible roof assemblies. Growing demand for automotive plastics in interior furnishings, such as seat covers, steering wheels, body & light panels, seat bases, rear package shelves, fascia systems, load floors, and headliners is projected to boost the market growth over the forecast period. Automobile interior accessories, such as fascia systems, steering wheels, body & light panels, and seat covers, are made using various automotive plastics.
Various other internal components, such as headliners, seat bases, and load floors are built entirely from high-performance plastics, such as Acrylonitrile Butadiene Styrene (ABS) and Glass Mat Thermoplastics (GMT) composites, instead of metal, conventional rubber, and other parts. Automotive plastics are engineering plastics known for their enhanced performance that is increasingly used in the automotive industry owing to their versatility. These plastics are ideal for utilization in vehicles, as well as for carrying out required innovations in the automotive industry. In addition, automotive plastics are lightweight, which reduces fuel consumption and increases the range of EVs.
North America Automotive Plastics Market Report Highlights
- The PP product segment occupied the largest revenue share in 2022 on account of the rising product demand from the end-use industries, such as packaging, electrical & electronics, construction, consumer products, and automotive
- PP offers excellent chemical and electrical resistance even at very high temperatures. It is semi-rigid, translucent, and provides integral hinge properties
- Expanding manufacturing base and increasing investments in advanced technologies for vehicular production are expected to bring about a new era of automobiles, positively influencing the market for automotive plastics
- The injection molding process segment occupied the largest revenue share in 2022 on account of the high utilization of this technology in the automotive industry
- The interior furnishings application segment heldthe largest share in 2022 and is projected to grow at a steady CAGR over the forecast period
- The conventional vehicles segment led the market and accounted for the maximum revenue share in 2022
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 133 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $4.76 Billion |
| Forecasted Market Value (USD) by 2030 | $7.37 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | North America |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 North America Automotive Plastics Market: Process Estimates & Trend Analysis
3.1 Process Movement Analysis & Market Share, 2022 & 2030
3.2 Process Movement Analysis & Market Share, 2022 & 2030
3.3 North America Automotive Plastics Market Estimates & Forecast, By Process (Kilotons) (USD Million)
3.3.1 Injection Molding
3.3.2 Blow Molding
3.3.3 Thermoforming
3.3.4 Others
Chapter 4 North America Automotive Plastics Market: Application Estimates & Trend Analysis
4.1 Application Movement Analysis & Market Share, 2022 & 2030
4.2 North America Automotive Plastics Market Estimates & Forecasts, By Application (Kilotons) (USD Million)
4.2.1 Powertrain
4.2.2 Electrical Components
4.2.3 Interior Furnishing
4.2.4 Exterior Furnishing
4.2.5 Under The Hood
4.2.6 Chassis
Chapter 5 North America Automotive Plastics Market: Vehicle Type Estimates & Trend Analysi
5.1 Vehicle Type Movement Analysis & Market Share, 2022 & 2030
5.2 North America Automotive Plastics Market Estimates & Forecasts, by Vehicle Type (Kilotons) (USD Million)
5.2.1 Conventional Vehicles
5.2.2 Electric Vehicles
Chapter 6 North America Automotive Plastics Market: Regional Estimates & Trend Analysis
Chapter 7 North America Automotive Plastics Market - Competitive Landscape
Companies Mentioned
- BASF SE
- SABIC
- DOW, INC.
- HANWHA AZDEL INC.
- LEAR CORPORATION
- OWENS CORNING
- MAGNA INTERNATIONAL, INC.
- MOMENTIVE PERFORMANCE MATERIALS, INC.
- DUPONT DE NEMOURS, INC.
- COVESTRO AG
For more information about this report visit https://www.researchandmarkets.com/r/ih603c
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