Fort Collins, Colorado, Oct. 03, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Automotive Plastic Market Size, Growth, Share, Statistics Report, By Product (Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polyamide (PA), Others), By Process, By Application, By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, The automotive plastics market size was valued at USD 28.2 Billion in 2022 and reach a market size of USD 44.6 Billion by 2032 with a CAGR of 4.8%. The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. The automotive industry is on the rise globally, focusing on improving vehicle design capabilities and reducing vehicle weight and emissions. Surprisingly, plastics are playing a significant role in this growth. They are becoming more popular in automobile production due to their lightweight and affordable nature. Furthermore, their corrosion-resistant and long-lasting properties and greater design freedom contribute to the rising use of plastics in the automotive industry.
The automotive sector relies heavily on the properties of plastics, which surpass those of other materials. For instance, polypropylene is a highly moldable plastic polymer that is extremely heat- and chemical-resistant. This makes it ideal for creating a range of automotive parts, including bumpers, engine covers, and instrument panels. Furthermore, plastic polymers allow manufacturers to create complex and organic designs.
The government's regulations for vehicular emissions have shifted towards using lightweight plastics instead of metal. However, the automotive plastics market is facing challenges due to the high cost of raw materials and the non-degradable nature of plastics. Plastics are used in various vehicle components, such as the chassis and powertrain, which reduces the vehicle's overall weight. Plastics are preferred for electric vehicles to reduce vehicle mass and improve driving range, as batteries comprise one-third of the total weight. According to the American Plastics Association, plastics are 30% lighter than fiberglass. This can improve fuel efficiency and provide better mileage, a major concern for automobile manufacturers.
Car manufacturers can use bioplastics to replace traditional plastics to make essential car components such as dashboards, brake covers, and flexible tubing. Various factors drive the development of bioplastics, including concerns about sustainability and environmental impact, technological advances, and a focus on vehicle end-life management. Bio-PA is a popular bioplastic made from castor oil. PLA is another bioplastic that is well-suited for vehicle interiors and under-the-hood elements. Using bioplastics, manufacturers can offer consumers a sustainable option that meets their diverse needs.
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Report Snapshot:
| Report Title | Automotive Plastics Market |
| Market Size in 2022 | USD 28.2 Billion |
| Market Size by 2032 | USD 44.6 Billion |
| CAGR from 2023 to 2032 | 4.8% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors |
| By Product | Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC) Polymethyl Methacrylate (PMMA), Polyamide (PA) and Others. |
| By Process | Injection Molding, Blow Molding, Thermoforming, Others. |
| By Application | Powertrain, Electrical Components, Interior Furnishings, Exterior Furnishings, Under the Hood and Chassis |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | BASF SE, SABIC, LyondellBasell Industry Holdings BV, LG Chem, Du Pont, Borealis AG, AkzoNobel N.V., Arkema SA, Evonik Industries AG, Sumitomo Chemical Co., Ltd., and Hanwha Group among others |
Segmentation Overview:
The automotive plastics market is segmented based on product, process, application, and region.
Polypropylene dominates the market due to its exceptional properties, making it a go-to choice for automotive parts. Its strength and durability are comparable to alternative plastics, but it comes at a lower cost of production. The material can withstand heavy-loading applications and has superior tensile strength, withstanding pressures of up to 4800 psi. Additionally, it has excellent resistance to heat and chemicals, making it a versatile option. Moreover, polypropylene is 100% recyclable and has significant potential as a sustainable product.
Based on the process, injection molding is the largest market segment. This process involves injecting molten plastics into a mold cavity, which cools and hardens to produce a finished part. The precision of this process is significant in automotive production as it results in identical parts that do not require post-production machining and have a good surface finish. As a result, the demand for injection molding is increasing among automotive manufacturers.
Due to its vast population and rapidly developing economies and industries, Asia Pacific dominates the market share. The region has a high demand for efficient mobility, which attracts renowned automobile manufacturers. The market growth in this area is stimulated by the escalating need for lightweight and fuel-efficient vehicles, owing to the rising fuel costs and growing environmental concerns. China, followed by Japan and India, is the largest automotive plastics market, and the government regulations related to carbon emissions encourage manufacturers to produce fuel-efficient and lightweight vehicles.
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Key Developments in the Automotive Plastic Market
- Sumitomo Chemical and Ginkgo Bioworks have partnered to leverage synthetic biology in developing functional chemicals. This collaboration, which began in 2021, marks their third joint endeavor. The aim is to facilitate the large-scale production of functional chemicals through fermentation.
- Hanwha Aerospace and Hanwha Ocean have made progress in developing energy storage tech for large vessels, improving fuel efficiency, and reducing emissions for eco-friendly ships.
Automotive Plastic Market Report Highlights:
- The automotive plastics market size is expected to reach a market size of USD 44.6 Billion with a CAGR of 4.8% in 2032. Plastics are increasingly popular in the automotive industry due to their lightweight, affordable, and corrosion-resistant properties. They offer greater design freedom and surpass other materials' properties. Polypropylene is ideal for creating various car parts, and plastic polymers allow for complex and organic designs. Plastics are preferred for electric vehicles to reduce weight and improve driving range. Bioplastics can replace traditional plastics and offer consumers a sustainable option. Various factors drive bioplastics' development, including concerns about sustainability and environmental impact.
- Polypropylene is a popular choice for automotive parts due to its strength, durability, and low production cost. It can withstand heavy loads and has superior tensile strength, withstanding pressures of up to 4800 psi. It is also resistant to heat and chemicals, making it versatile. Plus, it is 100% recyclable and has potential as a sustainable product. Injection molding is the biggest market for automotive parts production. It injects molten plastics into a mold cavity, which cools and hardens to make precise, identical parts with a good surface finish. This demand is growing due to its benefits for automotive manufacturers.
- Asia Pacific dominates the automotive market with a high demand for efficient mobility. China, Japan, and India have the largest market share. Rising fuel costs and environmental concerns drive the need for lightweight and fuel-efficient vehicles. Government regulations encourage manufacturers to produce eco-friendly vehicles.
- Some of the prominent players in the global automotive plastics market report include BASF SE, SABIC, LyondellBasell Industries Holdings BV, LG Chem, Du Pont, Borealis AG, AkzoNobel N.V., Arkema SA, Evonik Industries AG, Sumitomo Chemical Co., Ltd., and Hanwha Group.
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Automotive Plastic Market Report Segmentation
Automotive Plastic Market, By Product (2023-2032)
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl Methacrylate (PMMA)
- Polyamide (PA)
- Others
Automotive Plastic Market, By Process (2023-2032)
- Injection Molding
- Blow Molding
- Thermoforming
- Others
Automotive Plastic Market, By Application (2023-2032)
- Powertrain
- Electrical Components
- Interior Furnishings
- Exterior Furnishings
- Under the Hood
- Chassis
Automotive Plastic Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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