Automotive Plastics Market Surges to USD 36.61 Billion by 2031, Propelled by 7.02% CAGR – Verified Market Research®

Published : 2 months ago, on 12/08/2024

The Global Automotive Plastics Market Size is projected to grow at a CAGR of 7.02% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 21.27 Billion in 2024 and is expected to reach USD 36.61 Billion by the end of the forecast period.

The growth of the Automotive Plastics Market is driven by increasing demand for lightweight materials that enhance fuel efficiency and reduce emissions. Innovations in plastic technology, such as improved durability and aesthetic appeal, are also propelling market expansion. However, the market faces restraints from fluctuating raw material prices and regulatory challenges regarding plastic usage and recycling. Additionally, the high cost of advanced plastics compared to traditional materials may hinder adoption, impacting overall market growth.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=31882

202 – Pages

126 – Tables

37 – Figures

Scope Of The Report

REPORT ATTRIBUTES	DETAILS
STUDY PERIOD	2021-2031
GROWTH RATE	CAGR of ~7.02% from 2024 to 2031
BASE YEAR FOR VALUATION	2024
HISTORICAL PERIOD	2021-2023
FORECAST PERIOD	2024-2031
QUANTITATIVE UNITS	Value in USD Billion
REPORT COVERAGE	Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis
SEGMENTS COVERED	Product Type Application Vehicle Type
REGIONS COVERED	North America Europe Asia Pacific Latin America Middle East & Africa
KEY PLAYERS	BASF SE, Dow, Inc., Covestro AG, LyondellBasell Industries Holdings B.V., SABIC, DuPont de Nemours, Inc., LANXESS AG, Mitsubishi Chemical Corporation, Sumitomo Chemical Co., Ltd., Solvay S.A., Evonik Industries AG, Teijin Limited, Asahi Kasei Corporation, Arkema S.A., Celanese Corporation, DSM Engineering Plastics, Toray Industries, Inc., RTP Company, Borealis AG, LG Chem Ltd.
CUSTOMIZATION	Report customization along with purchase available upon request

 

Automotive Plastics Market Overview

Increasing Need for Lightweight Materials
The growing focus on fuel efficiency and reduced emissions is fueling the need for lightweight materials in the automotive sector. Automotive plastics are essential for achieving these objectives, allowing manufacturers to create lighter vehicles without sacrificing performance, which drives market growth.

Advancements in Polymer Technologies
Recent developments in polymer technologies have revolutionized the automotive plastics industry, elevating the performance of plastics in terms of strength, durability, and their ability to withstand high temperatures and chemical exposure. These advancements enable the creation of advanced automotive components, which has caught the attention of OEMs who are now incorporating plastics into their designs, leading to an expansion of the market.

Growing Popularity of Electric Vehicles among Consumers
The rise of electric vehicles (EVs) offers a promising prospect for the automotive plastics industry. Plastics play a crucial role in the manufacturing of EV components, thanks to their lightweight properties that enhance battery efficiency and increase the vehicle’s range. With the increasing adoption of electric vehicles, there is a growing demand for plastics in the automotive industry, which is fueling market growth.

To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/download-sample?rid=31882

Regulatory Challenges
The automotive industry must adhere to strict regulations concerning vehicle safety and emissions, which may limit the use of specific plastic materials. Meeting these regulations may result in higher manufacturing expenses and restrictions on the range of plastics that can be used, which presents a hurdle for the expansion of the automotive plastics industry.

Fluctuations in the cost of raw materials
Changes in the costs of raw materials, like petrochemicals, can have a substantial effect on the market for plastics used in the automotive industry. As manufacturers navigate the ever-increasing costs, they may encounter difficulties in sustaining profitability and staying competitive. This unpredictability can impede investment and dampen market expansion.

Environmental Considerations
The automotive plastics market is being impacted by growing environmental concerns regarding plastic waste and recyclability. Manufacturers face increasing pressure to embrace sustainable practices and materials, resulting in potential challenges such as higher production costs and the need to source eco-friendly alternatives. This shift can pose challenges to market growth as companies navigate these obstacles.

Geographic Dominance:

The geographical aspect is a key factor in determining the growth of the automotive plastics market. Historically, regions like North America and Europe have been at the forefront of automotive manufacturing, thanks to their advanced techniques and strict regulations that prioritize lightweight materials for improved fuel efficiency. On the other hand, the Asia-Pacific region, including China and India, is witnessing a significant surge in growth. This is primarily due to the expanding vehicle manufacturing industry and the growing purchasing power of consumers. This shift has a significant impact on the market dynamics, as manufacturers are actively adjusting their strategies to cater to specific regional demands. They are also focusing on fostering innovation and expanding their production capabilities to better meet the localized needs of their customers. Therefore, having knowledge of geographical trends is crucial for effective market positioning.

Automotive Plastics Market Key Players Shaping the Future

Major players, including BASF SE, Dow, Inc., Covestro AG, LyondellBasell Industries Holdings B.V., SABIC, DuPont de Nemours, Inc., LANXESS AG, Mitsubishi Chemical Corporation, Sumitomo Chemical Co., Ltd., Solvay S.A., Evonik Industries AG, Teijin Limited, Asahi Kasei Corporation, Arkema S.A., Celanese Corporation, DSM Engineering Plastics, Toray Industries, Inc., RTP Company, Borealis AG, LG Chem Ltd.. and more, play a pivotal role in shaping the future of the Automotive Plastics Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.

Automotive Plastics Market Segment Analysis

Based on the research, Verified Market Research® has segmented the global Automotive Plastics Market into Product Type, Application, Vehicle Type, And Geography.

• Automotive Plastics Market, by Product Type:
  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyvinylchloride (PVC)
  • Polyamide (PA)
  • Acrylonitrile Butadiene Styrene (ABS)
  • High Density Polyethylene (HDPE)
  • Polycarbonate (PC)
  • Polybutylene Terephthalate (PBT)

• Automotive Plastics Market, by Application:

• Powertrains
• Electrical Components
• Interior Furnishing
• Exterior Furnishing
• Under the hood
• Chassis

• Automotive Plastics Market, by Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Medium & Heavy Commercial Vehicles

• Automotive Plastics Market, by Geography
  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • ROW
    • Middle East & Africa
    • Latin America

 

Visualize Automotive Plastics Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

 

About Us

Verified Market Research® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, VMR has been instrumental in providing founders and companies with precise, up-to-date research data.

With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.

VMR’s domain expertise is recognized across 14 key industries, including Semiconductor & Electronics, Healthcare & Pharmaceuticals, Energy, Technology, Automobiles, Defense, Mining, Manufacturing, Retail, and Agriculture & Food. In-depth market analysis cover over 52 countries, with advanced data collection methods and sophisticated research techniques being utilized. This approach allows for actionable insights to be furnished by seasoned analysts, equipping clients with the essential knowledge necessary for critical revenue decisions across these varied and vital industries.

Verified Market Research® is also a member of ESOMAR, an organization renowned for setting the benchmark in ethical and professional standards in market research. This affiliation highlights VMR’s dedication to conducting research with integrity and reliability, ensuring that the insights offered are not only valuable but also ethically sourced and respected worldwide.

 

Contact Us

Mr. Edwyne Fernandes

Verified Market Research®

US: +1 (650)-781-4080

US Toll Free: +1 (800)-782-1768

Email: [email protected]

Web: https://www.verifiedmarketresearch.com/

Follow Us: LinkedIn | Twitter

SOURCE – Verified Market Research®