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. The increasing demand for electric and hybrid vehicles, as well as the increasing impact of stringent regulations on the automotive industry are some of the major factors driving the growth of the automotive plastics market. Moreover, rising concerns about environmental degradation and climate change are further motivating companies to adopt eco-friendly solutions in their products.

The automotive plastics market is divided into three categories—automotive body plastics, automotive trim & finishing materials, and automotive parts & accessories. These categories are further divided into submarkets based on application, product type, material, and region.

Automotive body plastics include bumper frames, hoods, fenders, doors & hoods, front & rear bumpers, side skirts & arches, and wheel covers. Automotive trim & finishing materials include window regulators, door handles/locks/buttons/mirrors/windowsills/hood mechanisms/floor mats/and trunk matts. Automotive parts & accessories include headlamps, tail lamps, side mirrors, antennas/windscreens

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Global Automotive Plastics Market Size and Forecast by Product Type, Application, Vehicle Type

Product Type: Automotive plastics are classified into two types- molded and extruded. Molded plastics include body panels, hoods, and bumpers while extruded plastics include steering columns and engine blocks.

Application: Automotive plastics are used in the manufacture of cars, trucks, buses, motorcycles, tractors, and other vehicles. Applications of automotive plastics include exterior body panels (exterior door handles, bumpers), interior trim (interior door panels), rearview mirrors and lights, power windows/locks/mirrors, suspension parts (coils), and chassis components (axles).

Vehicle Type: Passenger cars (sedans), light trucks (SUVs), vans, pickup trucks, and minivans account for the majority of the global automotive plastics market. By 2022, the passenger car segment is anticipated to be the largest market for automotive plastics with a share of approximately two-thirds. The light truck segment is projected to grow at a faster rate than the passenger

Product Type Analysis: PP, PU, PVC, PA

The automotive plastics market is segmented on the basis of product type into PP, PU, PVC, and PA. PP is the largest market with share of xx% in 2021 and is expected to grow at a higher CAGR during the forecast period. On the other hand, PVC is the smallest market with share of xx% in 2021 and is projected to grow at a lower CAGR during the forecast period.

On the basis of product type, PP dominates the automotive plastics market with share of xx% in 2017. The growth of this product type is due to increasing demand from various industries such as transportation, construction, consumer goods, and others. However, PVC is expected to occupy a significant market share in the future due to its high performance properties such as resistance to oil and gas fluids, high temperature resistance, and low weight.

Based on application, the automotive plastics market is segmented into transportation (xx%), construction (xx%), consumer goods (xx%), and others (xx%). Transportation sector dominated the overall automotive plastics market

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Application Analysis: Interior, Exterior, Under Bonnet

The global automotive plastics market is projected to grow at a CAGR of 7.3% from 2016-2021, according to a report by MarketsandMarkets. This growth is expected to be driven by the increasing demand for high-quality plastic materials for automotive applications such as exterior and interior trim, under bonnet components, and A/C systems. The major markets for automotive plastics are Europe, Asia Pacific, and North America. The Asia Pacific market is expected to experience the highest growth rate during the forecast period.

Interior Plastic:

The interior plastic industry is expected to grow at a CAGR of 7%. This growth is due to increased demand for higher-quality materials such as leather upholstery and carpeting, which are difficult to replace with synthetic materials. Some of the key players in this market include 3M (US), DuPont (US), PPG (US), Eastman Chemical Company (US), and BASF SE (Germany).

Exterior Plastic:

Vehicle Type Analysis: Conventional Cars, Electric Cars

The conventional car segment is majorly dominated by plastic parts such as body panels, dashboard, steering wheel, seats, etc. The growth of electric cars is anticipated to drive market growth in the next few years.

Some of the key players in the global automotive plastics market are 3M Company (US), BASF SE (Germany), Bayer AG (Germany), China Union Automotive Industry Co., Ltd. (China), Ford Motor Company (US), General Motors Corporation (US), Jabil Circuit Inc. (US), LG Chem Ltd. (South Korea), Mazda Motor Corporation (Japan), Mitsubishi Motors Corp. (Japan), PPG Industries, Inc. (US), Renault SA (France), Royal Dutch Shell Plc. (Netherlands), Sumitomo Chemical Co. Ltd.(Japan) and Tata Motors Limited(India).

Geography Analysis: North America U.S., Canada; Europe UK Germany; Asia Pacific China India Japan; Latin America Brazil Mexico.

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The growth is attributed to increasing demand for light- and strong-bodied vehicles, as well as the rise in adoption of advanced automotive technologies. The Asia Pacific region is projected to witness the highest growth rate, owing to increasing demand from the Tier 1 and 2 countries in this region. Factors such as growing infrastructure, rising awareness about environmental concerns, and expanding consumer base are driving the market growth in this region.

The report segments the automotive plastics market on the basis of type, application, and geography. On the basis of type, the market is segmented into vehicle body parts (such as doors, hoods, tailgates), wheel rims, steering components (and related systems), and other components. On the basis of application, the market is segmented into interior/exterior components such as dashboard, airbags, side impact structures (SIS), and other systems. Geographically, the market is segregated into North America U.S., Europe UK Germany, Asia Pacific China India Japan, and Latin America Brazil Mexico.

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