According to the recent study the automotive plastics market is projected to reach an estimated $33.2 billion by 2028 from $25.0 billion in 2022, at a CAGR of 4.8% from 2022 to 2028. Growth in this market is primarily driven by increasing demand for lightweight materials for OEMs to reduce vehicle weight in response to stringent government regulations on fuel economy.
Browse 87 figures / charts and 37 tables in this 170 -page report to understand trends, opportunities and forecast in automotive plastics market by polymer (polypropylene, polyurethane, polyamide, PVC, ABS, polycarbonates, polyethylene, PMMA and other plastics), by vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), by application (interior, exterior, under the hood and electrical components), and region (North America, Europe, Asia Pacific, and the Rest of the World).
“Passenger car market is expected to remain the largest segment during the forecast period.”
Based on application, the automotive plastics market is segmented into interior, exterior, under the hood and electrical components. Lucintel forecasts that the passenger car market is expected to remain the largest segment due to increasing plastic content per vehicle in emerging applications like oil pans, wheel rims, and battery trays.
“Europe will dominate the automotive plastics market in near future”
Europe is expected to remain the largest region due to increasing use of plastic content per vehicle coupled with stringent government regulations to reduce carbon emissions and to increase fuel efficiency. Asia Pacific is expected to witness significant growth over the forecast period because of high vehicle production and gradually increasing plastic content per vehicle.
Major players of automotive plastics market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. BASF, Lyondellbassell, Du Pont. Co, Borealis AG, Dow Chemicals, Solvay, DSM, SABIC, EXXON Mobil, and Arkema are among the major automotive plastics providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]