The report “Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography – Global Forecast to 2026”, 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 demand for automotive plastics is mainly driven by passenger car production and the increasing utilization of automotive plastics in vehicle designs. Plastics offer a maximum weight reduction of automobiles, which in turn reduces carbon emissions. There is a growing demand for automotive plastics products from developing economies.
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• 135 Market data Tables
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• 255 Pages and in-depth TOC on “Automotive Plastics Market – Global Forecast to 2026”
Some of the prominent key players are:
· BASF SE (Germany)
· SABIC (Saudi Arabia)
· LyondellBasell Industries Holdings BV (Netherlands)
· LG Chem (South Korea)
· DuPont (US)
· Covestro AG (Germany)
Opportunity: Growing trend of vehicle electrification.
High growth potential in developing countries such as Brazil, India, and China provides significant opportunities for the logistics of insulated packaged products. These countries also offer extensive availability of raw materials. Strong economic development in China and India has provided a stimulus for the manufacturing sector, including food & beverages, automobile, electronics, and chemicals. The Chinese production sector is gaining the benefits of the low cost of labor. This market is driven by the growing use of packaging across various food products, particularly meat, fish, and poultry products.
The electric car vehicle type is expected to be the fastest-growing segment of the automotive plastics market for passenger cars.
By vehicle type, the electric cars segment is expected to be the fastest-growing segment of the automotive plastics market for passenger cars. Electric cars are solely dependent on the lighter parts to improve their driving range as the electrified powertrains enable the exertion of kinetic energy, which decreases the weight reduction. Companies like Volvo have their R&D working on plastics materials that store and discharge electric energy. The plastics are strong and light in weight and enough for the vehicles structural components and body panels. The growth of EVs has improved drastically since 2014 and is expected to register a CAGR of 26.5% by the end of 2026. These factors are expected to drive the growth of the electric cars vehicle type segment during the forecasted period.
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Asia Pacific region accounted for the largest share in the global automotive plastics market for passenger cars in 2020.
Asia Pacific accounted for the largest share of the automotive plastics market for passenger cars in 2020. The countries considered for the study in Asia Pacific are China, Japan, India, South Korea, Thailand, Indonesia, among others. Asia Pacific is a leading manufacturing hub for the automotive industry owing to the increasing passenger vehicle production in China and India. The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries. In terms of geography, Asia has the highest production of electric vehicles, making it the largest market for plastic for EVs. Such factors are expected to fuel the growth of the automotive plastics market for passenger cars in the region.
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