Automotive Plastics Market Boom in Near Future!!

Automotive Plastics Industry Overview

The global automotive plastics market size was estimated at USD 30.44 billion in 2023 and is anticipated to grow a compound annual growth rate (CAGR) of 5.6% from 2024 to 2030.

The expansion of the market is being fueled by the increasing demand for lightweight materials in vehicle manufacturing, driven by the pursuit of enhanced fuel efficiency and reduced emissions. Growing awareness of environmental sustainability is a key trend, pushing automakers toward eco-friendly and recyclable plastic solutions. Additionally, advancements in polymer technology and a rising focus on interior aesthetics are expected to contribute to the projected growth of the market.

Gather more insights about the market drivers, restrains and growth of the Automotive Plastics Market

The rapidly evolving automotive industry in China is driving the demand for automotive plastics, as manufacturers strive to comply with environmental standards and governmental regulations pertaining to vehicle weight and emission levels. Plastics are increasingly being utilized in vehicles to reduce weight, promote fuel savings, and enhance efficiency.

The market in China is also poised to benefit from the government's substantial subsidies to manufacturers and favorable discounts and incentives for customers who purchase electric cars. This trend is particularly promising, given the rising popularity of electric vehicles and their potential to revolutionize the automotive industry.

China is extremely rich in resources, such as petrochemical reserves, and is characterized by the availability of highly skilled labor. Major automotive plastics players are shifting their manufacturing facilities to China on account of rising demand for the product coupled with a favorable business environment.

Browse through Grand View Research's Plastics, Polymers Resins Industry Research Reports.

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Automotive Plastics Market Segmentation

Grand View Research has segmented the global automotive plastics market report based on product, function, application and region:

Automotive Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

Acrylonitrile butadiene styrene (ABS)
Polypropylene (PP)
- PP LGF 20
- PP LGF 30
- PP LGF 40
- Others
Polyurethane (PU)
Polyvinyl Chloride (PVC)
- Rigid PVC
- Flexible PVC
Polyethylene (PE)
- High-density Polyethylene (HDPE)
- Other PE Grades
Polybutylene Terephthalate (PBT)
Polycarbonate (PC)
Polymethyl methacrylate (PMMA)
Polyamide (Nylon 6, Nylon 66)
Others

Automotive Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

Injection Molding
Blow Molding
Thermoforming
Others

Automotive Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

Powertrains
Electrical Components
Interior Furnishing
- IMD or IML
- Others
Exterior Furnishing
Under the hood
Chassis

Automotive Plastics Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

Passenger Cars
- Internal Combustion Engine (ICE) Vehicles
- Electric Vehicles
  - Battery Electric Vehicles (BEV)
  - Plug-in Hybrid Electric Vehicles (PHEV)
  - Fuel Cell Electric Vehicles (FCEV)
- Light Commercial Vehicles
- Medium Heavy Commercial Vehicles

Automotive Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)