Automotive Plastics Market size to grow by USD 13.48 billion from 2022 to 2027|Increasing demand for electric and hybrid vehicles boosts the market - Technavio

NEW YORK, Dec. 5, 2023 /PRNewswire/ -- The automotive plastics market size is estimated to increase by USD 13.48 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.35% during the forecast period. APAC is estimated to account for 45% of the global market growth during the forecast period. The rising demand for electric and hybrid vehicles drives the market growth during the forecast period. The growing concerns regarding climate change and air pollution have led to an increasing focus on minimizing greenhouse gas emissions. Hence, there is an increasing adoption of electric vehicles (EVs) as they are more eco-friendly when compared to traditional vehicles as they produce zero emissions. Several governments across the world are encouraging the adoption of electric vehicles by offering incentives and subsidies including tax credits, purchase subsidies, and preferential parking.  Hence, such factors are expected to drive market growth during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Automotive Plastics Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the material (polypropylene, polyurethane, polyvinyl chloride, polyamide, and others) vehicle type (passenger vehicle, commercial vehicle, and electric vehicle), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

The market share growth by the polypropylene segment will be significant for overall market growth during the forecast period. There is an increasing popularity for polypropylene in the automotive industry due to its advantageous properties and cost-effectiveness. Polypropylene is widely used in automotive in order to reduce the overall weight of the vehicle. Additionally, there is increasing adoption of this segment by manufacturers as it helps enhance fuel efficiency and minimize emissions. Hence, such factors are expected to drive market growth during the forecast period.

Geography Overview

By geography, the global automotive plastics market is segmented into APAC, North America, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive plastics market.

APAC is estimated to account for 45% of the global market growth during the forecast period. Some of the key countries which are significantly contributing to the global automotive plastics market growth in APAC are China, India, Japan, and South Korea. There has been an increasing production of automobiles in China, making it the dominant region in the market. Additionally, the Chinese government has undertaken several initiatives to encourage the use of automotive plastics in electric vehicles. Hence, such factors are expected to drive market growth in this region during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Automotive Plastics Market - Market Dynamics

Leading trends influencing the market 

Increasing demand for lightweight and fuel-efficient materials is a key trend in the automotive plastics market during the forecast period. The rising focus on lightweight vehicles to enhance fuel efficiency and minimize emissions is a primary trend in the automotive industry. Autoplastic play an essential role as they replace heavier materials such as metal, thereby achieving efficiency. Several manufacturers in the industry are adopting advanced plastics and composites to minimize vehicle weight without compromising safety and performance. Furthermore, there is a growing preference among consumers for vehicles that have improved fuel efficiency and emit fewer pollutants. Hence, such factors are expected to drive the market during the forecast period.

Major challenges hindering the market growth

Complex design and engineering is a significant challenge hindering the automotive plastics market growth. It has become essential for modern vehicles to have a complex design to incorporate advanced features such as connectivity, and safety systems. Hence, the design of plastic components should be in such a way that it fits seamlessly with the vehicle structure and also fulfill specific functional requirements. However, the manufacturing of such a design is a time-consuming process. Also, it is important to have close collaboration between automakers and plastic suppliers to overcome such challenges associated with complex design, tooling, and assembly processes. Hence, the high upfront investments and long lead time associated with the manufacturing of plastic components are expected to hinder market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Automotive Plastics Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the automotive plastics market between 2023 and 2027
• Precise estimation of the automotive plastics market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the automotive plastics market across APAC, North America, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of automotive plastics market vendors

Related Reports:

The adhesives and sealants market size is estimated to grow at a CAGR of 4.75% between 2022 and 2027. The market size is forecast to increase by USD 17.33 billion.

The melt-blown polypropylene filters market size is estimated to grow at a CAGR of 6.95% between 2022 and 2027. The market size is forecast to increase by USD 980.45 million.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Material
7. Market Segmentation by Vehicle Type
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio