According to the new market research 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", published by MarketsandMarkets™, the 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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The polyurethane (PU) product type
segment accounted for the largest share of the automotive plastics market for
passenger cars in 2020.
By product type, the PU segment accounted for the largest market share in 2020.
PU has various properties such as high stiffness, strength, dimensional
stability, high temperature, and abrasion resistance, and low friction
characteristics, along with chemical, flame, abrasion, creep, and fatigue
resistance, which makes it one of the majorly used plastics. Polyurethanes (PU)
are utilized in passenger cars for seat foams, carpet backing, seat overlays,
head & armrests, airbag covers, and acoustic insulations. The largest share
of PU in terms of value can be attributed to its high cost as compared to other
plastics such as PP, PVC, HDPE, among others.
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.
BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV
(Netherlands), LG Chem (South Korea), DuPont (US), Covestro AG (Germany),
Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis
AG (Austria), among others are the key players operating in the automotive
plastics market for passenger cars.
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