Automotive Plastics Market Size Worth USD 59.04 Billion By 2032 | CAGR: 7.5%

The global automotive plastics market size is expected to reach USD 59.04 billion by 2032, according to a new study by Polaris Market Research. The report “Automotive Plastics Market Share, Size, Trends, Industry Analysis Report: By Product, Process (Injection Molding, Blow Molding, Thermoforming, Others), Vehicle Type, Application, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The automotive industry's shift towards a greener future has made lightweight plastic materials essential for enhancing fuel efficiency and sustainability. With advancements in plastic technology, manufacturers are increasingly replacing traditional heavy materials with lightweight plastics. This transition reduces vehicle weight without compromising safety or performance, significantly improving fuel efficiency and driving the growth of the automotive plastics market.

The market is also poised for growth due to advancements in hydrogen storage technologies, especially with the rise of hydrogen vehicles. Lightweight carbon fiber, for instance, is crucial in the construction of hydrogen storage tanks, such as Toray’s carbon fiber used in 70 MPa cylinders. Innovations like Evonik’s curing agent "VESTAMIN" and Ancamine’s rapid fiber infiltration technology enable a 70% weight reduction in these tanks. This emphasis on lightweight and efficient storage solutions not only supports sustainability goals but also increases demand for plastic materials in automotive applications.

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The rising demand for electric vehicles (EVs) has led to increased use of lightweight materials such as automotive plastics to improve EV engine efficiency and pulling capacity. This trend is driven by environmental awareness, government support, growing OEM investments, and the entry of major automotive companies into the EV market, fueling significant growth in the automotive plastics market.

Automotive Plastics Market Report Highlight

• The polypropylene segment, based on product, dominated the automotive plastics market in 2023, owing to its high electrical resistance at very high temperatures.
• In terms of application, the exterior furnishing segment will grow at a substantial pace during the forecast period as polycarbonate and polypropylene can be used to provide an aesthetic look to exterior of vehicles.
• Asia Pacific dominated the global automotive plastics market in 2023 owing to the presence of expanding automotive industry
• Arkema, BASF, Borealis, DSM Engineering, Evonik Industries, LANXESS, LG Chem, Covestro AG, and Arkal Automotive are among the global market players.

Polaris Market Research has segmented the automotive plastics market report on the basis of product, process, vehicle type, application, and region.

By Product Outlook (Revenue – USD Billion, 2019–2032)

• 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

By Process Outlook (Revenue – USD Billion, 2019–2032)

• Injection Molding
• Blow Molding
• Thermoforming
• Others

By Vehicle Type Outlook (Revenue – USD Billion, 2019–2032)

• Passenger Cars
  • Internal Combustion Engine (ICE) Vehicles
  • Electric Vehicles
• Light Commercial Vehicles
• Medium & Heavy Commercial Vehicles

By Application Outlook (Revenue – USD Billion, 2019–2032)

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

    By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Automotive Plastics Report Scope