Plastics For Passenger Cars Market size is set to grow by USD 26.62 billion from 2024-2028, Adoption of new or improved emission standards boost the market, Technavio
NEW YORK, July 19, 2024 /PRNewswire/ -- The global plastics for passenger cars market size is estimated to grow by USD 26.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 10.87% during the forecast period. Adoption of new or improved emission standards is driving market growth, with a trend towards lightweight and fuel efficiency of automotives like passenger cars. However, complex design and engineering of modern vehicles poses a challenge. Key market players include Arkema Group., BASF SE, Borealis AG, Celanese Corp., Covestro AG, Daicel Corp., Dow Chemical Co., DuPont de Nemours Inc., Evonik Industries AG, Hexion Inc., Koninklijke DSM NV, LG Chem Ltd., LyondellBasell Industries N.V., Nissan Motor Co. Ltd., Saudi Basic Industries Corp., SGL Carbon SE, Solvay SA, Sumitomo Corp., Teijin Ltd., and Toray Industries Inc..
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Plastics For Passenger Cars Market Scope
Report Coverage
Details
Base year 2023
Historic period
2017 - 2021
Forecast period
2024-2028
Growth momentum & CAGR Accelerate at a CAGR of 10.87%
Market growth 2024-2028
USD 26628 million
Market structure
Fragmented
YoY growth 2022-2023 (%) 9.53
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market
contribution APAC at 39%
Key countries
US, Japan, India, China, and Germany
Key companies profiled Arkema Group., BASF SE, Borealis AG, Celanese Corp., Covestro AG, Daicel Corp., Dow Chemical Co., DuPont de Nemours
Inc., Evonik Industries AG, Hexion Inc., Koninklijke DSM NV, LG Chem Ltd., LyondellBasell Industries N.V., Nissan
Motor Co. Ltd., Saudi Basic Industries Corp., SGL Carbon SE, Solvay SA, Sumitomo Corp., Teijin Ltd., and Toray
Industries Inc.
Market Driver
The automotive industry is shifting focus towards lightweight vehicles to enhance fuel efficiency and decrease emissions. Plastics are playing a pivotal role in this transition as they are lighter than traditional materials like metal. Manufacturers are utilizing advanced plastics and composites in passenger cars to minimize vehicle weight without compromising safety and performance. Consumer awareness regarding climate change and the need to reduce carbon emissions is driving demand for fuel-efficient vehicles. This trend is leading to the incorporation of lightweight materials and technologies in passenger cars, thereby fueling the expansion of the global plastics market for passenger cars during the forecast period.
The Plastics For Passenger Cars market is witnessing significant trends in the use of various types of plastics for automotive parts. Glass, metals, wood, natural rubber, and plastics are increasingly being used to manufacture components for cars. Plastic resins like Polystyrene (PS), Polyethylene (PE), Polypropylene (PP), Polybutylene terephthalate (PBT), Polyphenylene oxide (PPO), Polyurethane (PU), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), Polycarbonate (PC), Polysulfone (PSU), Polyamide (PA), and Polyphenylsulfone (PPSU) are widely used. The automotive industry's shift towards lightweight materials is driving the demand for plastics. The packaging sector also uses plastics extensively. However, the rising carbon emissions and petrochemical prices, along with crude oil prices, pose challenges to the market. Technological advancements in injection molding, thermoforming, and blow molding processes are fueling growth. The building & construction industry and other sectors like toys and industrial components also utilize plastics. Renewable sources like bioplastics derived from corn starch, vegetable oil, food waste, and sawdust are gaining popularity due to their eco-friendliness. The market is expected to grow despite the volatility in petroleum, natural gas, and crude oil prices.
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Market Challenges
-- The automotive industry's shift towards advanced designs, connectivity,
and safety systems necessitates the use of intricately designed plastic
components in passenger cars. Engineering and manufacturing these
complex parts involves creating specialized tooling and employing
advanced manufacturing processes. The complexity of the tooling and
production setup increases with tight tolerances, intricate part
features, and geometries. Overcoming these challenges demands close
collaboration between automakers and plastic suppliers, as well as
advanced engineering capabilities. Despite the high initial investment
and long lead times associated with tooling for complex plastic
components, their adoption is crucial for meeting the evolving demands
of the automotive industry. However, these factors may pose challenges
to the growth of the global plastics market for passenger cars during
the forecast period.
-- The Plastics For Passenger Cars market faces several challenges in the
use of various polymers for automotive parts, toys, industrial
components, and packaging. Polysulfone (PSU), Polyamide (PA), and
Polyphenylsulfone (PPSU) offer excellent thermal and mechanical
properties, but their high cost limits their widespread adoption.
Polypropylene, a cost-effective alternative, is commonly used in
automotive parts and packaging. However, rising petrochemical and crude
oil prices impact the affordability of these polymers. Injection
molding, thermoforming, and blow molding are key manufacturing
processes. Building & construction, toys, and packaging sectors are
significant consumers. Carbon emissions are a concern, driving the
search for renewable sources like bioplastics made from corn starch,
vegetable oil, food waste, and sawdust. Technological advancements in
engineering plastics offer lightweight, cost-effective metal
substitution. Circular polymers, such as Iber Resinas' CirculenRenew
polymer, are gaining popularity for their sustainability. The COVID-19
pandemic has increased demand for plastics in face masks, goggles,
shields, gloves, and respirators.
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Segment Overview
This plastics for passenger cars market report extensively covers market segmentation by
1. Application
-- 1.1 Interiors
-- 1.2 Exteriors
-- 1.3 Others
2. Material
-- 2.1 Polypropylene
-- 2.2 Polyurethane
-- 2.3 Polyvinyl chloride
-- 2.4 Polyamide and others
3. Geography
-- 3.1 APAC
-- 3.2 North America
-- 3.3 Europe
-- 3.4 South America
-- 3.5 Middle East and Africa
1.1 Interiors- The interiors of passenger cars primarily utilize plastics due to their desirable properties such as high thermal stability, scratch resistance, and high strength. Automotive Original Equipment Manufacturers (OEMs) prioritize these features, along with UV stability, good sound absorption, color retention, and low emissions, to enhance the value proposition for customers. Key areas where plastics are extensively used include instrument panel clusters, glove boxes, door panels, overhead consoles, center and fascia consoles, lower and back seat trims, folding tables, inner safety seat parts, and speaker consoles. In the competitive passenger car market, OEMs focus on offering superior comfort and convenience to differentiate themselves. Innovations like three-zone climate-control systems and increased cup holder penetration are examples of this trend. Manufacturers of interior components, like FOMPAK, employ advanced plastics and processing technologies to deliver superior products. These factors collectively contribute to the growing demand for plastics in passenger car interiors, driving the expansion of the interiors segment in the global plastics market for the passenger cars industry.
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Learn and explore more about Technavio's in-depth research reports
The global automotive ultracapacitor market is witnessing rapid growth driven by increasing demand for efficient energy storage and power delivery solutions in electric vehicles (EVs). Similarly, the global electric car rental market is expanding as consumers seek eco-friendly and cost-effective transportation options, supported by growing EV infrastructure. Meanwhile, the global automotive batteries market is thriving due to advancements in battery technologies and the rising adoption of EVs, hybrids, and plug-in hybrids, highlighting a shift towards sustainable and energy-efficient automotive solutions across the globe.
Research Analysis
The Plastics For Passenger Cars market refers to the usage of various types of plastics and plastic resins in the manufacturing of passenger cars. Plastics have become an essential component in automotive production due to their lightweight properties, durability, and design flexibility. Some common plastic types used in this industry include Polystyrene (PS), Polyethylene (PE), Polypropylene (PP), Polybutylene terephthalate (PBT), Polyphenylene oxide (PPO), Polyurethane (PU), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), Polycarbonate (PC), Polysulfone (PSU), Polyamide (PA), and Polyphenylsulfone (PPSU). These plastics are derived from petroleum, natural gas, and in some cases, renewable sources such as bioplastics. Bioplastics can be made from various feedstocks like corn starch, vegetable oil, food waste, and sawdust. Plastic resins like PE, PP, and PVC are widely used in car interiors and exteriors, while engineering plastics like PBT, PPO, PSU, PA, and PPSU are used for structural components.
Market Research Overview
The Plastics For Passenger Cars market encompasses a wide range of applications for plastics in the automotive industry. Plastics, including polyethylene (PE), polypropylene (PP), polystyrene (PS), polyvinyl chloride (PVC), and engineering plastics like polycarbonate (PC), polybutylene terephthalate (PBT), polyphenylene oxide (PPO), and polyurethane (PU,) are extensively used in automotive parts due to their lightweight, cost-effective, and superior mechanical and thermal properties. Plastics replace traditional materials such as glass, metals, wood, and natural rubber in various applications. The market includes sectors like automotive parts, toys, and industrial components. PET, a key plastic resin, dominates the packaging sector due to its excellent barrier properties. The market is influenced by factors like carbon emissions, petrochemical prices, and crude oil prices. Technological advancements in injection molding, thermoforming, and blow molding processes continue to drive innovation. Renewable sources like bioplastics derived from corn starch, vegetable oil, food waste, sawdust, and renewable sources are gaining popularity due to their eco-friendly nature. Circular polymers and initiatives from companies like Iber Resinas and CirculenRenew Polymer are also contributing to the market's growth. The building & construction industry, face masks, goggles, shields, gloves, respirators, and gowns are other significant applications for plastics.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
-- Application
-- Interiors
-- Exteriors
-- Others
-- Material
-- Polypropylene
-- Polyurethane
-- Polyvinyl Chloride
-- Polyamide And Others
-- Geography
-- APAC
-- North America
-- Europe
-- South America
-- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Email: media@technavio.com
Website: www.technavio.com/
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