Latest News- Automotive Plastics Market: Polypropylene is expected to lead the Material segment during 2025-2029

The Automotive Plastics Market is being driven by Increasing demand for electric and hybrid vehicles

The Automotive Plastics Market is expected to grow at a CAGR of 3.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 15 billion. In the automotive industry, there is a growing emphasis on producing lightweight vehicles to enhance fuel efficiency and decrease emissions. Automotive plastics are playing a pivotal role in this shift, as they offer weight reduction capabilities and can replace heavier materials like metal. Manufacturers are leveraging advanced plastics and composites to achieve weight savings without compromising safety and performance. The increasing consciousness towards climate change and the need to minimize carbon emissions has significantly influenced consumer preferences. Many consumers now prioritize vehicles that provide superior fuel economy and emit fewer pollutants. For instance, LG Chem has recently introduced a new eco-friendly, flame-retardant PC/ABS plastic, designed to meet the stringent safety and sustainability requirements of the automotive sector and other performance-driven industries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Material
  • Polypropylene
  • Polyurethane
  • Polyvinyl chloride
  • Others
• Vehicle Type
  • Passenger vehicle
  • Commercial vehicle
  • Electric vehicle
• Application
  • Interior components
  • Exterior components
  • Under bonnet
  • Electrical components
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for electric and hybrid vehicles
• Automotive plastic companies getting acquired by automakers
• Robust growth of automotive industry

However, the market also witnesses some limitations, which are as follows:

• Complex design and engineering
• High costs associated with plastic components
• Environmental concerns associated with use of plastics

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Market Scope in Automotive Plastics Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Automotive Plastics Market encompasses innovative technologies such as polymer blends and composite materials, utilizing recycled plastics for sustainability. Co-injection molding, 3D printing, laser welding, and ultrasonic welding are key processing techniques. Applications include automotive exteriors, lighting systems, exhaust systems, fluid management, electrical components, automotive electronics, and interiors with lighting, ambient lighting, infotainment systems, autonomous vehicles, EVs, and hybrids. Fuel efficiency, weight reduction, noise reduction, and vibration reduction are primary benefits. Design for assembly, manufacturing automation, quality assurance, and supply chain resilience ensure efficiency. Circular economy, end-of-life management, plastic waste management, material traceability, digital twinning, and product lifecycle management are essential for sustainability.

Market Research Overview

The global commodity chemicals market encompasses businesses specializing in the production of industrial and fundamental chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this market excludes chemical companies that manufacture diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the global commodity chemicals market is expected to expand significantly due to the escalating demand for plastic packaging. As the most widely utilized material in the packaging sector worldwide, plastic offers advantages such as lightweight and corrosion resistance, leading to continuous innovation and transformation in the industry, thereby influencing the application of chemicals in the production of plastic packaging materials.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/