Latest News- Plastics For Passenger Cars Market: Interiors is expected to lead the Application segment during 2024-2028

The Plastics For Passenger Cars Market is being driven by Adoption of new or improved emission standards

The Plastics For Passenger Cars Market is expected to grow at a CAGR of 10.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 26.63 billion. In the automotive sector, there is a growing emphasis on producing lightweight passenger cars to enhance fuel efficiency and decrease emissions. Plastics serve a pivotal role in this regard, as they are lighter than traditional materials like metal and can effectively be utilized to replace them. Advanced plastics and composites are being employed by manufacturers to reduce vehicle weight, thereby improving fuel economy and reducing carbon emissions, aligning with evolving consumer preferences. The increasing awareness of climate change and the need to lessen carbon footprints have significantly influenced consumer decisions, prioritizing vehicles with superior fuel efficiency and lower pollutant emissions. Consequently, passenger cars are integrating lightweight materials and technologies to meet these demands, thereby promoting sustainability within the industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Interiors
  • Exteriors
  • Others
• Material
  • Polypropylene
  • Polyurethane
  • Polyvinyl chloride
  • Polyamide and others
• Component
  • Bumpers
  • Dashboards
  • Seating
  • Wiring Insulation
• Vehicle Type
  • Conventional
  • Hybrid
  • Electric
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

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

• Adoption of new or improved emission standards
• Increasing government support to promote adoption of EVs
• Increasing incorporation of electronics in passenger cars

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

• Complex design and engineering of modern vehicles
• Declining automotive production globally
• Increasing manufacturing costs due to dynamic regulatory environment

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Market Scope in Plastics For Passenger Cars Market Research Report

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Research Analysis Overview

The Plastics For Passenger Cars market encompasses various types of plastic resins, including natural rubber, 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). Sustainable alternatives, such as natural gas, renewable sources, corn starch, vegetable oil, and food waste, are also being explored for the production of these plastics. Here's a possible rephrased version: The Plastics For Passenger Cars market involves the usage of diverse plastic resins, comprising natural rubber, 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). There is growing interest in eco-friendly alternatives, such as natural gas, renewable sources, corn starch, vegetable oil, and food waste, for the manufacture of these plastics.

Market Research Overview

The global commodity chemicals market encompasses businesses primarily engaged 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 manufacturing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the market size is determined by the consolidated revenue generated by the manufacturers of industrial and basic chemicals. Key growth drivers in the commodity chemicals market include the expanding demand for plastic packaging. Plastic is the preferred material in the global packaging industry due to its widespread usage. The increasing demand for lightweight, corrosion-resistant materials has fueled continuous innovation in the market, significantly 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
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