Plastics For Passenger Cars Market Size to grow by USD 26.63 billion between 2024-2028
According to a research report “ Plastics For Passenger Cars Market” by Application (Interiors, Exteriors, Others) Material (Polypropylene, Polyurethane, Polyvinyl chloride, Polyamide and others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 26.63 billion, at a CAGR of 10.87% during the forecast period. In the passenger cars market, the implementation of stringent emission norms, such as Euro 6 and its equivalents in major automotive markets like the US, UK, China, and India, is driving the demand for lightweight materials, including plastics. According to the China Ministry of Ecology and Environment, on-road vehicles contribute significantly to particulate matter emissions, accounting for over 90%, and nitrogen oxide emissions, contributing nearly 70%. To comply with these regulations, automakers are increasingly turning to plastics for various applications due to their lightweight properties, thereby fueling market growth..
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By Application, the Interiors segment is projected to dominate the market size in 2024
In the automotive industry, plastics play a significant role in the production of passenger car interiors. Automotive Original Equipment Manufacturers (OEMs) prioritize the use of plastics that exhibit superior thermal stability, scratch resistance, and high strength, ensuring both functionality and aesthetics. Key features sought after by passenger car manufacturers include UV stability, excellent sound absorption, consistent color retention, and minimal emissions of volatile or harmful constituents. Plastics are extensively utilized in various interior components, such as 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. The evolving passenger car market demands continuous innovation, with a focus on enhancing comfort, safety, and design.
By Material, Polypropylene segment is expected to hold the largest market size for the year 2024
In the realm of plastics for passenger cars, polypropylene (PP), a thermoplastic polymer, holds a significant market position. With a substantial market share in 2022, PP is projected to expand at an impressive rate throughout the forecast period. This saturated polymer is derived from the addition polymerization of propylene monomer. Known for its robustness and chemical resistance, PP can be reinforced with long glass fiber additives to enhance its properties further. Applications of PP span across front and rear bumpers, chemical tanks, cable insulations, and carpet fibers. ExxonMobil's impact copolymer (ICP) PP resins are indispensable for automobile manufacturers, as they are utilized in vehicle exteriors, interiors, and under-the-hood components.
APAC is forecasted to hold the largest market size by region in 2024
The Plastics for Passenger Cars market is experiencing significant growth, driven by the increasing demand for lightweight and fuel-efficient vehicles. Manufacturers are increasingly turning to plastics to reduce vehicle weight and improve fuel efficiency. Additionally, the use of plastics in automotive interiors is on the rise due to their durability and design flexibility. This trend is expected to continue, with the global Plastics for Passenger Cars market projected to reach USDXXX billion by 2025.
The Plastics For Passenger Cars Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Plastics For Passenger Cars Market is witnessing a significant shift towards the use of eco-friendly materials, with bioplastics gaining popularity due to their sustainability. Bioplastics derived from renewable sources such as sawdust, food waste, vegetable oil, and corn starch are increasingly being used in the automotive industry. These bioplastics offer reduced carbon footprint and align with the global move towards sustainable manufacturing. However, traditional plastic resins like Polyphenylsulfone (PPSU), Polyamide (PA), Polysulfone (PSU), Polycarbonate (PC), Polyvinyl chloride (PVC), Polyurethane (PU), Polyphenylene oxide (PPO), Polybutylene terephthalate (PBT), Polypropylene (PP), Polyethylene (PE), and Polystyrene (PS) continue to dominate the market. Natural rubber, wood, metals, and glass are also used in various automotive applications. The use of plastics in passenger cars is not new, with their lightweight properties and durability making them a preferred choice for automotive manufacturers. However, the environmental concerns associated with petroleum-based plastics have led to the exploration of alternative sources, such as natural gas and renewable sources. The Plastics For Passenger Cars Market is expected to grow, driven by the increasing demand for sustainable materials and the ongoing research and development in the field of bioplastics.
Market Research Overview
The Plastics For Passenger Cars market is witnessing significant growth due to the increasing demand for lightweight and cost-effective automotive parts. Iber Resinas, a leading player in the industry, is at the forefront of this trend with its CirculenRenew polymer, a circular polymer made from renewable sources such as sawdust, food waste, vegetable oil, and corn starch. This eco-friendly alternative to traditional petroleum-based polymers is not only cost-effective but also offers superior mechanical and thermal properties. The use of circular polymers in passenger cars is not limited to automotive parts. They are also used in the production of personal protective equipment like gowns, respirators, gloves, shields, and goggles during the ongoing pandemic. The building & construction industry is another major consumer of plastic resins, with applications ranging from insulation to roofing and piping. Technological advancements in plastic processing technologies such as blow molding, thermoforming, and injection molding have made it possible to produce complex shapes and designs with high precision and efficiency. However, the reliance on crude oil and petrochemical prices, as well as the carbon emissions associated with the production of traditional polymers, remain concerns. The packaging sector is another significant consumer of plastics, with applications ranging from PET bottles to industrial components, toys, and automotive parts. Engineering plastics such as Polypropylene, Polyphenylsulfone (PPSU), Polyamide (PA), Polysulfone (PSU), Polycarbonate (PC), Polyvinyl chloride (PVC), Polyurethane (PU), Polyphenylene oxide (PPO), Polybutylene terephthalate (PBT), Polypropylene (PP), Polyethylene (PE), Polystyrene (PS), and plastic resins are widely used in various industries, including spacecraft, medical equipment, and consumer goods. The shift towards natural rubber and bioplastics made from renewable sources is gaining momentum as the world moves towards a more sustainable future. Natural rubber and bioplastics offer similar mechanical properties to traditional polymers but have a lower carbon footprint. However, they are currently more expensive and have limitations in terms of thermal properties. The use of plastics is not limited to automotive and construction industries but also extends to everyday items such as paper clips, toys, and even spacecraft components. The versatility and durability of polymers make them an essential part of our daily lives. However, the environmental impact of plastic production and disposal remains a significant concern, and efforts are being made to reduce the reliance on fossil fuels and promote the use of renewable sources. In conclusion, the Plastics For Passenger Cars market is a dynamic and evolving industry that is constantly adapting to changing consumer demands and technological advancements. The shift towards circular polymers and renewable sources is gaining momentum, but traditional polymers continue to play a significant role in various industries. The challenge for the industry is to strike a balance between cost-effectiveness, performance, and sustainability while minimizing the environmental impact of plastic production and disposal.
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