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
- Application
- 1.1 Interiors
- 1.2 Exteriors
- 1.3 Others
- Material
- 2.1 Polypropylene
- 2.2 Polyurethane
- 2.3 Polyvinyl chloride
- 2.4 Polyamide and others
- 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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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
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market opportunities and develop effective strategies to optimize
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actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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