The global Plastics for Passenger Vehicles market size was USD 31.61 billion in 2022 and is expected to reach a value of USD 68.65 billion in 2030 and register a revenue CAGR of 9% during the forecast period. The demand for Lightweight Materials in the automotive industry, stringent government requirements about fuel economy and pollution reduction, and increased consumer desire for high-performance and visually pleasing vehicle components are the main drivers of market revenue growth.
The automotive industry is undergoing a transformational shift towards lightweight materials to reduce vehicle weight and improve fuel efficiency. Plastics have numerous benefits, such as superior strength-to-weight ratios, excellent impact resistance, and simplicity of processing and modification, which make them a suitable choice for diverse automotive applications. Plastics are extensively used in interior, exterior, and under-the-hood automotive components such as dashboards, door panels, bumpers, engine covers, and air intake manifolds, among others. As a result, the demand for automotive plastics is on the rise, thereby driving the market revenue growth.
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In addition, governments across the globe are imposing tight laws addressing fuel efficiency and emission reduction in automobiles to minimize carbon footprint and enhance air quality. Automotive plastics can greatly contribute to accomplishing these aims by reducing vehicle weight, hence improving fuel efficiency and reducing greenhouse gas emissions. For instance, the U.S. Corporate Average Fuel Economy (CAFE) standards require automakers to achieve a fleet-wide average fuel economy of 54.5 miles per gallon by 2025. Similarly to this, the European Union (EU) has established a goal for new passenger car carbon dioxide emissions, aiming to reach 95 g/km by 2021. These restrictions are likely to drive the adoption of automotive plastics, consequently driving market revenue growth.
Furthermore, rising consumer preference for high-performance and aesthetically appealing automotive components is driving the demand for advanced plastics such as polycarbonates, polyamides, and polyesters. These plastics offer superior mechanical properties, such as high strength, stiffness, and toughness, and are extensively used in applications such as headlamps, tail lamps, and instrument clusters. Moreover, automotive plastics offer creative versatility, which enables designers to create sophisticated and detailed shapes, textures, and colors, thereby boosting the overall aesthetic appeal of the car. These elements are expected to fuel the increase in market revenue.
- BASF SE
- Covestro AG
- Dow Inc.
- Dupont de Nemours, Inc.
- LyondellBasell Industries N.V.
- Mitsubishi Chemical Holdings Corporation
- Teijin Limited
- LG Chem Ltd.
- ExxonMobil Chemical Company
The global market is further segmented into type and application:
|By Product Type Outlook||
|By Application Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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