Automotive Plastics Market Growing Steadily At 7.5% CAGR, Surging Towards US$ 59.04 Billion Valuation By 2032

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Automotive Plastics Market

The growing demand for lightweight materials worldwide is a prominent factor driving the automotive plastics market

The lightweight plastics improve fuel productivity, decrease in weight, enhance sustainability play an important part in contemporary automotive outline for several constituents and systems” - Polaris Market ResearchNEW YORK CITY, NY, UNITED STATES, January 8, 2025 /EINPresswire / -- The automotive plastics market forecast for 2032 is a specialized study of the industry with a specific concentration on the global market trend analysis.

The recently published automotive plastics market study report by Polaris Market Research reveals that the global market was USD 30.83 billion in 2023, with a CAGR of 7.5% projected from 2024 to 2032. The global market is expected to offer an absolute opportunity of USD 59.04 billion by 2032.

What are Automotive Plastics?
As plastics are weightless and economical, they are an enormously alluring prospect for automotive makers currently. As fuel productivity becomes a growing worry for consumers, any reduction in weight can be interpreted instantly into an upliftment in sales. Additionally, plastics are aversion-proof, durable, flexible, and provide more profound design liberation than metals.

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Polypropylene is an excessively durable polymer generated from propylene. Due to its longevity and chemical proof, polypropylene is utilized in everything from bumpers to cable cushioning to carpet fibers. Growing focus on ecological sustainability pushing automakers towards environmentally friendly and recyclable plastics solutions impacting the automotive plastics market growth favourably.

Who Makes Automotive Plastics?
.Arkal Automotive
.Arkema SA
.BASF SE
.Borealis AG
.Covestro AG
.DSM Engineering
.Evonik Industries AG
.ExxonMobil Corporation
.LANXESS
.LG Chem
.LyondellBasell
.SABIC

are some of the leading players in the automotive plastics market.

The market is in an elevated growth phase and proliferating due to its fairly integrated framework. The market is portrayed by notable inventions pushed by growing demand for their weightlessness, inventiveness, and flexibility.

Some of the latest developments in the market are:
.In August 2024, AC Plastics declared the triumphant obtaining of two prominent contracts to injection mold constituents for approaching models of two opulent car brands made in the UK.

.In June 2024, Covestro, Neste, and Borealis consented to transfigure rejected tires into elevated standard plastics for the automotive industry.

What's Driving Market Forward?
Growth in Hydrogen Repository Technologies: The market is poised for notable growth, pushed by the progression in hydrogen repository technologies as the industry moves towards hydrogen vehicles. Carbon fiber, acknowledged for its weightless and robust attributes, is important in manufacturing hydrogen repository tanks.

Strong Emission Standards: Robust emission standards are driving notable alterations in the market as manufacturers struggle to encounter strict ecological directives. Governments globally are executing stringent discharge standards to fight climate change and decrease contamination. This, in turn, is having a favorable impact on automotive plastics market sales.

Growth in the Demand for Electric Vehicles: The surge in demand for electric vehicles has surged the acquisition of weightless materials, involving automotive plastics, to improve the productivity and pulling potential of EV engines.

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Which Region Leads Market Growth?
Asia Pacific: Asia Pacific accounted for the largest automotive plastics market share. The region's robust growth is primarily due to the obtainability of cost-effective labor, land, and resources and the augmenting automotive industry in surfacing nations such as India, China, Vietnam, Indonesia, and Thailand.

North America: North America is anticipated to witness significant growth from 2024 to 2032. This can be attributed to extensive consumer and policymaker significance on sustainability and ecological safeguarding.

How Is Market Segmentation Done?
By Product Outlook
.Acrylonitrile Butadiene Styrene (ABS)
.Polypropylene (PP)
oPP LGF 20
oPP LGF 30
oPP LGF 40
oOthers
.Polyurethane (PU)
.Polyvinyl Chloride (PVC)
oRigid PVC
oFlexible PVC
.Polyethylene (PE)
oHigh-density Polyethylene (HDPE)
oOther PE Grades
.Polybutylene Terephthalate (PBT)
.Polycarbonate (PC)
.Polymethyl Methacrylate (PMMA)
.Polyamide (Nylon 6, Nylon 66)
.Others

By Process Outlook
.Injection Molding
.Blow Molding
.Thermoforming
.Others

By Vehicle Type Outlook
.Passenger Cars
oInternal Combustion Engine (ICE) Vehicles
oElectric Vehicles
.Light Commercial Vehicles
.Medium & Heavy Commercial Vehicles

By Application Outlook
.Powertrains
.Electrical Components
.Interior Furnishing
oIMD or IML
oOthers
.Exterior Furnishing
.Under the hood
.Chassis

By Regional Outlook
.North America
oUS
oCanada

.Europe
oGermany
oFrance
oUK
oItaly
oSpain
oNetherlands
oRussia
oRest of Europe

.Asia Pacific
oChina
oJapan
oIndia
oMalaysia
oSouth Korea
oIndonesia
oAustralia
oVietnam
oRest of Asia Pacific

.Middle East & Africa
oSaudi Arabia
oUAE
oIsrael
oSouth Africa
oRest of the Middle East & Africa

.Latin America
oMexico
oBrazil
oArgentina
oRest of Latin America

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FAQs:
How much is the automotive plastics market?
The market size was valued at USD 30.83 billion in 2023 and is projected to grow to USD 59.04 billion by 2032.

Which region dominated the automotive plastics market in 2023?
Asia Pacific dominated the market in 2023.

Which segment, based on product analysis, spearheaded the market in the forecast period?
The polypropylene (PP) segment spearheaded the market during 2024-2032.

What is the growth rate of the market?
The global market is projected to register a CAGR of 7.5% during 2024–2032.

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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

Likhil G
Polaris Market Research and Consulting
+1 929-297-9727
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