Automotive Plastics Market for Passenger Cars Worth $30.8 Billion – Global Forecast 2026
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Automotive Plastics for Passenger Cars Market by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Hood), Vehicle Type (Conventional Cars, Electric Cars) and Geography
The global automotive plastics market size for passenger cars is expected to grow from USD 21.1 Billion in 2021 to USD 30.8 Billion by 2026, at a CAGR of 7.9% during the forecast period 2021 to 2026. The demand for automotive plastics is mainly driven by passengers. automotive production and the increasing use of automotive plastics in vehicle design. Plastics offer maximum weight reduction for automobiles, which in turn reduces carbon emissions. There is a growing demand for automotive plastic products in developing economies.
The polyurethane (PU) product type segment accounted for the largest share of the automotive plastics market for passenger cars in 2020.
By product type, the PU segment accounted for the largest market share in 2020. PU has various properties such as stiffness, strength, dimensional stability, high temperature and abrasion resistance and characteristics of low friction, as well as chemical, flame, abrasion, creep and fatigue resistance properties, making it one of the most widely used plastics. Polyurethanes (PU) are used in passenger cars for seat foams, carpet backs, seat coverings, headrests and armrests, airbag covers and sound insulation. The largest share of PU in terms of value can be attributed to its high cost compared to other plastics such as PP, PVC, HDPE, among others.
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The type of electric vehicle is expected to be the fastest growing segment of the automotive plastics market for passenger cars.
By vehicle type, the electric car segment is expected to be the fastest growing segment of the automotive plastics market for passenger cars. Electric cars solely depend on lighter parts to improve their range, as electrified powertrains allow the exercise of kinetic energy, which decreases weight reduction. Companies like Volvo have their R&D working on plastic materials that store and discharge electrical energy. Plastics are strong and light and sufficient for structural components and vehicle body panels. The growth of electric vehicles has improved significantly since 2014 and is expected to register a CAGR of 26.5% by the end of 2026. These factors are expected to drive the growth of the electric car vehicle type segment over the period. forecast.
Asia-Pacific accounted for the largest share of the global automotive plastics market for passenger cars in 2020.
Asia-Pacific accounted for the largest share of the automotive plastics market for passenger cars in 2020. The countries considered for the study in Asia-Pacific are China, Japan, India, South Korea , Thailand, Indonesia, among others. Asia-Pacific is a leading manufacturing hub for the automotive industry due to the growing production of passenger vehicles in China and India. Vehicle production in these countries is growing at a rapid pace due to the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already established manufacturing units in these countries. In terms of geography, Asia has the largest production of electric vehicles, making it the largest plastic market for electric vehicles. These factors are expected to fuel the growth of the automotive plastics market for passenger cars in the region.
BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), LG Chem (South Korea), DuPont (USA), Covestro AG (Germany), Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis AG (Austria) among others are the key players operating in the automotive plastics market for passenger cars.
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