The global automotive plastics market size for passenger cars is projected 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 passenger car production and the increasing utilization of automotive plastics in vehicle designs. Plastics offer a maximum weight reduction of automobiles, which in turn reduces carbon emissions. There is a growing demand for automotive plastics products from developing economies.
The introduction of EVs has resulted in a technological revolution in the automotive industry. These vehicles have superior performance to their internal combustion counterparts. Factors such as increase in environmental awareness, government support and incentives, and investments by OEMs have paved the way for EVs. Leading automotive players such as Volkswagen, BMW, Tesla Motors, Ford, General Motors, and Toyota have ventured into the electric vehicle segment. EVs are more efficient, energy independent, and better than gas alternatives. Since EVs have low-power engines, they use lightweight materials that drive the engine’s pulling capacity. Therefore, the increasing demand for EVs provides an opportunity for the growth of the automotive plastics market.
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Electric cars are solely dependent on the lighter parts to improve their driving range as the electrified powertrains enable the exertion of kinetic energy, which decreases the weight reduction. Companies like Volvo have their R&D working on plastics materials that store and discharge electric energy. The plastics are strong and light in weight and enough for the vehicle’s structural components and body panels. The growth of EVs has improved drastically 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 cars vehicle type segment during the forecasted period.
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 owing to the increasing passenger vehicle production in China and India. The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries. In terms of geography, Asia has the highest production of electric vehicles, making it the largest market for plastic for EVs. Such 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 (US), 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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