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Automotive Plastics Market Size 2024

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The global automotive plastics market is projected to go beyond 18 million tons by the end of the forecast period (2016-2024)
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Automotive Plastics Market Share, Size, Analysis, Growth, Trends
and Forecasts to 2024 | Hexa Research
" The global automotive plastics market is projected
to go beyond 18 million tons by the end of the
forecast period (2016-2024). Expanding at a healthy
CAGR of over 13.5% during the forecast period "
The global Automotive Plastics Market is poised to exceed USD 66 billion by 2024. The market is anticipated to
grow at a healthy CAGR of over 13.5% from 2016-2024 (forecast period). Demand for interior & exterior
furnishings & power train applications can fuel the global market in the forthcoming years.
Alloys & metals are increasingly being substituted with plastics in automobile parts. This leads to enhanced
component performance & chemical corrosion resistance owing to reduced vehicular weight. Greater focus on
emission control and on the reduction of vehicle weight will fuel market demand during the forecast peri od.
Other market drivers are enhanced vehicle designs and demand for automobiles. The automotive market has
been witnessing a growing trend towards vehicular weight reduction for enhanced fuel efficiency.
Besides reducing the weight of vehicles, these compounds are employed to enhance aesthetics, reduce
vibrations, and decrease noise & cabin insulation. However, high costs of raw materials and substantial
investments could hinder market growth. Most automotive plastic products are derived from petrochemical s.
The availability of crude oil determines the supply of petrochemicals. The non-recyclable nature of automotive
plastics can impede market progress.
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The global automotive plastics market is categorized into products, applications, and regions. Products include
polyethylene, acrylonitrile butadiene styrene (ABS), polyurethane, polypropylene, polyvinyl chloride (PVC),
polycarbonate, polyamide, and polymethyl methacrylate (PMMA). Polypropylene led the market in 2014 with a
revenue exceeding USD 5 billion. Engineering metals & plastics are increasingly being replaced by PP -based
materials in the production of automobile parts. This leads not only to vehicular weight reductions but also to
significant costs savings. Polypropylene and polyethylene foams are commonly used for vibration and noise
dampening & thermal solidity.
PMMA holds a smaller market share. However, this segment may witness substantial growth in the for ecast
period. This owes to the widespread application of PMMA in automobile light covers, windows, trims, and
glazing. It is also used as a replacement for glass.
Based on applications, the automotive plastics market is divided into electrical components, power train, under
the hood, interior & exterior furnishings, and chassis. In 2014, electrical components held the largest share and
surpassed USD 6 billion. Interior & exterior applications held a share of over 32% in 2014 and can grow at a
CAGR of over 9% during the forecast period. Bumper systems, fascia systems, body & light panels, and steering
wheels are the key components that use automotive plastics. ‘Power trains’ is anticipated to be the fastest
growing segment and may register a CAGR of over 10% during the next eight years.
Based on regions, the global automotive plastics market is segmented into Asia Pacific, Europe, North America,
and Rest of the World. The Asia-Pacific automotive plastics market dominated the industry in 2014. In terms of
revenue, the region reported USD 9.5 billion during the same year. The shift of automotive manufacturing units
to countries, such as India, China, Thailand, and Indonesia propels the Asia Pacific market. Demand is attributed
to supportive government initiatives and the availability of cheap labor. Central & South America could grow at
a decent CAGR of over 10.5% from 2016 to 2024. Major companies operating in the industry are Johnson
Controls, The Dow Chemical Company, Akzo Nobel N. V., Delphi Automotive PLC, and Evonik Industries A. G.
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Table of Content of Automotive Plastics Market
1. Methodology & Scope
1.1 Research Methodology
1.1 Initial Data Exploration
1.2 Statistical Modeling and Forecast
1.3 Industry Insights and Validation
1.2 Research Scope & Assumptions
1.3 List of Data Sources
2. Executive Summary
2.1 Industry Summary of Automotive Plastics Market
3. Industry Outlook
3.1 Automotive Plastics Market Segmentation
3.2 Automotive Plastics Market Size and Growth Prospects
3.3 Automotive Plastics Market Dynamics
3.4 Key Opportunities Prioritized
3.5 Industry Analysis - Porter's
3.6 Market Share Analysis
3.7 Market PESTEL Analysis, 2016
4. Application Framework
4.1 Automotive Plastics Market share by application, 2016 & 2024
5. Regional Outlook
5.1 North America
5.2 Europe
5.3 Asia Pacific
5.4 Latin America
5.5 MEA (Middle East and Africa)
5.6 RoW (Rest of the World)
6. Competitive Landscape
6.1 Johnson Controls
6.1.1 Company Overview
6.1.2 Revenue Analysis
6.1.3 Product Benchmarking
6.1.4 Strategic Initiatives
6.2 The Dow Chemical Company
6.2.1 Company Overview
6.2.2 Revenue Analysis
6.2.3 Product Benchmarking
6.2.4 Strategic Initiatives
6.3 Akzo Nobel N. V.
6.3.1 Company Overview
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6.3.2 Revenue Analysis
6.3.3 Product Benchmarking
6.3.4 Strategic Initiatives
6.4 Delphi Automotive PLC
6.4.1 Company Overview
6.4.2 Revenue Analysis
6.4.3 Product Benchmarking
6.4.4 Strategic Initiatives
6.5 Evonik Industries A. G.
6.5.1 Company Overview
6.5.2 Revenue Analysis
6.5.3 Product Benchmarking
6.5.4 Strategic Initiatives
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and
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the form of industry reports which help our clients obtain clarity about their business environ ment and enable
them to undertake strategic growth initiatives.
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