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The plastics market for passenger cars industry size is estimated to grow at a CAGR of 10% between 2022 and 2027. The market size is forecast to increase by USD 22,024.22 million. The growth of the market depends on several factors such as the adoption of new or improved emission standards, the increasing government support to promote the adoption of EVs, and the increasing incorporation of electronics in passenger cars.
This plastics market for passenger cars industry report extensively covers market segmentation by application (interiors, exteriors, and others), material (polypropylene, polyurethane, polyvinyl chloride, and polyamide and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the global plastics market for passenger cars industry growth is the adoption of new or improved emission standards. Due to the enforcement of stringent laws by various government institutions globally, there is an increase in the use of lightweight materials, such as plastics, for various applications in passenger cars. For instance, there is a growing implementation of Euro 6 emission standards or their equivalent in several countries such as the US, the UK, China, and India.
Hence, the implementation of such emission standards is forcing automotive component manufacturers to comply with the adoption of technologies that align with these standards. As a result, these new stringent emission standards facilitate the use of new or advanced materials that enhance fuel efficiency. Hence, such factors are expected to drive the global plastics market for passenger cars industry growth during the forecast period.
A key factor shaping the global plastics market for passenger cars industry growth is the lightweight and fuel efficiency of automobiles like passenger cars. Several vendors in the automotive industry are emphasizing lightweight vehicles to enhance fuel efficiency and minimize emissions. As a result, many manufacturers are adopting the use of advanced plastics and composites in passenger cars for the reduction of vehicle weight without compromising safety and performance.
Furthermore, there is a growing shift in consumer preferences towards vehicles that offer better fuel efficiency and emit fewer pollutants due to the rising awareness of climate change and the need to reduce carbon emissions. Thus, manufacturers are catering to consumer preferences by incorporating lightweight materials and technologies to improve the fuel efficiency of their vehicles. Therefore, such factors are expected to drive the global plastics market for passenger cars industry growth during the forecast period.
Declining automotive production globally is one of the key challenges hindering the global plastics market for passenger cars industry growth. Factors that are hindering the market growth include semiconductor chip shortages, increasing input costs, rising commodity prices and rising fuel costs are negatively impacting the growth of automotive production globally.
Additionally, the rising popularity of ride-hailing and ride-sharing services across the world is also significantly contributing to the decline in passenger car sales, which in turn is declining automotive production. Furthermore, factors such as disruption in the supply chain and decline in demand from Russia and Ukraine with Ukraine being the leading supplier of neon gas further limited the manufacturing of automotive cars globally. Hence, such factors are expected to hinder the global plastics market for passenger cars industry growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Plastics Market for Passenger Cars Industry Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arkema Group: The company offers automotive plastics in the form of Arkema Polymers used for fitting, connectors, and emission control systems.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The interior segment is estimated to witness significant growth during the forecast period. Plastics are widely used in the interior parts of passenger car segments, thus OEMs are increasing their focus on the quality of the plastic used such as high thermal stability, scratch resistance, high strength, and aesthetics. Additionally, UV stability, good sound absorption, good color retention, and low emissions of volatile or harmful constituents are some of the other features which are crucial when deciding on plastic material by manufacturers.
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The interiors segment was the largest segment and was valued at USD 13,554.06 million in 2017. Some of the key interior areas where plastics are widely used in passenger car segments include instrument panel clusters, glove boxes, door panels, overhead consoles, center and fascia consoles, lower and back seat trims, folding tables, inner safety seat parts, and speaker consoles. As the automotive market is an extremely competitive one with several players, several manufacturers are differentiating their products by offering better value for the price that customers pay than their competitors by increasing the number of components which improves the convenience and comfort of passenger car occupants. Hence such an increase in the number of components in passenger cars will increase the demand for plastics which in turn is expected to drive the global plastics market for passenger cars industry growth during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the global plastics market for the passenger cars industry is due to the factors such as to the high demand for automobiles in countries such as China, Japan, South Korea, India, and Thailand. China is one of the prominent markets in terms of regional automotive production and sales, followed by Japan. Furthermore, there is an increasing demand for the luxury car segment in several APAC such as China, Japan, and South Korea which is expected to significantly contribute to the high demand for plastics in this region. Factors such as stringent regulatory norms on vehicular emissions and the increase in the adoption of EVs are expected to boost the demand for plastics which in turn will drive the global plastics market for passenger cars industry growth during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global plastics market for the passenger cars industry witnessed a significant slowdown due to the decline in demand for passenger vehicles in several APAC countries such as China, India, and Japan. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The plastics market for passenger cars industry report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Plastics Market For Passenger Cars Industry Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10% |
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Market growth 2023-2027 |
USD 22,024.22 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.3 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arkema Group, BASF SE, Borealis AG, Celanese Corp., Covestro AG, Daicel Corp., Dow Chemical Co., DuPont de Nemours Inc., Evonik Industries AG, Hexion Inc., Koninklijke DSM NV, LG Chem Ltd., Nissan Motor Co. Ltd., Saudi Basic Industries Corp., SGL Carbon SE, Solvay SA, Sumitomo Corp., Teijin Ltd., Toray Industries Inc., and LyondellBasell Industries N.V. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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