Automotive Plastics Industry Overview

The global automotive plastics market size was estimated at USD 30.44 billion in 2023 and is anticipated to grow a compound annual growth rate (CAGR) of 5.6% from 2024 to 2030.

The expansion of the market is being fueled by the increasing demand for lightweight materials in vehicle manufacturing, driven by the pursuit of enhanced fuel efficiency and reduced emissions. Growing awareness of environmental sustainability is a key trend, pushing automakers toward eco-friendly and recyclable plastic solutions. Additionally, advancements in polymer technology and a rising focus on interior aesthetics are expected to contribute to the projected growth of the market.

Gather more insights about the market drivers, restrains and growth of the Automotive Plastics Market

The rapidly evolving automotive industry in China is driving the demand for automotive plastics, as manufacturers strive to comply with environmental standards and governmental regulations pertaining to vehicle weight and emission levels. Plastics are increasingly being utilized in vehicles to reduce weight, promote fuel savings, and enhance efficiency.

The market in China is also poised to benefit from the government's substantial subsidies to manufacturers and favorable discounts and incentives for customers who purchase electric cars. This trend is particularly promising, given the rising popularity of electric vehicles and their potential to revolutionize the automotive industry.

China is extremely rich in resources, such as petrochemical reserves, and is characterized by the availability of highly skilled labor. Major automotive plastics players are shifting their manufacturing facilities to China on account of rising demand for the product coupled with a favorable business environment.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

• The global wood pallets market size was estimated to be USD 13.12 billion in 2023, growing at a CAGR of 4.5% from 2024 to 2030. 
• The global food wrap market size was estimated at USD 5.15 billion in 2023 and is projected to grow at a CAGR of 7.5% from 2024 to 2030. 

Automotive Plastics Market Segmentation

Grand View Research has segmented the global automotive plastics market report based on product, function, application and region:

Automotive Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Acrylonitrile butadiene styrene (ABS)
• Polypropylene (PP)
• Polyurethane (PU)
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
• Polybutylene Terephthalate (PBT)
• Polycarbonate (PC)
• Polymethyl methacrylate (PMMA)
• Polyamide (Nylon 6, Nylon 66)
• Others

Automotive Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Injection Molding
• Blow Molding
• Thermoforming
• Others

Automotive Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Powertrains
• Electrical Components
• Interior Furnishing
• Exterior Furnishing
• Under the hood
• Chassis

Automotive Plastics Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Passenger Cars
• Light Commercial Vehicles
• Medium & Heavy Commercial Vehicles

Automotive Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Southeast Asia
• Central & South America
  • Brazil
• Middle East & Africa

Key Companies profiled:

• Akzo Nobel N.V.
• BASF SE
• Covestro AG
• Evonik Industries AG
• Adient plc
• Magna International, Inc.
• Momentive Performance Materials, Inc.
• SABIC
• Dow, Inc.
• Borealis AG
• Hanwha Azdel Inc.
• Grupo Antolin
• Lear Corporation
• Owens Corning

Recent Developments

• In June 2023, Borealis AG acquired Rialti S.p.A., a leading polypropylene (PP) compounding company specializing in recyclates in the Varese region of Italy. This strategic move enhances Borealis' position by adding substantial expertise and production capacity to its PP compounding business. The acquisition specifically emphasizes expanding the volume of PP compounds derived from mechanical recyclates. The increased capacity is expected to fortify Borealis' specialized and circular portfolios. This enables the company to respond effectively to growing market demands for an extensive array of sustainable and high-performance solutions.
• In May 2023,Lear, a leading automotive technology company, intends to establish a connection systems facility in Morocco dedicated to producing components for automakers, suppliers, and its E-systems and seating units.
• In November 2022,Covestro AG and HASCO Vision partnered to recycle post-industrial plastics. Covestro collects used plastics from HASCO's production facilities, transforms them into high-quality post-industrial recycled polycarbonates and polycarbonate blends, and then provides them to HASCO to manufacture new automotive components.

Order a free sample PDF of the Automotive Plastics Market Intelligence Study, published by Grand View Research.