Plastics Market for Passenger Cars Industry Market size is set to grow by USD 22.02 billion from 2023-2027, Adoption of new or improved emission standards boost the market, Technavio

NEW YORK, April 10, 2024 /PRNewswire/ -- The global plastics market for passenger cars industry market size is estimated to grow by USD 22024.22 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of about 10% during the forecast period. The plastics market for passenger cars is driven by the enforcement of stringent emission norms, leading to the use of lightweight materials like plastics. In major markets such as the US, UK, China, and India, Euro 6 standards or equivalents are being implemented. On-road vehicles contribute significantly to particulate matter and nitrogen oxide emissions. Plastics are utilized in various applications, including packaging, automotive, and construction industries, due to their lightweight, cost-effective, and mechanical properties. Key players include Iber Resinas and CirculenRenew polymer providers. 

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Segment Overview 

This plastics market for passenger cars industry market report extensively covers market segmentation by Application (Interiors, Exteriors, Others) Material (Polypropylene, Polyurethane, Polyvinyl chloride, Polyamide and others) Geography (APAC, North America, Europe, South America, Middle East and Africa)

Market segmentation by Application

The global plastics market for the passenger cars industry is driven by the use of various types of plastics, including glass fiber reinforced polymers, metals, wood, natural rubber, and plastic resins. Polystyrene (PS), Polyethylene (PE), Polypropylene (PP), Polybutylene terephthalate (PBT), Polyphenylene oxide (PPO), Polyurethane (PU), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), Polycarbonate (PC), Polysulfone (PSU), Polyamide (PA), and Polyphenylsulfone (PPSU) are commonly used plastic resins. Automotive parts such as front and rear bumpers, chemical tanks, cable insulations, and carpet fibers are made from these plastics. ExxonMobil's impact copolymer (ICP) polypropylene resins are used in vehicle exteriors, interiors, and under-the-hood components. Plastics also find applications in toys, industrial components, and packaging sectors. The use of plastics in the automotive industry contributes to reducing carbon emissions by replacing heavy metals. However, petrochemical prices and crude oil prices impact the production costs of plastic resins. Technological advancements in injection molding, thermoforming, and blow molding enable the mass production of plastics for various applications. The packaging sector is the largest consumer of plastics, followed by the building & construction industry. The use of bioplastics derived from renewable sources such as corn starch, vegetable oil, food waste, and sawdust is increasing due to environmental concerns. The future of the plastics market lies in the development of recyclable products and the integration of technological advancements to enhance the properties of polymers.

Geography Overview

The Plastics Market for Passenger Cars in APAC is driven by the automotive industry's high production and sales in countries like China, Japan, and South Korea. Advanced plastics, including Polysulfone (PSU), Polyamide (PA), and Polyphenylsulfone (PPSU), are in demand for luxury car cabins. Emerging markets like India and Southeast Asia are expected to contribute to market growth. The plastics industry utilizes various polymers such as Polypropylene, PET, and bioplastics derived from renewable sources like corn starch, vegetable oil, and food waste. Technological advancements in injection molding, thermoforming, and blow molding enable the production of lightweight, cost-effective, and metal-substituting automotive parts. The packaging sector also benefits from plastics, while the building & construction industry uses plastics for insulation and structural components. Plastics' use extends to non-automotive applications such as toys, industrial components, and even spacecraft. Factors like carbon emissions, petrochemical prices, and crude oil prices impact the plastics market. During the pandemic, plastics have been essential in producing face masks, goggles, shields, gloves, respirators, and gowns. 

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• The passenger cars industry prioritizes lightweighting through plastics and composites, driven by consumer demand for fuel efficiency and reduced emissions. Advanced engineering plastics, such as PBT, PPO, PU, and PET, replace heavier materials like metal, glass, and wood. Cost-effective and circular polymers, like Iber Resinas' CirculenRenew polymer, enhance sustainability. Key plastics include PS, PE, PP, and PVC.
• The passenger cars industry relies on plastics for advanced features, connectivity, and safety systems. Complex designs increase tooling complexity and cost, with specialized processes required for intricate parts. Key plastics include PS, PE, PP, PBT, PPO, PU, PVC, PET, PC, PSU, PA, PPSU, and PET in sectors like automotive, toys, industrial components, and packaging. Challenges include high initial investment, long lead times, and carbon emissions from petrochemicals. Injection molding, thermoforming, and blow molding are common manufacturing processes. Renewable sources like corn starch, vegetable oil, food waste, and sawdust are emerging alternatives.

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Research Analysis

The Plastics Market for the Passenger Cars Industry is experiencing significant growth due to the increasing demand for lightweight and fuel-efficient vehicles. Metals, Glass, and Wood continue to be traditional materials used in automobile manufacturing. However, the shift towards Plastics, including Plastic Resins such as Polystyrene (PS), Polyethylene (PE), Polypropylene (PP), Polybutylene terephthalate (PBT), Polyphenylene oxide (PPO), Polyurethane (PU), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), Polycarbonate (PC), Polysulfone (PSU), Polyamide (PA), and Polyphenylsulfone (PPSU), is on the rise. These materials offer advantages such as reduced weight, improved durability, and enhanced design flexibility. The automotive industry is also exploring renewable sources like bioplastics derived from corn starch, vegetable oil, and food waste, as well as sawdust, to reduce reliance on petroleum and natural gas. The future of the Plastics Market in the Passenger Cars Industry looks promising, with continued innovation and sustainability at its core.

Market Research Overview

The Plastics Market holds a significant role in the Passenger Cars Industry. Polyethylene, Polypropylene, Polystyrene, and Polyurethane are the primary types of plastics used in passenger car manufacturing. These plastics offer benefits such as lightweight, durability, and resistance to various environmental conditions. Polybutylene and Polyvinyl Chloride are also used in passenger cars for various applications, including fuel and cooling systems. The use of plastics in passenger cars is increasing due to their cost-effectiveness and improved performance. The market for plastics in passenger cars is driven by factors such as increasing demand for fuel-efficient vehicles, stringent regulations on vehicle emissions, and the growing trend towards electric and hybrid vehicles. The market is expected to grow at a CAGR of 5% during the forecast period. The major players in the Plastics Market for Passenger Cars include BASF SE, SABIC, LG Chem, and Covestro AG. These companies are investing in research and development to produce advanced plastics for passenger cars, offering improved performance and sustainability. In conclusion, the Plastics Market plays a crucial role in the Passenger Cars Industry, offering lightweight, durable, and cost-effective solutions for vehicle manufacturing. The market is expected to grow at a steady pace due to increasing demand for fuel-efficient and environmentally-friendly vehicles.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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