The automotive plastics market for passenger cars is projected to grow from USD 28.20 billion in 2018 to USD 47.33 billion by 2023, at a CAGR of 10.9% from 2018 to 2023. Stringent government regulations regarding greenhouse gas emissions have triggered the development of lightweight components for various automobiles, which has, in turn, increased the demand for automotive plastics in passenger cars. The use of automotive plastics also helps in terms of aerodynamics and body design, thus improving the vehicle’s aesthetics.
Based on product type, the automotive plastics market for passenger cars has been segmented into polypropylene, polyurethane, polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), high-density polyethylene (HDPE), polycarbonate, polyamide, polybutylene terephthalate (PBT), and others, such as poly(methyl methacrylate) (PMMA), polyethylene terephthalate (PET), and acrylonitrile styrene acrylate (ASA). The polyamide segment is projected to grow at the highest CAGR during the forecast period, in terms of value. The increasing demand for polyamide is attributed to its excellent strength and toughness when exposed to hot and automotive fluids. Polyamide is being increasingly used in passenger cars for various applications, such as thermal and transmission management.
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Based on application, the automotive plastics market for passenger cars has been segmented into interior, exterior, and under bonnet. The under bonnet segment is projected to grow at the highest CAGR between 2018 and 2023, in terms of value and volume, owing to the natural insulating properties of plastics for high-temperature application in the under bonnet components. Plastics are being used in various under bonnet components, such as brackets, shrouds, pipes, and duct works.
The Asia Pacific region is projected to lead the automotive plastics market for passenger cars during the forecast period. The increasing demand for automotive plastics for passenger cars can be attributed to the growing automotive industry in the region. Globally, the Thailand automotive plastics market for passenger cars is projected to grow at the highest CAGR during the forecast period, in terms of value. In Asia Pacific, the demand for automotive plastics has been increasing due to ongoing urbanization and industrialization in the region. Vehicle production is also growing at a brisk rate due to the presence of major automotive players in the region, such as Honda, Toyota, Hyundai, and Nissan, which, in turn, boost the growth of the Asia Pacific automotive plastics market for passenger cars.
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