Wilmington, Delaware , Oct. 17, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Automotive Plastics Market by Type (Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polystyrene (PS), Polyethylene (PE), Others), by Application (Dashboards, Engine Covers, Door Handles, Wheel Covers, Bumpers, Plug Connectors, Knobs and Fittings and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the automotive plastics market was valued at $30.4 billion in 2023, and is estimated to reach $51.1 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033. 

Prime determinants of growth 

The automotive plastics market has benefited from advancements in manufacturing processes and technologies. Improved injection molding, blow molding, and thermoforming techniques have enabled the production of complex and intricate plastic components with precise dimensions and enhanced surface finishes. These advancements have allowed automakers to incorporate plastic components in various applications, from exterior body panels and interior trim to under-the-hood components and safety systems, thereby expected to boost the demand for automotive plastics throughout the forecast period. 

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Report coverage & details: 

The polypropylene (PP) segment is expected to experience fastest growth throughout the forecast period. 

By type, the polypropylene (PP) segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Polypropylene (PP) is a thermoplastic polymer that has gained widespread use in the automotive industry due to its favorable properties and versatility. This material its excellent balance of mechanical properties, chemical resistance, and cost-effectiveness, making it an attractive choice for various automotive applications. 

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The bumper segment is expected to experience fastest growth throughout the forecast period. 

By application, bumper segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The bumper is a crucial component in modern vehicles, and the automotive plastics market has played a significant role in its evolution and widespread adoption. Plastics have largely replaced traditional materials such as steel and chrome in bumper manufacturing, offering numerous advantages in terms of cost, weight, and design flexibility. 

Asia-Pacific is expected to experience fastest growth throughout the forecast period 

Based on region, Asia-Pacific is the fastest growing region in terms of revenue in 2023. The use of automotive plastics in the Asia-Pacific region is integral to the automotive industry’s growth and sustainability. These materials offer numerous benefits such as weight reduction, cost efficiency, enhanced performance, and improved safety. As the region continues to evolve as a major hub for automotive manufacturing, the demand for automotive plastics is expected to rise, driven by technological advancements and increasing consumer expectations for quality and efficiency in vehicles. 

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Leading Market Players: – 

• Exxon Mobil Corporation. 

• Asahi Kasei Corporation. 

The report provides a detailed analysis of these key players in the global automotive plastics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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