The global automotive plastics market for passenger cars size is projected to grow from USD 21.1 billion in 2021 and is projected to reach USD 30.8 billion by 2026, at a CAGR of 7.9%. The demand for automotive plastics is mainly driven by the increase in passenger car production and the increasing utilization of automotive plastics in vehicle designs. Plastics offer a maximum weight reduction of automobiles, which in turn reduces carbon emissions. These could be the major reasons propelling the market.
The shift towards the use of bioplastics in vehicle production, the use of anti-microbial plastics and additives, the use of composites and PMMA, and the growing trend of vehicle electrification has increased the demand for automotive plastics across the globe. The development of 3D printing technology is expected to act as a new opportunity for the automotive plastics market for passenger cars to grow. However, the high cost of capital and infrastructure for re-engineering plastics is expected to hinder the market growth during the forecasted period.
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By vehicle type, the electric car segment is estimated to be the fastest-growing segment. The production of electric cars is expected to grow in countries such as China, India, France, Germany, and the US due to attractive government policies and stringent emission standards. Thus, with growing sales, and production, use of plastics for an electric car are expected to grow significantly by 2026. The growing trend of vehicle electrification is expected to drive the demand for plastics in electric cars.
Asia Pacific, Europe, and North America are significant regional markets for automotive plastics market for passenger cars. Asia Pacific is the fastest-growing market for automotive plastics used in passenger cars. The automotive industry in APAC has been dynamic over the past few years and has witnessed an increase in the annual production and sales of vehicles. The fastest growth is attributed to the high growth in the economies of countries such as China, South Korea, Japan, and India, which in turn, led to the growth of the automotive industry in the region. These countries are the leading producer of passenger cars globally and is expected to continue their dominance in the coming years. The increased vehicle production in these countries caters to domestic as well as global demand. This is expected to drive the market for automotive plastics for passenger cars in the country.
