According to a new report, published by KBV research, The Global Automotive Plastics Market size is expected to reach $39.9 billion by 2030, rising at a market growth of 5.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 14,844.4 Kilo Tonnes, experiencing a growth of 3.4% (2019-2022).
The Blow Molding segment is experiencing a CAGR of 5.4% during (2023 - 2030). Blow molding produces seamless and leak-proof containers, making it suitable for manufacturing fluid reservoirs, fuel tanks, and other automotive containers. The absence of seams enhances the durability and safety of these components. Blow molding is amenable to automation, leading to reduced labor costs and increased consistency in product quality. Automation in the process enhances efficiency and reliability in large-scale production. Blow molding can accommodate the production of multilayer structures, enabling the incorporation of barrier layers for enhanced properties such as UV resistance, gas permeability, and chemical resistance.
The Interior Furnishings segment is leading the Global Automotive Plastics Market by Application in 2022; thereby, achieving a market value of $16.4 billion by 2030. Plastics are employed for interior trim components, including trim panels, pillars, and decorative accents. Plastics offer design flexibility, allowing for the creation of aesthetically pleasing and customized interior designs. Plastics contribute to the lightweight and durable nature of these components. Plastics are utilized to fabricate storage compartments, including door pockets, glove boxes, and center console storage. Plastics provides a cost-effective and customizable solution for interior organizations.
The Polyurethane (PU) segment is registering a CAGR of 3.7% during (2023 - 2030). PU exhibits excellent strength and durability, making it suitable for various automotive applications where structural integrity is crucial. It provides a balance of strength and weight savings, extending the longevity of vehicle components. Polyurethane has excellent damping properties, absorbing vibrations and reducing noise within the vehicle cabin. This makes it an ideal material for applications such as interior panels, seats, and other components that contribute to a quieter and more comfortable driving experience.
Full Report: https://www.kbvresearch.com/automotive-plastics-market/
The Asia Pacific market dominated the Global Automotive Plastics Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $18.8 billion by 2030. The Europe market is poised to grow a CAGR of 4.4% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 4.9% during (2023 - 2030).
By Process (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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