The report "Automotive Plastics Market for Passenger Cars by Product Type (PP, PU, PVC, PA), Application (Interior, Exterior, Under Bonnet), Vehicle Type (Conventional Cars, Electric Cars), and Geography - Global Forecast to 2026", The global automotive plastics market size for passenger cars is projected to grow from USD 21.1 billion in 2021 to USD 30.8 billion by 2026, at a CAGR of 7.9% during the forecast period 2021 to 2026. The demand for automotive plastics is mainly driven by 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. There is a growing demand for automotive plastics products from developing economies.
By product type, the PU segment accounted for the largest market share in 2020. PU has various properties such as high stiffness, strength, dimensional stability, high temperature, and abrasion resistance, and low friction characteristics, along with chemical, flame, abrasion, creep, and fatigue resistance, which makes it one of the majorly used plastics. Polyurethanes (PU) are utilized in passenger cars for seat foams, carpet backing, seat overlays, head & armrests, airbag covers, and acoustic insulations. The largest share of PU in terms of value can be attributed to its high cost as compared to other plastics such as PP, PVC, HDPE, among others.
BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings BV (Netherlands), LG Chem (South Korea), DuPont (US), Covestro AG (Germany), Evonik Industries AG (Germany), Solvay (Belgium), Arkema SA (France), Borealis AG (Austria), among others are the key players operating in the automotive plastics market for passenger cars.
