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What Is the Current Market Size and Growth Rate of the Exterior Automotive Plastics Market?
The exterior automotive plastics market size has grown strongly in recent years. It will grow from $12.7 billion in 2024 to $13.34 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to the industrialization of livestock farming, animal health and productivity, fluctuations in feed ingredient prices, globalization of livestock production, nutritional awareness, and regulatory support.
The exterior automotive plastics market size is expected to see strong growth in the next few years. It will grow to $17.08 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising demand for aquaculture feed, alternative protein sources, biosecurity concerns, the impact of climate change, and growing demand for animal protein. Major trends in the forecast period include technological advancements in feed formulation, traceability and transparency, integration of digital technologies, innovations in feed additives, and sustainable sourcing.
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Which Factors Are Driving Growth in the Exterior Automotive Plastics Market?
Rising demand from the automotive industry is expected to propel the growth of the exterior automotive plastics market going forward. The automotive industry refers to the industry that comprises the sales and production of various vehicles, such as passenger vehicles, hybrid vehicles, and motorcycles. Exterior automotive plastics play a significant role in the automotive industry, as they are used in the production of many parts of a vehicle's exterior, including body panels, bumpers, grilles, mirrors, and trim. These plastics are often preferred over traditional materials, such as steel or aluminum because they are lighter, more durable, and more resistant to corrosion. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based trade association, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Therefore, the rising demand from the automotive industry drives the exterior automotive plastics market.
What Are the Core Segments Shaping the Exterior Automotive Plastics Market Landscape?
The exterior automotive plastics market covered in this report is segmented –
1) By Type: Thermoplastic polymers, Composites, Bioplastics
2) By Vehicle Type: Passenger Cars, Commercial Vehicles, Other Vehicle Types
3) By Material: Polyurethane, Polycarbonate, Polypropylene, Polyethylene, Polyamide, Polyvinyl Chloride, Other Materials
4) By Application: Bumpers and Grills, Roof, Lights, Liftgate, Other Applications
Subsegments:
1) By Thermoplastic Polymers: Polypropylene (PP), Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Polycarbonate (PC), Polyamide (Nylon)
2) By Composites: Glass Fiber Reinforced Plastics (GFRP), Carbon Fiber Reinforced Plastics (CFRP), Natural Fiber Reinforced Plastics
3) By Bioplastics: Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Starch-Based Plastics
What Are the Top Trends Expected to Shape the Exterior Automotive Plastics Market by 2029?
The adoption of sustainable products is a key trend gaining popularity in the exterior automotive plastics market. Companies operating in the exterior automotive plastics market are adopting sustainable products to sustain their position in the market. For instance, in February 2024, AkzoNobel NV, a Netherland-based provider of paints, coatings, and specialty chemicals, launched a 2K solvent-borne primer in conductive and dark grey specifically designed for automotive OEM exterior plastic components, which often pose adhesion difficulties for clients. The low polarity of plastics such as polypropylene results in low surface energy and inadequate adhesion, complicating the coating process for parts such as bumpers, rocker panels, and contrasting features.
Which Are the Top Companies in the Exterior Automotive Plastics Market?
Major companies operating in the exterior automotive plastics market include Arkema S.A., BASF SE, Borealis AG, DuPont de Nemours Inc., Royal DSM N.V., Evonic Industries AG, ExxonMobil Corporation, Lanxess, LyondellBasell Industries N.V., Convestro AG, Saudi Arabia's Basic Industries Corporation, Celanese Corporation, Salem Industrial Plastics, Lear Corporation, Magna International Inc., Trinseo S.A., Adient plc, Flex-N-Gate Corporation, Solvay S.A., Teijin Limited, DSM Engineering Plastics, LG Chem Ltd., Kuraray Co. Ltd., Toyoda Gosei Co. Ltd., Sumitomo Chemical Company Limited, Asahi Kasei Corporation, Kautex Textron GmbH & Co. KG, Ravago Group, Plastic Omnium Group, Hanwha Advanced Materials Corp.
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Which Regions Are Driving the Most Demand in the Exterior Automotive Plastics Market?
Asia-Pacific was the largest region in the exterior automotive plastics market in 2024. The regions covered in the exterior automotive plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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