Automotive Plastics Market Size, Share & Trends Analysis Report By Product (ABS, PP, PU, PVC, PE, PC, PMMA, PA), By Process (Injection Molding, Blow Molding, Thermoforming), By Application, By Regions, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the automotive plastics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for automotive plastics market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of automotive plastics market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Automotive Plastics Market Categorization:

The automotive plastics market was categorized into five segments, namely product (Acrylonitrile butadiene styrene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene, Polybutylene Terephthalate, Polycarbonate, Polymethyl methacrylate, Polyamide), process (Injection Molding, Blow Molding, Thermoforming), application (Powertrains, Electrical Components, Interior Furnishing, Exterior Furnishing, Under the hood, Chassis), vehicle type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles ) and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The automotive plastics market was segmented into product, process, vehicle type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The automotive plastics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; China; India; Japan; Southeast Asia; and Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Automotive plastics market companies & financials:

The automotive plastics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include: 

• Borealis AG - . The company has classified its businesses into polyolefin, base chemicals, and fertilizers. Polyolefin business caters to various end-use industries such as automotive, construction, consumer goods, energy, and medical while fertilizer business caters to the agriculture industry. Base chemicals business includes hydrocarbons for oil & gas and energy, melamine & carbonate, and nitrogen products. The company is engaged in manufacturing and supplying plastics such as polyethylene, polypropylene, polyolefin, and other plastic products.

• Dow Inc. - Founded in 2019 and located in Midland, U.S. The company operates through three segments, namely industrial intermediates & infrastructure; performance materials & coatings; and packaging & specialty plastics. The company caters its plastic products to various enduse industries such as consumer goods, healthcare, food & beverage, personal care, construction, life sciences, paints & coatings, and paper. The products offered under this segment find application in industries such as packaging, industrial infrastructure, and consumer goods. Specialty products segment offers electronics & imaging, industrial biosciences, nutrition & health, safety & construction, sustainable solutions, and transportation & advanced polymers and serves end-use industries including aerospace, automotive, electronics, defense, printing, energy, packaging, consumer goods, and construction.

• SABIC - The company has 9 manufacturing plants located in the U.S., Argentina, and Mexico in North & South America, 3 located in China, Japan, and South Korea in Asia Pacific; and 13 located in the UK, Germany, Italy, Belgium. The company is traded on the Saudi Arabia stock exchange, with a majority of the stock of the company owned by the Saudi Arabian government. The company operates through five major segments including polymers, chemicals, specialties, agrinutrients, and metals.

• Momentive Performance Materials, Inc. - The company is involved in the manufacturing of silicone & silicone derivatives and advanced materials. It delivers science-based solutions and sells & distributes specialty silicones, silanes, and urethane additives. The company caters its products to various industries including aerospace, automotive, agriculture, construction, consumer goods, electrical & electronics, medical, packaging, and oil & gas.

• Magna International, Inc. - The company is engaged in the designing, manufacturing, and developing of automotive systems, assemblies, modules, and components, and in assembling complete vehicles. It operates through four business segments, namely body exteriors & structure, seating systems, power & vision, and complete vehicles. Body exteriors & structure segment engaged in the designing and engineering of vehicle architecture to improve vehicle performance. Seating systems segment offers complete seats and foams & trims for the manufacturing of automotive seats.

• Adient plc - Founded in 2016, and located in U.S. Adient plc is a spin-off from Johnson Controls International plc. In the year 1985, Johnson Controls International plc entered the business of automotive seating after acquiring Hoover Universal. Adient plc is engaged in the manufacturing and supplying of automotive seating for passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The company’s product portfolio includes complete seats for passenger vehicles, commercial vehicle seats for light and heavy commercial vehicles, structure & mechanisms for the vehicle chassis, fabrics, foams, and trims for various interior applications in the automotive. The foams manufactured by the company are made of polyurethane material and are supplied to other seating system manufacturers who cater to end-use industries such as automotive, and consumer goods.

• Evonik Industries AG - Founded in 2007 and situated in Germany. The company operates through three business segments, namely nutrition & care, performance materials, and resource efficiency, and caters to various end-use industries including adhesives & sealants, agriculture, automotive, composites, construction, food, pharmaceutical, energy, paints & coatings, and tire & rubber.

•  Covestro AG - Covestro AG established in 2015 and situated in Leverkusen, Germany. The company has segmented its business into three categories: polycarbonates (PC), polyurethanes (PU), and adhesives & coatings. The company serves various end-use industries such as consumer goods, electrical & electronics, automotive, construction, healthcare, cosmetics, medical, wood & furniture, and packaging.

• BASF SE - BASF SE operates through six business segments, namely chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The products offered by the company find use in industries such as agriculture, construction, pharmaceuticals, energy & power, home care & nutrition, automotive & transportation, rubber & plastics, leather & textiles, and personal care & hygiene. The company has more than 355 manufacturing facilities in over 90 countries in regions including Europe, Asia Pacific, North America, Central America, South America, and the Middle East & Africa.

• Akzo Nobel N.V. - Established in 1994 and located in Amsterdam, Netherlands. The firm operates through three business segments including specialty chemicals, performance coatings, and decorative paints. The company is involved in manufacturing and marketing a wide range of chemicals. Key products offered by the company include functional chemicals, industrial chemicals, pulp & performance chemicals, powder coatings, and automotive & aerospace coatings.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Automotive Plastics Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Automotive Plastics Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.