Study: more demand for plastics for automobiles

Study: more demand for plastics for automobiles

10.05.2023

U.S. consulting firm Grand View Research expects demand for plastics in vehicle manufacturing to grow rapidly.

 

According to a recently presented study, the market for plastics in this sector will grow from just under 30 billion US dollars at present to more than 44 billion US dollars by 2030. That would represent annual growth of about 5 percent, according to Grand View Research. Typically, an average car is made up of 5.8 to 10 percent plastics, according to the study, and plastic consumption exceeds 110 to 120 kilograms. The authors of the study see the main driver for the increased use of plastics primarily in the increasing efforts to reduce vehicle weight and thus cut emissions. The experts expect demand for polyurethane (PUR) in particular to rise sharply, as this material is used in insulation, interior trim and seat upholstery. At present, polypropylene (PP) is the most frequently used plastic in the automotive industry, accounting for around one third of the total, they said. After Asia-Pacific, which accounted for 46 percent of sales, Europe was the second-largest market for automotive plastics in 2022, accounting for more than 31 percent, it said. Automakers in Europe used high-performance plastics due to their light weight and energy efficiency. The shift from diesel to electric engines in the region is expected to further boost demand for plastics by 2030, is added. The European Association of Automotive Suppliers Clepa, on the other hand, does not share the U.S. consultants' optimism: on the contrary, about a quarter of the companies organized in the association would have made losses in 2022 last year, KI reports, citing a Clepa spokeswoman. Growth in components important for electric mobility applications has so far fallen short of expectations, the spokeswoman said.

 
Further information: www.grandviewresearch.com, www.clepa.eu
 

Sources:

  • Kunststoff Information (May 5, 2023)
  • grandviewrerearch.com
  • Photo: © unsplash.com, J.Z.

Go back