Market Size of Asia-Pacific Automotive Plastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 9.26 Million tons |
| Market Volume (2029) | 11.88 Million tons |
| CAGR (2024 - 2029) | 5.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Automotive Plastics Market Analysis
The Asia-Pacific Automotive Plastics Market size is estimated at 9.26 Million tons in 2024, and is expected to reach 11.88 Million tons by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
The COVID-19 pandemic has affected the automotive plastics market negatively. Due to the lockdown and restrictions, the supply of raw materials was disrupted leading to a negative impact on the manufacturing activities in the region. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- The increasing demand for lightweight materials and increasing polypropylene applications in vehicles are the major factors driving the growth of the market studied.
- However, challenges associated with plastic recycling are likely to restrain the growth of the studied market.
- Nevertheless, an increase in market penetration of electric vehicles is likely to create lucrative growth opportunities for the studied market.
- China represents the largest market over the forecast period due to the increasing demand for electric vehicles.
