Plastic Component Market

The global Plastic Component Market is valued at USD 540.1 Billion in 2024 and is projected to reach a value of USD 1079.3 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 6.5% between 2025 and 2035.

Plastic components are made from synthetic or semi-synthetic organic materials that are flexible and can be shaped into solid forms. These components play an integral role in daily life, offering significant advantages to society. Their affordability, ease of production, adaptability, and water resistance make them indispensable across a wide array of industries and applications.

Key Highlights

• Based on the Type of Plastic, the Polypropylene (PP) category accounted for significant market share of 30.3% in Plastic Component market industry in 2024
• In 2024, by Applications, Automotive dominated the Plastic Component market with significant market share of 40.1%
• Asia Pacific dominated the Plastic Component market industry with 38.5% Plastic Component market share in 2024
• North America region is anticipated to grow at the highest CAGR of 18.9% during the forecast period in Plastic Component market industry

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Type of Plastic Overview

​The Type of Plastic segment is divided into Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Engineering Plastics. The Polypropylene (PP) segment held the significant Plastic Component market size in 2024.

The Polypropylene (PP) led the Plastic Component market industry in 2024, capturing over significant revenue emerging as one of the most widely used materials across various applications. Because of Polypropylene (PP) flexibility, resilience to corrosion and chemicals, durability, and low weight, it is becoming more popular. The automobile industry favors polypropylene for parts like dashboards, engine covers, battery boxes, door panels, bumpers, and interior trimmings because it is easily molded into complex designs without sacrificing structural integrity. It is also perfect for chemical storage and pharmaceutical packaging because to its exceptional resistance to chemicals and moisture.

The Acrylonitrile Butadiene Styrene (ABS) segment is projected to experience significant growth in the Plastic Component market during the forecast period. ABS is favored for its durability, moldability, insulating properties, resistance to corrosion, cost-efficiency, and ease of manufacturing. Common applications of ABS include pipes, fittings, keyboard keys, 3D printing materials, vacuum parts, and refrigeration components. It is also a widely used thermoplastic polymer for injection molding, with automotive applications such as steering wheels, wheel covers, and dashboards. For instance, in July 2023, Arburg, a German manufacturer of injection molding machines, expanded its global presence by opening a new subsidiary in Ho Chi Minh City, Vietnam. This addition brings Arburgs total to 36 subsidiaries across 26 countries worldwide.

Application Overview

​The Application segment is divided into Automotive, Consumer Goods, Electronics, Packaging, Healthcare, Others. The Automotive segment held the dominant share in 2024, accounting for significant Plastic Component industry share of 40.1%.

Automotive held the largest market share in the global Plastic Component industry in 2024 driven by the growing use of plastics in vehicle manufacturing. Plastics have become essential materials in automotive design due to their lightweight properties, which enhance fuel efficiency. Modern heavy-duty vehicles like excavators, loaders, tractors, harvesters, buses, and trucks incorporate significant plastic content in both interior and exterior components. Approximately one-third of the 30,000 parts in an average vehicle are made from plastic, including fenders, dashboards, carburetors, bumpers, splash guards, engine covers, handles, seating, interior panels, and cable insulation. Advancements in plastic technology have introduced eco-friendly and lightweight materials, further boosting their use in the growing production of electric and heavy-duty vehicles. Notably, China set a new record in August 2024 by selling over 1 million EVs, surpassing the previous record from December 2023 by 70,000 vehicles.

The electronics segment is expected to witness rapid growth in the Plastic Component market due to the increasing adoption of plastics in electronics manufacturing. Because of their low weight, strength, affordability, ability to insulate against heat and electricity, and versatility in design, plastics are highly prized in the electronics sector. Switches, connectors, LEDs, wire and cable coatings, and semiconductors are instances of common applications. According to the Ministry of Electronics & IT, Government of India, the electronics hardware industry is the fastest-growing globally, with applications spanning all sectors of the economy. For instance, in July 2024, Siemens Smart Infrastructure and BASF introduced the first electrical safety product featuring components made from biomass-balanced plastics, showcasing the industrys shift toward sustainable materials.

Regional Overview

In 2024, the Plastic Component market size of the Asia Pacific is USD 207.9 Billion.

Asia Pacific Plastic Component industry report is driven by the presence of major market players, rapid urbanization, improving economic conditions, and increasing demand across various sectors. Key factors for Plastic Component market includes the rising need for medical devices, growing demand from the electrical and electronics industries, heightened research and development activities, and the ongoing trend of replacing glass and metals with plastics. Additionally, the expansion of packaging industries and increased consumer spending on household products are contributing to the Plastic Component markets growth. For instance, in October 2023, Gunze Limited announced a 5.7 billion JPY investment to expand its Konan Plant in Japan, aimed at strengthening its engineering plastics business. The Plastic Component market expansion is expected to be completed by March 2025 and will support growing demand in the medical device and semiconductor markets. Furthermore, the rising demand for lightweight vehicles, alongside the growing sales of electric and hybrid vehicles, is anticipated to positively impact the Plastic Component markets expansion in the coming years.

The availability of low-cost labor and raw materials in countries like China and India is expected to accelerate the growth of the Plastic Component market in the Asia Pacific region during the forecast period. China, with its strong presence in the Plastic Component industry, is working to meet rising consumer demand and reduce imports. India, as one of the largest producers and manufacturers of plastics, is also contributing significantly to the Plastic Component market. According to the China Association of Automobile Manufacturers (CAAM), in the first eight months of 2024, China produced 16.141 million passenger vehicles and sold 16.157 million, marking a 3% and 3.3% year-on-year increase, respectively. In March 2023, Saudi Aramco, along with its Chinese joint venture partners NORINCO Group and Panjin Xincheng Industrial Group, signed an agreement to build an oil refinery and petrochemical plant in northeastern China with an investment of USD 12.2 billion. Additionally, in November 2023, ExxonMobil announced a USD 10 billion investment plan to boost plastics production in China. In May 2022, Micro Plastics India unveiled plans to establish a toy manufacturing facility in Tamil Nadu, India, with a total investment of INR 500 crore, creating over 6,000 jobs.

North America Plastic Component Market Analysis

The North America Plastic Component market is expected to grow at a robust CAGR during the forecast period. The increasing use of plastics in automotive manufacturing, expanding construction and infrastructure projects, and the rising demand from the packaging industry in North America. The preference for lightweight components, coupled with the growing adoption of electric and hybrid vehicles, is further fueling Plastic Component market expansion. Additionally, advancements in production techniques and technological innovations, along with rising research and development efforts, are expected to lead to the creation of new plastic components that meet the evolving demands of various industries in Plastic Component market.

In March 2024, Schott Pharma, a German company, announced plans to build a new facility in North Carolina for the production of prefillable polymer syringes designed to withstand the extreme cold storage and transportation conditions required for mRNA medications. The facility will also produce glass prefillable syringes used in the treatment of diabetes and obesity. This project is expected to create 401 jobs in the Wilson, NC area and involves a total investment of USD 371 million.

Based on the provided market data, Vantage Market Research offers customizations in the reports to meet the specific needs of clients.

Plastic Component Market Trends

• Sustainability Focus: Increasing adoption of recycled plastics and bio-based plastics to reduce environmental impact, as demonstrated by collaborations like Sirmax and Technogym
• Technological Advancements: Rapid investment in advanced manufacturing methods, including injection molding and additive manufacturing, for precise, efficient, and cost-effective production
• Material Innovation: Integration of cutting-edge materials, such as polyolefins in 3D printing, is expanding applications and improving product performance, as seen in the Essentium-Braskem partnership
• Customization and Efficiency: Enhanced production capabilities, such as Omega Plastics Group’s expanded injection molding capacity, cater to growing customer demand for tailored solutions
• Sustainable Manufacturing: Partnerships and investments aim to create eco-friendly and scalable production processes for the next generation of plastic components

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Market Dynamics

Market Drivers for Plastic Component Market

Increasing Demand for Lightweight Vehicles

The growing demand for lightweight vehicles is expected to drive the expansion of the Plastic Component market. Plastics are commonly used in the production of various automotive components, including molded parts for interiors, exterior body panels, and under-the-hood components in cars, buses, and trucks. Automotive manufacturers are increasingly adopting plastic components to replace traditional materials, as they help reduce vehicle weight and improve fuel efficiency. These benefits make plastic components an ideal choice for the automotive industry.

In November 2023, NIFCO South India invested INR 288 crore in a new auto plastic parts plant in Karnataka. This development follows a memorandum of understanding (MoU) between the Karnataka government and NIFCO South India Manufacturing Pvt Ltd, a subsidiary of Nifco Korea.

Market Restraints for Plastic Component market

Fluctuating Raw Material Prices

Fluctuations in raw material prices are expected to pose a challenge to the growth of the Plastic Component market. Prices for key raw materials, such as petrochemical feedstocks (crude oil and natural gas), are often volatile, which can negatively impact the profitability of manufacturers. Additionally, challenges related to recycling and stringent environmental regulations are also factors that may restrain Plastic Component market growth.

Market Opportunities for Plastic Component market

Growth in Construction Activities

The expansion of infrastructure and construction projects presents significant opportunities for the Plastic Component market. As the construction industry grows, so does the demand for plastic, which is used in a wide range of applications such as insulation materials, pipes, films, doors, windows, flooring, roofing sheets, and more. Plastic is favored in construction due to its strength-to-weight ratio, versatility, durability, and resistance to corrosion. Its lightweight nature also makes it easier to transport and handle on construction sites.

In March 2024, Welspun Corp’s Sintex-BAPL announced an investment of INR 2,355 crore to establish manufacturing units in Telangana, Odisha, Madhya Pradesh, and Jammu & Kashmir. This investment aims to produce plastic pipes and water storage solutions with a total capacity of approximately 200,000 MT, addressing the rapidly growing water storage and distribution market.

Competitive Landscape

The Plastic Component market industry report is driven by strategic collaborations, technological advancements, and significant investments. Leading players like Sirmax and Technogym are focusing on sustainability by developing high-performance products using recycled plastics, while companies like WIS Kunststoffe GmbH are expanding their global footprint with substantial investments, such as a €100 million project in Kazakhstan. Omega Plastics Group is enhancing its production capabilities with new injection molding press installations to meet growing customer demands. Additionally, partnerships like Essentium and Braskems collaboration are paving the way for innovative solutions in additive manufacturing, offering integrated systems for cost-effective and sustainable production of thermoplastic components. These developments highlight the competitive and rapidly evolving nature of the Plastic Component market.

The key players in the global Plastic Component market report include - LG Chem among others.

Recent Market Developments

Sirmax and Technogym Collaborate on Recycled Plastic Components for Next-Gen Fitness Line

• In June 2024, Sirmax collaborated with Technogym for a line of performing products in recycled plastic. Sirmax Group develops materials for Technogyms recycled plastic components in the next-generation Excite fitness line. Sirmax Group, Europes leading manufacturer of thermoplastic granules for various applications, has developed materials for Technogym, a world leader in fitness, wellness, sports, and health products

WIS Kunststoffe GmbH Announces €100 Million Investment in Kazakhstan Plastic Production

• In June 2024, WIS Kunststoffe GmbH, a German company, announced its plan to invest € 100 million in plastic production in Kazakhstan

Omega Plastics Group Expands Injection Molding Capacity to Enhance Customer Solutions

• In July 2023, Omega Plastics Group plastic specialist in injection molding specialists announced the addition of a new injection molding press capacity at both Signal Plastics and Omega Plastics to enhance customer service and solutions

Essentium and Braskem Partner to Revolutionize 3D Printing with Integrated AM Solutions

• In September 2022, Essentium, Inc. partnered with Braskem to offer manufacturers a fully integrated AM machine and materials solution. Combining the Essentium High-Speed Extrusion (HSETM) 280i HT 3D Printer with Braskems Polyolefin materials will unlock affordable, sustainable, and rapid volume production of 3D-printed thermoplastic components

The global Plastic Component market can be categorized as Type of Plastic, Application and Region.