Plastic Component Market to Reach USD 1079.3 Billion by 2035

According to analysts at Vantage Market Research, the Global Plastic Components Market size is worth USD 540.1 Billion in 2024 and is projected to reach USD 1079.3 Billion by 2035, growing at a CAGR (Compound Annual Growth Rate) of 6.5% from 2024 to 2035. Key trends of market include increasing adoption of lightweight, durable plastic components in automotive and aerospace industries, growing focus on sustainability with recycled materials, and advancements in 3D printing.

Market Overview

The growing demand for lightweight vehicles is expected to drive the expansion of the plastic components 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. 

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.

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

Key Takeaways from the Report

• Asia Pacific dominated the market with 38.5% of market share in 2024. Market is driven by the presence of major market players, rapid urbanization, improving economic conditions, and increasing demand across various sectors
• Based on the Type of Plastic, the Polypropylene (PP) category accounted for significant market share of 30.3% in 2024. Polypropylene (PP) flexibility, resilience to corrosion and chemicals, durability, and low weight, it is becoming more popular
• In 2024, by Applications, Automotive dominated the market with significant market share of 40.1%. The segment is driven by growing use of plastics in vehicle manufacturing

Top Companies

• LG Chem
• Toray Industries Inc.
• Exxon Mobil Corporation
• DowDuPont Inc.
• Magneti Marelli S.P.A.
• FLEX-N-GATE CORPORATION
• TOYODA GOSEI Co. Ltd.
• ElringKlinger AG
• Hartford Technologies Inc.
• Abbott Ball Company Inc.
• SMB Bearings
• BASF SE
• Continental AG

Report Coverage

Our market research reports provide comprehensive insights that are essential for strategic decision-making. We cover all key aspects of the market, including dynamics such as drivers, restraints, opportunities, and challenges, alongside the latest industry trends. Our analysis includes an in-depth technology roadmap, product life cycle evaluation, and PESTLE analysis, ensuring a thorough understanding of the market environment. We also assess GDP growth outlooks, examine regional market landscapes, and evaluate the impact of major events like the COVID-19 pandemic. Additionally, our reports feature a detailed competitive landscape, including company market shares and profiles, providing actionable intelligence to empower your business strategies.

Latest News

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 Technogym's recycled plastic components in the next-generation Excite fitness line. Sirmax Group, Europe's leading manufacturer of thermoplastic granules for various applications, has developed materials for Technogym, a world leader in fitness, wellness, sports, and health products