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Global Industry Hub. (Oct, 2024). Plastic Component Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2032) Global Industry Hub. Retrieved
Report ID: GIH 1082 | Oct 2024 | Format:
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Global Industry Hub. (Oct, 2024). Plastic Component Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2032) Global Industry Hub. Retrieved
The Plastic Component Market size was valued at US$ 570.26 Bn in 2025, it is estimated to grow at a CAGR of 7.08% from 2025 to 2032 and reach US$ 874.55 Bn by the end of 2032. During the next two years, the growing urbanization in developing countries is expected to increase the adoption rate of the plastic component industry mainly due to increasing demand for residential & commercial buildings and transport infrastructure.
Among these synthetic or semi-synthetic materials, plastics comprise mostly polymers. Generally, plastics are derived from petrochemicals. Most commonly derived chemicals come either from petroleum or natural gas. Plastics have ease of fabrication and plastics could easily be molded into a variety of solid objects in different shapes and forms using such techniques as extrusion, injection molding, and blow molding.
One can see that the number of plastic types is impressive and differs by various characteristics and properties. There are main reasons for the wide application of plastic parts: automotive, construction, medical devices, mainly because plastic parts are cost-effective, versatile, easy to manufacture, durable, flexible, and lightweight.
Different needs to replace glass and metals with plastics for use in the automotive and construction industries will likely provide a boost to growth during the global plastic components market for the forecasting years.
The pace of innovation in the products and materialization improvements through 3D printing will back up the commercialization of plastic parts in greater degrees during the forecast period.
The market for a plastic component is likely to foresee significant growth prospects in the study period ahead due to rapid urbanization and hike in disposable income.
Some of the major players functioning in the plastic component industry include:
Application Segment
The plastic component market was dominated by the automotive segment in 2024. The growth of this segment mainly takes place due to increased plastics applications in the automobile. Currently, plastics have become the primary material for vehicles owing to their light weight and fuel efficiency. Modern heavy-duty machines such as excavators, loaders, tractors, combine harvesters, buses, and trucks contain considerable plastic content in interior and exterior.
In figures, a car contains 30,000 parts, and out of that number, one-fifth is made up of plastics. This plastic is also abundant in the use of various parts of cars, such as fenders, dashboards, carburetors, bumpers, splash guards, engine covers, handles, seating, cable insulation, and wall panels inside. Moreover, a fast-moving development within the plastics industry has brought along light-weight and environmentally friendly plastics as well as mass production of electric vehicles along with heavy-duty ones.
Near future: the plastic part market is going to have fantastic growth in the electronics segment. The electronics sector is under a critical shift, and plastics have achieved wide acceptance at the time of manufacturing electronic components because of numerous benefits. Plastic materials have gained wide acceptance by the electronic industry because of the inimitable properties of such materials, thus becoming an ideal choice for material usage.
They are light weight, strong, cheap, electric insulation, heat insulation, easy to design and others. The most widely used plastics in the electronics industry are switches, connectors, LEDs, wire and cable coating, semiconductors among others.
Type of Plastic Segment
Plastic component market: The 2024 plastic component industry indicates that the PP had a massive share. Market has realized that Polypropylene (PP) has numerous applications. Polypropylene gets extensive acceptability due to its properties of light-weight, durability, high resistance towards chemicals & corrosion, and flexibility. It can easily be molded into complex shapes without causing any harm to the structural integrity. Polypropylene is used in the automobile industry as an interior trim, bumpers, door panels, battery cases, engine covers, and dashboard because of its impact strength, being light in weight, and easy to mould. It stands chemicals and water very well. It is therefore used in drug packaging and chemical storage.
The plastic part market in the ABS segment shall grow moderately during the forecasting period. Acrylonitrile Butadiene Styrene is quite a popular material used in manufactured products owing to several reasons: it is tough, easy to mold, an effective insulator, corrosion-resistant, cost-effective, and relatively simple to manufacture. The typical applications for ABS plastic consist of piping, fittings, keyboard keys, 3D building materials, vacuum parts, and refrigerator parts.
ABS is the most used injection molding thermoplastic polymer. A great number of car parts, particularly for cars' body, steering, and dashboards, in the automobile sector is produced from ABS plastic.
| Report Coverage | Details |
|---|---|
| Base Year | 2024 |
| Base Year Value | USD 536.02 billion |
| Forecast Value | USD 874.55 billion |
| CAGR | CAGR of 7.08% |
| Forecast Period | 2025-2032 |
| Historical Data | 2020-2024 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Segments Covered | Type of Plastic, Application, and Regions |
| Region Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
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Driver Demand for lightweight vehicle increasing
High demand for lightweight vehicles is going to be a robust growth factor in the plastic component market. Plastic is the most predominant material used for making wide-ranging automotive components. Plastic components are generally molded plastic parts applied in automotive manufacturing. These include interior trims, exterior body panels, and under-hood components for cars, buses, and trucks.
As plastic parts are mainly used by auto producers at the time of production, whereas these plastic parts also replace traditional materials with the light weight and fuel efficiency of the vehicle. Based on these advantages, plastic parts will perfectly suit for application in the automobile industry.
Restraint
Change in the price of raw material.
This may restrain the growth of the market for the plastic component as raw material prices are susceptible to fluctuations over time. Schematically, the raw materials will depend on feedstocks of the petrochemical industries: crude oil and natural gas. The prices are usually volatile, and this would be worse in profit margins over various manufacturers as they associate with the fluctuations over raw material prices. Plastic components have problems related to recycling and better environmental regulations.
Opportunity
Increasing infrastructural activities and construction projects would reflect marked growth opportunities for the plastic component market during the forecast period. Plastic consumption grows along with the construction sector. Plastic components are found to be used in an extensive array of applications in the construction sector, including insulation material, pipes, films, doors, windows, flooring, roofing sheets, etc.
Due to the ratio, versatile strength, durability, and rust-resistant properties of the plastic, it is mainly used in the construction industry. The lightweight plastic makes it easier to transport and shift around sites. Regional Insights Asia Pacific held the biggest market share of plastic components through 2023 and is likely to register growth with exemplary pace over the forecast period.
Asia Pacific accounted for the largest share in the plastic component market in 2024 and has further exhibited vigorous growth in the forecast period. It is likely to grow significantly during the forecast period. This growth is due to significant market players, fast urbanization, improving economic conditions, rising demand for medical devices, the increasing demand from the electrical & electronics industry, rapidly growing research and development activities, and increasing the trend of replacing glass and metals. This rise can also be seen due to the expansion of packaging industries and the increasing consumer spending on household products.
North America will have a very high growth rate for the plastic component during the forecast period. This North American plastic component market is penetrated in the automotive manufacturing industry, with rising construction and infrastructure activities, the rising demand in the packaging industry, preference for lightweight components, increased demand for electric and hybrid vehicles, and modernization in the production techniques. The rapid advancement in technological practice, together with research and development activity, should soon lead to the development of innovative plastic components to satisfy the altered demands of many industries.
In June 2024, Sirmax partnered with Technogym on a line of performing products in recycled plastic. The materials created by Sirmax Group are used for Technogym's next-generation Excite fitness line components. Sirmax Group is Europe's leading manufacturer of thermoplastic granules for diversified applications and has created materials for Technogym - a global market leader in fitness, wellness, sports, and health products.
In September 2022, Essentium Inc. teamed with Braskem to make available a fully integrated AM machine and materials solution to manufacturers. Combining the Essentium High-Speed Extrusion (HSETM) 280i HT 3D Printer with Braskem's Polyolefin materials, customers will unlock fast, affordable, and sustainable volume production of 3D-printed thermoplastic components.
This July 2023, Omega Plastics Group plastic injection molding specialists added new injection molding press capacity to both Signal Plastics and Omega Plastics for better service and solutions.
Segments Covered in the Report
By Type of Plastic
By Application
By Geography
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