-- The demand for automotive plastics market is slated to grow beyond US$50 bn by 2024. Automotive plastics are preferably used in various auto bodies and parts including chassis, power train, electronic components under the hood, exterior and interior furnishings and fuel systems. It is durable, scratch resistant, abrasion resistance, allows effective design molding, component integration and improves vibration and noise control in automobiles. Expanding manufacturing hubs along with government spending for advanced technology may contributes towards automotive plastics industry growth.
Rising passenger cars production along with consumer demand for fuel efficient, durable and light weight vehicles should stimulate automotive plastics industry demand. Rapid industrialization and urbanization in India, Japan, and China will propel the demand for commercial vehicles, SUV’s, modern cars and HMV’s. Rising per capita income and improving living standards will create demand for stylish and high aesthetics cars thereby stimulating industry growth.
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North America automotive plastics market to contribute $5bn in sale by 2024
North America automotive plastics market size, with steady gains in the U.S. and Canada is poised to exceed USD 5 billion up to 2024 owing to rise in consumer preferences for lightweight and fuel-efficient vehicles. Rising OEM manufacturers demand towards reducing vehicle weight and providing cost effective solutions may have a positive influence on the regional growth. Stringent government standards and rules by CAFÉ regarding CO2 emission and fuel economy has resulted in OEMs to search for other methods to reduce vehicular weight to improve fuel efficiency.
Major raw materials, PU, ABS, PMMA, PVC, and PP are used in the manufacturing process of automotive plastics. Lack of standardization of plastic materials along with sustainability issues will be a major challenge and may impact industry growth.
Europe automotive plastics market driven by Germany and United Kingdom-
Germany automotive plastics market demand is likely to register gains close to 8.5% during the forecast timeframe. Growth in automobile industry and presence of major industry giants along with high innovations and strategies will enhance product demand in the region. Increasing pressure on automobile manufacturers to reduce GHG emission to comply with EU standards coupled with high investments in research will drive regional industry growth.
UK automotive plastics market demand from polypropylene (PP) may register substantial growth at about 9% during the projected period. The product has wide usage in cable insulation, petrol cans, indoor & outdoor carpets, battery box, and bumpers. PP is about 15% to 20% lighter than other materials which is beneficial in automobile weight, thereby resulting in less CO2 emission and low fuel consumption.
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PVC based automotive plastics market demand is likely to surpass USD 1.9 billion during the foreseeable timeframe. These are mainly used in underbody coatings, sealants, door panels seating, dashboard, arm rest, window sealing profiles, weather strips, and body side protection. Increasing environmental concerns regarding carbon emission coupled with rising consumer awareness regarding safety and reducing accidental injuries may act as a contributing factor for industry growth.
India automotive plastics market size from electrical components application may expect consumption at over 380 kilo tons up to 2024 due to swift increase in passenger vehicle production and consumer willingness to spend on stylish cars. It finds wide application scope in battery, and switches owing to high strength, low friction, and natural smooth finish. Indian government encourages FDI in the automobile sector and plans to invest in eco-friendly cars in the future, thereby promoting automotive plastics market growth.
BASF, Delphi, Celanese, DSM, Evonik, SABIC, RTP, Lear Corporation, Borealis AG, Adient and Covestro are the prominent industry participants in the automotive plastics market. Companies are focusing towards investing in R&D activities to comply with government standards and enhancing their product portfolio by forming joint ventures and partnerships.
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Automotive plastics market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD from 2013 to 2024, for the following segments:
Automotive Plastics Market, By Product
ABS (Acrylonitrile Butadiene Styrene)
PP (Polypropylene)
PU (Polyurethane)
PVC (Polyvinyl Chloride)
PE (Polyethylene)
PC (Polycarbonate)
PMMA (Polymethyl Methacrylate))
PA (Polyamide)
Others
Automotive Plastics Market, By Application-
Power Train
Electrical Components
Interior and Exterior Furnishings
Under the hood
Chassis
Others
The above information is provided on a regional and country basis for the following:
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Russia
Poland
Spain
Asia Pacific
China
India
Japan
South Korea
Thailand
Indonesia
Central & South America
Brazil
MEA
South Africa
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Phone: 18886890688
Website: https://www.gminsights.com/industry-analysis/automotive-plastics-market
Release ID: 454253
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