- The automotive plastics market is studied with regard to manufacture of passenger cars and mediocre use of automotive plastics for every car by mass in different regions. These include Asia Pacific, North America, rest of the world and Europe. The market for passenger cars is anticipated to observe about 11 percent CAGR during 2015 to 2020. It is estimated to register around USD 40 billion in terms of income by 2020. The utmost utilization and production of polypropylene in Asia Pacific steer the sales of the global automotive plastics market.
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The market’s high expansion is ascribed to various initiatives taken by vehicle manufacturers and growing manufacture of passenger cars by the same. One of the other vital propellers of the automotive plastics market includes the consumption of automotive plastics in automotive designs. This kind of consumption helps in executing functions, such as decreasing carbon ejections, driving economy, enhancing the appearance, enabling unibody design, decreasing vibration and noise, and serving as an insulator for cabin air conditioner.
The automotive plastics market is restrained by high capital costs and flowing demand for hugespendings in operations concerningmaterial research. However, it is undergoing huge expansion presently and estimated to continue similarly during the coming years. This expansion is primarily credited to increased consumption of plastics, such as polyurethanes, polypropylene and polyvinyl chloride. Also, high development prospects of consumer sectors for the aforementioned kinds aresteering the automotive plastics market ahead in Asia Pacific.
While the vehicular industry has depended on the utilization of materials, like iron and aluminium, there is escalating inclination towards the use of plastics as they are flexible, lighter in weight and economical. Plastics also provide other benefits in the forms of stability and resistance to corrosion. Such favorable features work in support of the automotive plastics market and drive it forward. Accentuating demand for automotive plastics in applications with respect to exterior and interior furnishing and power train is also predicted to be a vital factor, positively affecting the market.
The non-degradable feature of automotive plastics works as an obstacle for the market. It poses problems in relation to recyclability and disposability. The worldwide automotive plastics market is trifurcated on the basis of three categories. These are applications, products and regions.
Electrical components; power trains; under the hood; interior and exterior; and chassis are the various applications. The sector of interior and exterior was the biggest application in 2013. Boosting demand for automotive plastics across these applications is anticipated to drive further demand for the automotive plastics market.
The keymarket products are polypropylene; ABS; polyurethane; polyethylene; PVC; PMMA; polycarbonate; and polyamide. Polypropylene was the dominating product in 2014. It captured more than 28 percent of the market.
Asia Pacific dominated the automotive plastics market in 2014. It occupied around 53 percent of the overall share. The region is categorized by augmented production of vehicles in India, China, Japan and Korea. The region, ‘rest of the world’ is projected to be the most swiftly expanding automotive plastics market in the future.
Information Source: Grand View Research
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