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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Automotive Plastics Market size is set to surpass USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.
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.
– Automotive Plastics Market, By Application
• Power Train
• Electrical Components
• Interior and Exterior Furnishings
• Under the hood
• Chassis
• Others
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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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Adient plc.
2. BASF S.E.
3. Bayer MaterialScience LLC (Covestro AG)
4. Borealis AG
5. Celanese SO.F.TER. Spa
6. Delphi Automotive PLC
7. DSM
8. Evonik Industries
9. Grupo Antolin
10. Hanwha Azdel Inc.
11. Lear Corporation
12. LG Chem
13. Owens Corning
14. Quadrant AG
15. RTP Co.
16. S&E Specialty Polymers
17. SABIC
18. Solvay SA
19. SRF Ltd.
20. Teijin Ltd.
21. Toyoda Gosei
22. The Dow Chemical Company
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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.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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