A research study titled, “Automotive Plastics Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the automotive plastics market is projected to be around $46.09 billion by 2022.
In 2012, the global automotive plastics market was valued around USD 14.90 billion and is anticipated to reach approximately USD 46.09 billion by 2022, while maintaining a compound annual growth rate (CAGR) of 10.70% during the forecast period. Automotive Plastic has the key role in performance and safety innovations in modern vehicles like SUVs, minivan, cars and even HMVs. Automotive plastics are usually strong, durable, scratch resistance, recyclable, resistive against abrasion, improve noise and vibration control and permit integration, molding, and design of automobile components. In advanced cars, there is almost 50% plastic of the overall car volume but bestow only 10% of the entire car weight which makes cars light in weight and augments the fuel economy. Recent automotive plastic though has a much wider application involving passenger convenience, passenger safety, and total cost reduction of production. Automotive plastic is employed in the dashboard, bumpers seats, body panels, fuel systems, interior trim, under-bonnet components, electrical components, lighting, exterior trim, liquid reservoirs, and upholstery. Also, the advancements in the area of durable and tough automotive plastic are projected to amplify the use of plastic in advanced cars. Concerning interiors, automotive plastics have established to be an incredible material for building durable, comfortable, and esthetically pleasing interior parts.
The global automotive plastics market is estimated to witness extensive growth with a noteworthy compound annual growth rate during the forecast period of 2012 to 2022. The major factors driving the growth of automotive plastics industry are prospective of automotive plastic in volume reduction in consumption of fuel by abbreviating the total weight of the automobile, rising prices of steel and irons and enhanced durability and strength of advanced automotive plastic. The key factors hindering the automotive plastic market growth are elevated material price and rising funding for research of plastics-alternative material like carbon fibers, particularly by automotive manufacturers. The growth opportunities for the future of automotive plastic is mentioned in the expansion of new materials like blended thermoplastic materials, Lighted PP, polymethyl methacrylate (PMMA), etc.
The key industry participants for the automotive plastics market are; BASF SE, AkzoNobel N.V, Covestro, Johnson Controls, Evonik Industries AG, Magna International, SABIC, Momentive Performance Materials Inc., Borealis AG, The Dow Chemical Company, Hanwha Azdel Inc., Lear Corp., Grupo Antolin, Owens Corning, Teijin Ltd., Royal DSM N.V, and Quadrant AG. By product, the market is divided into; Polypropylene, Polyurethanes, Polyvinyl Chloride, ABS, HDPE, Polycarbonates, PMMA, Polyamide, and PET. According to the application, the global market is split into; Interior, Exterior and under bonnet. Geographically, the global automotive plastics market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the automotive plastics market