Automotive Plastics Market Global Outlook, Opportunity and Demand Analysis, Forecast by 2025

20 Sep 2018 – Global Automotive Plastics Market is anticipated to reach USD 68.5 billion by 2025. To make cars safer and fuel efficient, plastics are being used extensively. It renders vehicles lightweight and increases their fuel efficacy by reducing carbon emissions. The Automotive industry is a major market for plastic processors. The factors that propel the growth of the automotive plastics industry include strict government regulations regarding fuel consumption along with rising sales of automobiles, and growing use of plastics for the production of lightweight vehicles. In addition, decrease in vehicular emission, increasing prices of steel and iron, sturdiness, recyclability, and strength of modern plastics are expected to drive the market.

Automotive Plastics Market.jpg

On the other hand, there are factors that may hamper the growth of the market including rising demand for biodegradable plastics, high process engineering cost, volatile cost of raw material, and high investment required in material research. Automotive Plastics Market is anticipated to grow at a significant CAGR of 11.8% in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market may be explored by product type, application, and geography.

Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/automotive-plastics-market-size/request-sample

Automotive Plastics industry by product type could span Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), Polymethyl Methacrylate (PMMA), Polypropylene (PP), Polycarbonate (PC), Polyvinyl Chloride (PVC), Polyethylene (PE), and others. The “Polypropylene” segment accounted for the largest market share of the market and led the overall market in 2016; the reason being, at high temperature it has excellent chemical and electrical resistance; it is lightweight material, and is inclusively used as a noise & vibration dampener and thermal insulator in vehicular components. In addition, it is translucent, semi-rigid; and offers fundamental hinge property.

The key applications that could be explored in the Automotive Plastics Market include Chassis, Powertrain, Under the Hood Components, Electrical Components, Exterior Furnishings, and Interior Furnishings. The “Interior furnishings” segment accounted for the largest market share of the market in terms of volume had developed as the dominant application in 2016;the reason being use of plastics in automobile furnishings like fascia systems, light display & panels, steering wheels and seat covers; followed by Exterior furnishings.

Asia-Pacific accounted for the major share of the Automotive Plastics Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growing manufacturing base and rising investments in advanced technologies of vehicular production and increasing production in developing regions like Thailand, China, Indonesia, India, and Vietnam; followed by Europe.

Browse Full Research Report @ https://www.millioninsights.com/industry-reports/automotive-plastics-market-size

On the other hand, European market accounts for the significant share of Automotive Plastics industry in terms of revenue owing to use of advanced technology and high-quality plastics as they are energy effective and help in reducing the overall weight of the vehicle. In addition, automakers from European countries have to shift from diesel engines to electrified motors to meet higher emission standards.

Some of the key players that fuel the growth of the Automotive Plastics industry comprise 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., Teijin Ltd, Lear Corp., Owens Corning, Royal DSM N.V, Quadrant AG, and Grupo Antolin, among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

About Million Insights:
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact:
Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: 1-408-610-2300
Toll Free: 1-866-831-4085
Email: sales@millioninsights.com
Web: https://www.millioninsights.com/ 

Comments

comments

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *