Selbyville, Delaware, Feb. 06, 2018 (GLOBE NEWSWIRE) --
Automotive Plastics Market share is slated to exceed USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. 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 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.
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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.
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.
Browse key industry insights spread across 310 pages with 345 market data tables & 53 figures & charts from the report, “Automotive Plastics Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-plastics-market
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.
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.
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.
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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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Plastic Compounding Market Forecast, 2016 – 2024
Plastic Compounding Market size was more than USD 32 billion in 2016 and will witness 6.0% CAGR during the projected timespan. Plastics have been the omnipresent workhorse material of the modern economy for their unmatched functional properties and the lower costs. Modernization of plastic industry will hold strong potential for plastic compounding market in the near future.
https://www.gminsights.com/industry-analysis/plastic-compounding-market
Polyurethanes (PU) Market Forecast, 2016 – 2023
(PU) Polyurethanes Market size was over USD 50 billion for 2015 and is forecast to witness growth at over 5% CAGR from 2016 to 2023. Automotive applications generated more than USD 8 billion in 2016 business. Germany PU market size from automotive application will witness growth over 3.5% CAGR up to 2023. Increasing requirements including excellent grip in boots and sports shoes should fuel PU demand from footwear application.
https://www.gminsights.com/industry-analysis/polyurethane-PU-market-report
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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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