Automotive Plastics Market size to exceed $50 billion by 2024
Published Date: August 22, 2019 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Automotive Plastics Market size is expected to cross $50 billion by 2024. Growing demand for passenger cars and significant preference for lightweight vehicles should stimulate the automotive plastics market growth.
Automotive plastics have lower assembly costs, improve vehicle safety and reduce vehicle weight thus reducing fuel consumption and emissions. Growing demand for commercial vehicles in India, China, and Brazil along with significant manufacturing activities in these regions should stimulate market growth. Rapid urbanization and industrialization along with a rise in disposable income should stimulate automotive growth and boost the automotive plastics market growth.
Global polymethyl methacrylate (PMMA) demand is likely to register over 13.5% gains in the forecast period pertaining to increasing requirement for windshields, windows, fenders, interior & exterior panels and indicator light covers. This product offers excellent formability, recyclability, durability and desirable acoustic properties which should stimulate product demand. Rise in demand for sustainable polymers due to increasing environmental concerns with respect to plastic waste and strict regulations is likely promote market growth.
U.S. acrylonitrile butadiene styrene (ABS) based automotive plastics market share witnessed a consumption of over 48.5 kilo tons in 2016 owing to the presence of a significant manufacturing hub and its high suitability to substitute metal components. It offers various benefits such as durability, weight reduction, corrosion resistance, toughness, resiliency and flexibility which enhances vehicle aesthetics. Rising consumers inclination towards vehicle appearance and increasing demand for stylish vehicles may fuel product demand.
Browse key industry insights spread across 310 pages with 345 market data tables & 53 figures & charts from the report, “Automotive Plastics Market Size By Product (Polyurethane, PVC, Polyethylene, Polypropylene, ABS, Polycarbonate, Polyamide, PMMA), By Application (Electrical Components, Power Train, Under the Hood, Chassis, Interior & Exterior Furnishings), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, Poland, Spain, China, India, Japan, South Korea, Indonesia, Thailand, Brazil, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
France polyurethane based product segment surpassed USD 125 million in 2016 on account of growing demand for polyurethane foams for automotive interior applications. These products reduce vibration, weight, durability and increase fuel efficiency which increases their suitability for interior trims, seat cushions, door handles, bumper systems, dashboards & gear knobs. Growing disposable incomes and rising purchasing power parity should stimulate automotive foams which should fuel market growth. Rise in technological innovations in vehicle aesthetics to offer stylish car models and sustainable aesthetic solutions should further boost automotive plastics market value.
China automotive plastics market from chassis applications should witness over 10.5% gains up to 2024 pertaining to significant technological advancement and rising investment in research & development activities. These products offer rigidity, strength along with crash resistance through energy absorption which helps in increasing vehicle lifespan. Increasing number of accidents and consumer emphasis on safety should drive industry growth.
Global interior & exterior furnishing applications demand should register about 10% gains up to 2024 on account of rising consumer inclination towards premium cars due to significant economic growth. These products offer various desirable features such as reduced assembly cost, time savings, improved aesthetics, noise & vibration reduction. Increasing investments in automotive innovation to improve vehicle aesthetic appeal is likely to propel the automotive plastics industry growth.
Evonik industries, Dow Chemicals, Adient, BASF, Delphi Automotive, Lear Corp., and Owens Corning are the major market participants. Automotive plastics manufacturers are focusing more on expanding regional presence and product portfolio to gain automotive plastics market share.