Press release
Automotive Plastics Market Trend to 2024 Profiling Lear Corporation, Celanese, Covestro, BASF, Evonik Industries, Delphi, Adient, SABIC, Borealis AG
The shifting trends toward the growing adoption of lightweight vehicles for better fuel efficiency is likely to boost automotive plastics market, which will generate a revenue more than USD 50 billion by the end of 2024. Currently, in passenger and modern cars, most of the metal parts including power train, chassis, fuel systems, interior and exterior furnishings have been replaced with plastic components. The increasing plastic content in modern vehicles is slated to stimulate automotive plastics industry share over the years ahead. In addition, initiatives taken by regional governments to deploy EVs across the country to reduce dependency on non-renewable energy sources will also have a favorable impact on product demand.
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Plastic components provide many benefits such as scratch resistance, effective molding capability, abrasion resistance, and component integrity. Automakers are extensively preferring plastic components as these components help to control noise and vibration generated in the vehicle. The surging use of plastics in automobile production is certain to fuel automotive plastics market size. However, many players in automotive plastic market are looking forward to standardizing the properties of the raw material to minimize any factors that may hinder this business space. In addition, automotive plastics market giants have also invested in research and development activities to minimize sustainability issues associated with plastic components.
PVC based automotive plastic components are extensively used for manufacturing dashboards, door panels, armrests, underbody coatings, sealants, body side protections, window sealings, and weather strips. Taking into account growing use of PVC material for variety of automobile components, automotive plastics industry from PVC based products is likely to generate revenue of more than USD 1.9 billion by 2024.
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Many European countries have implemented emission control norms to curb GHG, in order to increase fuel efficiency. The rise in fuel efficiency leads to a decrease in carbon dioxide emissions, pertaining to the lightweight of the vehicle. In this regard, numerous European automakers have been heavily demanding polypropylene, owing to its lesser weight density as compared to other plastic materials. Polypropylene components are 15% to 20% lighter in weight. The growing concerns about the effect of carbon emission on the environment is thus likely to stimulate Europe automotive plastics market trends over the years ahead. Germany automotive plastics industry alone will record an annual growth rate of 8.5% over 2017-2024.
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In order to adhere to stringent regulatory norms, several participants in automotive plastics market have been signing joint ventures and collaborations to bring about an innovative range of products. The notable players in automotive plastics industry are Lear Corporation, Celanese, Covestro, BASF, Evonik Industries, Delphi, Adient, SABIC, Borealis AG, and DSM.
Growth drivers
Increasing demand for lightweight automobiles in order to obtain better fuel efficiency
Improvements in vehicle aesthetics
Abundant availability of raw materials in the Middle East
Related Reports: -
United States Automotive Plastics Market Report 2018
In this report, the United States Automotive Plastics market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
https://www.marketstudyreport.com/reports/united-states-automotive-plastics-market-report-2018/?utm_source=RR-SP
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