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Automotive Plastics Market 2018: Survey on Illustrious Players | BASF, Delphi, Evonik, SABIC, Teijin, Toyoda Gosei, Solvay
Automotive Plastics Market
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.
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Automotive Plastics Market size is set to surpass USD 50 billion by 2024. 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Adient plc.
2. BASF S.E.
3. Bayer MaterialScience LLC (Covestro AG)
4. Borealis AG
5. Celanese SO.F.TER. Spa
6. Delphi Automotive PLC
7. DSM
8. Evonik Industries
9. Grupo Antolin
10. Hanwha Azdel Inc.
11. Lear Corporation
12. LG Chem
13. Owens Corning
14. Quadrant AG
15. RTP Co.
16. S&E Specialty Polymers
17. SABIC
18. Solvay SA
19. SRF Ltd.
20. Teijin Ltd.
21. Toyoda Gosei
22. The Dow Chemical Company
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BASF | Focusing on expanding production facilities
Merely a few days earlier, one of the leading players in automotive plastics market, BASF, commenced a new production facility in Korea to manufacture polyarylsulfone thermoplastic Ultrason that would potentially fulfill the product’s demand across the automotive, electronics, and aerospace sectors. This new establishment is expected to increase Ultrason’s capacity by 6,000 tons to 24,000 tons on an annual basis.
Incidentally though, BASF has already established a plant in Germany where it produces a wide range of plastic products used for manufacturing heat resistant and lightweight automotive parts. In fact, BASF’s polyarylsulfone thermoplastic Ultrason has accomplished quite some fame in global automotive plastics market, pertaining to its superior temperature resistance strength. On the grounds of this very feature, Hyundai has also deployed the material for its headlight reflectors in its new auto model. Quite overtly, BASF’s decision to further expand its production facilities for Ultrason is likely to prove beneficial for augmenting the firm’s stance further in automotive plastics industry.
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Exxon Mobil | Focusing on manufacturing lightweight plastics for numerous applications
In what may seem to be another pivotal instance in automotive plastics market, Exxon Mobil is looking forward to expanding its petrochemical production, on the grounds of which the firm plans to work on a new plastics plant on the Gulf Coast. Apparently, the company would be producing polypropylene at this plant, the operations of which are scheduled to commence by 2021. The advanced material produced at this plant is expected to be used across the packaging, aerospace, and automotive sectors.
Exxon Mobil’s initiative also comes along the heels of the fact that lightweight plastics are significantly replacing steel components in automotive applications, that would boost the demand for polypropylene based parts. The main objective behind using such plastic materials in automotive applications is to maintain fuel efficiency and weight of the vehicles. As the company makes way for more polypropylene production, it is likely to encourage other players to follow suit, further augmenting automotive plastics market trends in the years to come.
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