Press release
Automotive Plastics Market With Key Players Analysis Evonik Industries, Delphi, Adient, SABIC, Borealis AG, and DSM
Automotive Plastics Market may exceed USD 1.45 billion by 2024; according to a new research report. U.S. Automotive Plastics market from haircare applications may witness gains at over 7% by 2024. Hair care products comprises of liquids including floral water, aloe vera and hydrosol where these liquids are ideal for microbial growth. Preservative plays vital role to prevent these microbes growth, thus driving product demand in this region.
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Plastic automotive parts, that are also tough, durable and corrosion resistant, not only offer a significant reduction in the overall vehicle weight but also enhance its aesthetic value. With advanced safety and performance features being consistently introduced in vehicles, plastic components help to incorporate these additions without a notable increase in vehicle tonnage.
Scope of Report
Increasing demand for automobiles owing to the economic growth in developing countries has led to the expansion of the automotive plastics market, which also helps to address the rising concern regarding environmental pollution. As the fuel-efficiency of a vehicle depends on the engine size and weight of the vehicle, lighter components that replace heavy metal parts help to reduce the fuel consumption and cut down on CO2 emissions.
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.
A critical part of the automotive industry is automotive glazing, which is important in terms of having cleaner, safer car windows that are tough and impact resistance. PMMA polymer is widely used for car window glazing as it is lighter and more transparent than glass, providing crystal clear visibility during unstable temperature fluctuations. Having high weather-resistant properties and being 40 to 50 percent lighter than conventional glass, PMMA components have allowed automobile manufacturers to develop innovative designs to deliver low-fuel consuming vehicles.
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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.
The above information is provided on a regional and country basis for the following: U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC
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