Increased Advancements in Automotive Industry Leads Automotive Plastics Market to grow at highest CAGR with Leading Manufacturers like BASF, Bayer Material Science, Momentive and Quadrant AG

Plastics and engineered polymers are used in a wide range of automotive applications in manufacturing exterior and interior components like bumpers, doors, safety and windows, headlight, side view mirror housing, trunk lids, hoods, grilles, and wheel covers. These high-performance plastics are being used in automotive industry because of their good mechanical properties and excellent appearance. These high-performance plastics make cars more energy efficient by reducing weight, along with providing durability, corrosion resistance, toughness, design flexibility, resiliency, and high performance at a low cost.

The report segments the automotive plastics market on the basis of type, application, and geography. Based on type, market is segmented into polypropylene, polyurethanes, polyvinyl chloride, acrylonitrile butadiene styrene, high density polyethylene, polycarbonates, polymethyl methacrylate, polyamide, and polyethylene terephthalate. On the basis of application, the market is divided into interior, exterior, and under bonnet. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific holds the largest share in the automotive plastics market in terms of value in the year 2015.

Comprehensive competitive analysis and profiles of major market players such as AkzoNobel, BASF, Bayer Material Science, Momentive, Quadrant AG, Lear Corp., Borealis, Johnson Controls, Teijin Ltd., The Dow Chemical Co., and Evonik Industries are also provided in this report. In July 2016, Toray expanded the production capacity of polyphenylene sulfide, a high-performance plastic in South Korea. This expansion increased the production capacity from 8,600 tons to 16,000 tons annually by investing around $89.1 million.

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Increased advancements in automotive industry and versatile property of plastic such as impact resistance, resistance to abrasion, scratch resistance, thermal stability, and easy moldability are the key drivers of the automotive plastics market. Stringent governmental regulations toward reducing vehicular emission has led in the shift to light weight plastics from metal. However, high cost of raw material and non-degradable nature of automotive plastics pose a threat in the growth of the automotive plastics market during the forecast period.

KEY BENEFITS FOR STAKEHOLDERS:

• This report provides an extensive analysis of the current and emerging trends and dynamics in the global automotive plastics market.
• Geographically, the automotive plastics is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA.
• This report entails the detailed quantitative analysis of the current market and estimations through 20142022, which identifies the prevailing market opportunities.
• Exhaustive analysis of the global automotive plastics market by type helps understand the types of plastics that are currently being used along with the variants that would gain prominence in the future.
• An in-depth analysis of current research and clinical developments within the market is provided with key dynamic factors that helps understand the market behavior.

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