Press release
Global Automotive Plastic Market 2018-2025 |By Technological Advancements and Business Development Factors- Top Player Are BASF SE, Evonik Industries AG, LG CHEM., SABIC., Exxon Mobil Corporation and DowDupont
Automotive Plastic Market
According to a new market report published by BlueWeave Consulting, the global automotive plastic market was valued at US$ 23.62Bn in 2017 and is expected to expand at a CAGR of 12.72% from 2018 to 2025, reaching US$59.1Bn by the end of the forecast period.
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Increasing demand for light weighted vehicles to gain higher fuel efficiency is driving the global automotive plastic market
Automotive plastics are being used in exceptionally advanced ways to make cars safer and highly fuel efficient. They are at the heart of solutions which make vehicles more lightweight and help in the reduction of carbon emissions. In addition, it also provides safety benefits to vehicles by offering airbags and seat belts. Automotive plastics help to facilitate innovative design and contouring. Rising car makers demand to meet sustainability goals using recycled materials with a motive to limit environmental pollution has increased automotive plastic application in several number of car parts.
Global production of lightweight automobiles has been growing in developing and developed region due to rising demand of passenger cars among urban population. Variability in prices of crude oil and rapid growth in urban population has surged the demand for automobiles. Better features such as lower tooling cost, light weight, corrosion resistance, strength and insulating material are being offered by the automobile industry. These features certainly improve the designs of the vehicles and appearance. Due to this factor several automotive manufacturers are replacing traditional automobiles components such as metal with automotive plastics. Automotive plastic improves vehicles safety by offering advanced processes and design. The safety concerns among consumers are growing and have been encouraging world’s top manufacturers of OEMs and Tier One to use automotive plastic to build innovative solutions for automobile.
The Polypropylene was the largest segment in the global automotive plastic market in 2017, and is estimated to witness the highest growth during 2018-2025. On the application basis, the market is segmented into Power Trains, Electrical Components, Interior & Exterior Furnishing, Fuel System, Chassis and Engine Components. The Interior & Exterior Furnishing accounted for the largest segment in the global automotive plastic market in 2017 with a growing CAGR of over 13.38%
On the basis of region, the market is segmented into five parts namely North America, Europe, Asia Pacific, LATAM and MEA.
The Asia Pacific was the largest region in the global automotive plastic market in 2017 with 48.73% and it is estimated to record a CAGR of 14.23% during 2018-2025.
Competitive Dynamics
Companies, such as BASF SE, Evonik Industries AG, LG CHEM., SABIC., Exxon Mobil Corporation and DowDupont are the key players in automotive plastics which are essential for global automotive market. In terms of product offerings, SABIC and BASF SE are the major players in the market, providing automotive plastics for various purposes.
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About BlueWeave Consulting & Research Pvt Ltd.
BlueWeave Consulting provides a full scope of business intelligence solution for solving your toughest challenges. BWC is an emerging global expert & pioneer in the market research and provision of exclusive market INTEL. We optimize your decision making by equipping your industry with an accurate & better market research according to your industry demands through our professionally designed qualitative & quantitative research methods. Our trendy & efficient sample collection methods, integrated data solutions as well as methodologies certainly make us a better partner that you can rely on. With collective experience in the varied fields of retail, market research and reporting, we provide the business insight and business practices that would give the required impetus for your company’s growth.
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