What's driving the Automotive Plastics Market Growth? BASF, Delphi, Evonik, SABIC, Teijin, Toyoda Gosei, Solvay
Rising OEM manufacturers demand towards reducing vehicle weight and providing cost effective solutions may have a positive influence on the regional growth. Stringent government standards and rules by CAFÉ regarding CO2 emission and fuel economy has resulted in OEMs to search for other methods to reduce vehicular weight to improve fuel efficiency.
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Germany automotive plastics market demand is likely to register gains close to 8.5% during the forecast timeframe. Growth in automobile industry and presence of major industry giants along with high innovations and strategies will enhance product demand in the region. 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.
UK automotive plastics market demand from polypropylene (PP) may register substantial growth at about 9% during the projected period. The product has wide usage in cable insulation, petrol cans, indoor & outdoor carpets, battery box, and bumpers. PP is about 15% to 20% lighter than other materials which is beneficial in automobile weight, thereby resulting in less CO2 emission and low fuel consumption.
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
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
18. Solvay SA
19. SRF Ltd.
20. Teijin Ltd.
21. Toyoda Gosei
22. The Dow Chemical Company
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Automotive Plastics Market size is set to surpass USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. 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.
Automotive plastics are preferably used in various auto bodies and parts including chassis, power train, electronic components under the hood, exterior and interior furnishings and fuel systems. It is durable, scratch resistant, abrasion resistance, allows effective design molding, component integration and improves vibration and noise control in automobiles. Expanding manufacturing hubs along with government spending for advanced technology may contributes towards automotive plastics industry growth.
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Major raw materials, PU, ABS, PMMA, PVC, and PP are used in the manufacturing process of automotive plastics. Lack of standardization of plastic materials along with sustainability issues will be a major challenge and may impact industry growth.
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