Automotive Plastic Components Market foreseen to grow exponentially over 2019 to 2029
Reduction in the weight of vehicle results in less consumption of fuel and improvement in vehicle ergonomics and locomotion. Economic and environmental concerns are rising the need of fuel efficient vehicles. Use of aluminum or carbon fiber is helpful, but plastic components are making a real difference in design of automotive components in the present scenario. These days, high performance plastic is used for its flexibility, minimal corrosion, safety, comfort, recyclability and substantial design freedom.
The plastic components in vehicles are used in dashboard, fuel systems, liquid reservoirs, interior lighting, door panel and consoles, upholstery and fabrics. Automotive bumpers, cable insulation, elastomeric wheels cover guards and tires, cushions, wheel covers, gears, buttons, headlamp lenses, windows, displays, screens, wiper arm are all made out of high performance plastics.
In the late 19th century, plastics were mainly used to decorate the car interiors. Afterwards thanks to their ability to withstand impacts and ageing, plastics were used in external applications as well. Now plastics are indispensable for safety purposes, advanced seat-belts and airbags are made out of high strength polymers. Thermoplastic along with weight reduction are recyclable in nature with adds advantage to the component made out of it.
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Automotive Plastic Components Market: Dynamics
Increasing demand of lightweight automotive components in the automotive industry with the growing production of vehicles to achieve cost-effectiveness in manufacturing and providing vehicles at affordable rates to consumers has been a major driver of the automotive plastic components market. Emergence of lightweight electric vehicles with advanced plastic components are set to boost the automotive plastic components market.
As high performance plastic is expensive as compared to aluminum, the market growth can be restrained to an extent with the automotive OEMs vouching for steel and aluminum which are more recyclable and reusable than plastic, thus creating a demand slow down of automotive plastic components.
Automotive plastics makes up approximately 50% of volume of new light vehicle but less than 10% of its weight. Previously carbon fibers used to cost high, reduction in the cost of carbon fibers is a welcoming opportunity for the automotive plastic components markets. More manufacturers are taking advantage of this lightweight material.
Significant reduction in weight without compromising safety because of the use of new polymers is the recent trend in the automotive plastic components market. Infotainment systems in vehicles whose screens and dashboards are made out of polymer are providing the driver proper navigation coupled with entertainment.
Automotive Plastic Components Market: Segmentation
The global Automotive Plastic Components market is segmented on the basis of material type, application type and sales channel.
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By material type the Automotive Plastic Components Market can be segmented as:
Polyamide (PA, Nylon 6/6, Nylon 6)
PBT (polybutylene terephthalate)
Polyethylene Terephthalate (PET)
ASA (acrylonitrile styrene acrylate)
By application type the Automotive Plastic Components Market can be segmented as:
Under the hood components
By sales channel the Automotive Plastic Components Market can be segmented as:
OEM(Original Equipment Manufacturers)
Automotive Plastic Components Market: Regional Outlook
Asia Pacific is leading region in the automotive industries as countries like India, China and Indonesia are expected to exhibit large growth in the automotive plastic components market. Europe being a dominant region in consumer demand for passenger vehicles, is expected to have upsurge in the automotive plastic components market. North America is anticipated to show growth in the automotive plastic components market, owing to expanding manufacturing base increased investments in modern technology in the automotive industry. Whereas Latin America is expected to have a lesser share in the automotive plastic components market. Automotive industry in Japan is one the most prominent industries hence automotive plastic components market is expected to thrive in this region. Fast growth in the automotive manufacturing in Middle East and Africa is resulting in automotive plastic components market growth.
Automotive Plastic Components Market: Key Participant
Some of the leading players in the automotive plastic components market are:
Magna International Inc.
Momentive Performance Materials Inc.
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