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Automotive Plastics Market 2020 Trends | Adient, BASF, Borealis, Celanese, Delphi, DSM, Evonik, Lear Corporation, LG Chem, Owens Corning, SABIC, Solvay, The Dow Chemical Company

Automotive Plastics Market

Automotive Plastics Market

According to the new research report, Automotive Plastics Market size was estimated at USD 23.5 billion in 2016 and is projected to surpass USD 50 Billion by the year 2024.

The increasing acceptance of plastic parts across the automotive sector is indeed one of the pivotal driving forces of automotive plastics market share. The types of automobiles notwithstanding - heavy-duty trucks, electric vehicles, or sports cars, it is now rather evident that the sole aim of automakers is to reduce vehicle weight to combat the issues related to emission targets and fuel economy. Novares Group is one of the many companies that has been rather proactive in this regard, and in the process has conveniently contributed to augmenting automotive plastics industry trends.

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Novares basically uses advanced plastics injection technologies to design and develop engineered pragmatic parts with complex functions and provide integration expertise for modules. One of its best products is the 100% plastic heat exchanger that is adept at replacing conventional aluminum alloys and also integrating easily into engine parts. Novares' instance thus validates that the leading giants in automotive plastics industry precisely aim to introduce sustainable, lightweight, aesthetic, and high-quality solutions for automotive applications.

Regional growth drivers are

o North America: Increasing demand for lightweight automobiles to obtain better fuel efficiency
o Improving vehicle aesthetics
o Middle East: Abundant availability of raw materials
o Asia Pacific: Increasing demand for passenger vehicles
o Europe: Reduction in vehicles material cost

BASF | Focusing on expanding production facilities

A couple of years earlier, one of the leading players in automotive plastics market, BASF, commenced a new production facility in Korea to manufacture polyarylsulfone thermoplastic Ultrason that would potentially fulfill the product's demand across the automotive, electronics, and aerospace sectors. This new establishment is expected to increase Ultrason's capacity by 6,000 tons to 24,000 tons on an annual basis.

Incidentally though, BASF has already established a plant in Germany where it produces a wide range of plastic products used for manufacturing heat resistant and lightweight automotive parts. In fact, BASF's polyarylsulfone thermoplastic Ultrason has accomplished quite some fame in automotive plastics market, pertaining to its superior temperature resistance strength.

On the grounds of this very feature, Hyundai has also deployed the material for its headlight reflectors in its new auto model. Quite overtly, BASF's decision to further expand its production facilities for Ultrason is likely to prove beneficial for augmenting the firm's stance further in automotive plastics industry.

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Exxon Mobil | Focusing on manufacturing lightweight plastics for numerous applications

In what may seem to be another pivotal instance augmenting automotive plastics market trends, Exxon Mobil is looking forward to expanding its petrochemical production, on the grounds of which the firm plans to work on a new plastics plant on the Gulf Coast. Apparently, the company would be producing polypropylene at this plant, the operations of which are scheduled to commence by 2021. The advanced material produced at this plant is expected to be used across the packaging, aerospace, and automotive sectors.

Exxon Mobil's initiative also comes along the heels of the fact that lightweight plastics are significantly replacing steel components in automotive applications, that would boost the demand for polypropylene based parts. The main objective behind using such plastic materials in automotive applications is to maintain fuel efficiency and weight of the vehicles. As the company makes way for more polypropylene production, it is likely to encourage other players to follow suit, further augmenting automotive plastics market trends in the years to come.

Mitsui Chemicals Inc. | Focusing on setting up production units for alternatives

Nowadays, many automakers are substantially replacing vulcanized rubber and PVC with numerous alternatives, such as elastomers. Indeed, the lure of elastomers has increased to a massive extent in the automotive sector, leading to the establishment of numerous elastomer production units across myriad geographies. Automotive plastics market players have been particularly proactive in this regard - say for instance, Mitsui Chemicals Inc. recently set up a new production facility in North America for its Milastomer-branded thermoplastic olefin elastomer.

This unit, with a proposed capacity of 6,000 metric tons per year, has been speculated to fulfill the demand for Mitsui's Milastomer products in the automotive sector in numerous applications such as joint fillers, grips, building material, and gaskets.

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Analyzing the present scenario, it would seem as if capacity expansions are a go-to growth tactic adopted by automotive plastics market firms to sustain in this competitive business space. It is rather undeniable that the adoption of lightweight material would fuel the industry outlook in the future. With increased production capacity, it has been becoming more and more apparent that plastic products in the automotive domain are here to stay.

Aided by numerous investments by prominent players, in tandem with a supportive regulatory framework that stresses on the reduction of vehicle weight, automotive plastics industry size is likely to expand at an unprecedented pace over the years ahead.

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About DEC Research:
DecResearch.com, powered by Global Market Insights, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed 'Table of Contents' for reports being regularly published by GMI.

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