Press release
Automotive plastics market growing at a CAGR of 13.5% 2016 to 2022
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Plastics provides considerable weight reduction for the automobiles resulting in low fuel consumption and emission thereby increasing the overall vehicle efficiency. Strict norms set by CAFÉ (Corporate Average Fuel Economy) have forced the automobile manufacturers to improve vehicle design fulfilling (complying with) weight reduction, low fuel consumption, and emission control norms. Mass reduction helps in enhancing the total vehicle performance in terms of smooth ride, noise reduction, acceleration, and vibrations.
Global Industry Growth drivers are:
1 Increasing demand for lightweight automobiles in order to obtain better fuel efficiency
2 Improvements in vehicle aesthetics
3 Abundant availability of raw materials in the Middle East
Electrical components applications segment worth USD 6.5 billion in 2014 and leading the applications segment, is predicted to witness a noticeable surge in coming years. Sockets manufactured from high performance plastics, having key properties such as thermal stability, lightweight and corrosion resistance, makes them an ideal metal substitute in these applications.
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Power trains applications are expected to grow at a CAGR of 10% over the period of 2015-2022 due to the growing use of automotive plastics in the production of jolt bolts and transmission units. Interior & exterior furnishing applications segment contributed towards 32% of the overall automotive plastics demand in 2014 and is expected to grow at a rate of 9% over the period of 2015-2022. Body & light panels, fascia systems, and steering wheels are the key parts of the application using automotive plastics.
The Polymethyl methacrylate (PMMA) automotive plastics market size is predicted to grow at a CAGR of 12% over the period of 2015-2022 due to its growing use/application in rear lights. Polypropylene (PP) dominated the automotive plastics market having had a worth of USD 4.8 billion in 2014. These products are widely used as metal & steel substitutes owing to their weight reducing property which in turn helps in cost reduction.
The Polyurethane (PU) automotive plastics market, contributing about 17% of the overall size in 2014, is anticipated to record a CAGR of 10% over the period of 2015-2022. PU foam provides automobile designers & manufacturers the means to manufacture seats of vehicles without adding any weight to it. Furthermore, the transport sector is the biggest user of reaction injection-molded PU components.
The Asia Pacific automotive plastics market share worth USD 9.5 billion in 2014, is predicted to witness a significant growth in next few years. Shifting of automobile production units to India, Thailand, China, and Indonesia by key manufacturers due to government initiatives and the availability of affordable manpower is expected to stimulate the regional growth.
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The Central & South America automotive plastics market is projected to grow at a CAGR of 10.5% over the period of 2015-2022. The MEA automotive plastics market is likely to witness a substantial growth owing to the increase in automobile sales in this region. Countries like UAE and Saudi Arabia are predicted to drive the regional growth. The Latin America market size is expected to record a CAGR of 10.6% over the period of 2015-2022 owing to the increase in purchasing capacity of the consumer and rise in vehicle sales.
Key industry participants include Evonik Industries, Delphi Automotive, BASF, Johnson Controls, The Dow Chemical Company, and AkzoNobel N.V. These market players will try to increase their share by enhancing their product portfolios and expanding their regional presence.
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Major chapters from this report
Chapter 4 Automotive Plastics Product Insights
4.1 Global automotive plastics market volume share by product, 2014 & 2022
4.2 Acrylonitrile butadiene styrene (ABS)
4.2.1 Market estimates and forecast, 2012 - 2022
4.2.2 Market estimates and forecast by region, 2012 - 2022
4.3 Polypropylene
4.3.1 Market estimates and forecast, 2012 - 2022
4.3.2 Market estimates and forecast by region, 2012 - 2022
4.4 Polyurethane
4.4.1 Market estimates and forecast, 2012 - 2022
4.4.2 Market estimates and forecast by region, 2012 - 2022
4.5 Polyvinyl chloride (PVC)
4.5.1 Market estimates and forecast, 2012 - 2022
4.5.2 Market estimates and forecast by region, 2012 - 2022
4.6 Polyethylene (PE)
4.6.1 Market estimates and forecast, 2012 - 2022
4.6.2 Market estimates and forecast by region, 2012 - 2022
4.7 Polycarbonate (PC)
4.7.1 Market estimates and forecast, 2012 - 2022
4.7.2 Market estimates and forecast by region, 2012 - 2022
4.8 Polymethyl methacrylate (PMMA)
4.8.1 Market estimates and forecast, 2012 - 2022
4.8.2 Market estimates and forecast by region, 2012 - 2022
4.9 Polyamide (nylon 6 , nylon 6,6)
4.9.1 Market estimates and forecast, 2012 - 2022
4.9.2 Market estimates and forecast by region, 2012 - 2022
4.10 Others
4.10.1 Market estimates and forecast, 2012 - 2022
4.10.2 Market estimates and forecast by region, 2012 - 2022
Chapter 5 Automotive Plastics Application Insights
5.1 Global automotive plastics market volume share by application, 2014 & 2022
5.2 Power Trains
5.2.1 Market estimates and forecast, 2012 – 2022 (Kilo Tons) (USD Million)
5.2.2 Market estimates and forecast by region, 2012 – 2022
5.3 Electrical Components
5.3.1 Market estimates and forecast, 2012 – 2022 (Kilo Tons) (USD Million)
5.3.2 Market estimates and forecast by region, 2012 – 2022
5.4 Interior and exterior furnishings
5.4.1 Market estimates and forecast, 2012 – 2022 (Kilo Tons) (USD Million)
5.4.2 Market estimates and forecast by region, 2012 – 2022
5.5 Under the hood
5.5.1 Market estimates and forecast, 2012 – 2022 (Kilo Tons) (USD Million)
5.5.2 Market estimates and forecast, 2012 – 2022
5.6 Chassis
5.6.1 Market estimates and forecast, 2012 – 2022 (Kilo Tons) (USD Million)
5.6.2 Market estimates and forecast by region, 2012 – 2022
5.7 Others
5.7.1 Market estimates and forecast, 2012 – 2022 (Kilo Tons) (USD Million)
5.7.2 Market estimates and forecast by region, 2012 – 2022
About Global Market Insights, Inc.:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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