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Automotive Plastic Market size and Key Trends in terms of volume and value 2020
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Based on the technology, automobile plastic are broadly categorized as polypropylene polyurethanes (PU), poly-vinyl-chloride (PVC), polyamide (PA), polystyrene (PS), polyethylene (PE), acrylonitrile butadiene styrene (ABS), composites, high density polyethylene (HDPE), polycarbonates (PC), polymethyl methacrylate (PMMA), polyethylene terephthalate (PET), acrylonitrile styrene acrylate (ASA) and polybutylene terephthalate (PBT). Among these, polypropylene (PP) holds majority of market share attributed to its wide acceptance in automotives industries. It is followed by polyurethanes (PU) and acrylonitrile butadiene styrene (ABS).
Asia Pacific is the largest market for automotive plastic followed by Europe and North America. Higher concentrations of passenger vehicle manufacturing industries and growing demand of passenger cars, three-wheeler and two wheelers in China and some of the other countries of Asia Pacific such as India and Japan are contributing to the industry growth. Germany and Italy are the leading manufacturers of passenger vehicle in Europe whereas the U.S. accounts for single largest market in North America.
The key drivers of automotive plastics markets are potential of automotive plastic in mass reduction of fuel consumption by reducing the overall weight of the vehicle, increasing prices of iron and steels and improved strength and durability of modern automotive plastic. The major factors restraining the growth of market are high material cost and increasing investment in plastics-alternative material research (such as carbon fibers) especially by automobile companies. The opportunities for automotive plastic is cited in the development of new materials such as polymethyl methacrylate (PMMA), Lighted PP, blended thermoplastic materials, biodegradable plastics and reinforced composites such as “GB 266 WG”, a hard, light material with perfect heat resistance and mechanical properties, suitable for automotive parts used in high stress areas
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The major players in automotive plastic market include, Akzo Nobel N.V., BASF SE, Bayer MaterialScience AG, Borealis AG, Evonik Industries AG, Grupo Antolin-Irausa S.A., Hanwha Azdel Inc., Johnson Controls Inc., Lear Corporation, Magna International Inc-, Momentive Performance Materials Inc., Owens Corning, the Quadrant group of companies, Koninklijke DSM N.V., Saudi Basic Industries Corporation (SABIC), TEIJIN LIMITED, The Dow Chemical Company and Zoltek Companies Inc.
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