Strategic Analysis of the Plastics Market in the ASEAN Automotive Industry
The automotive plastics market is expected to accelerate during the forecast period due to its rapid trend of light-weighting in vehicles through the replacement of metal with plastics.
ASEAN is emerging as one of the main manufacturing hubs in the world, with Thailand ranked in 9th position for the global automotive production and 1st in ASEAN for automotive production. As such, the automotive plastics market is expected to grow in this region.
The substitution of plastics in automobiles not only promotes fuel efficiency, which is much demanded by consumers in ASEAN, it is also in line with the environmental trends in reducing carbon footprint and carbon dioxide (CO2) emissions from vehicles.
The usage of plastics in automobiles can also enhance design flexibility in areas such as airbags and seatbelts, as well as for shock absorption in bumpers, while ensuring that passenger safety features are not neglected.
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