Global Plastics Market for Passenger Cars Industry 2017-2021
About Plastics Market for Passenger Cars Industry
Plastics refer to materials that are used as raw materials in different industries such as packaging, automobile, aerospace industry, textile, consumer goods, electronics, and others. These plastics can be molded or shaped into a range of solid objects or flexible sheets by altering the amount of plasticizer used. The use of plastics in passenger cars is increasing due to the growing need to reduce the weight of the vehicles. This, in turn, improves the efficiency of the vehicle in terms of fuel consumption and emissions.
Technavio’s analysts forecast the global plastics market for passenger cars industry to grow at a CAGR of 9.37% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global plastics market for passenger cars industry for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Plastics Market for Passenger Cars Industry 2017-2021
Technavio recognizes the following companies as the key players in the global plastics market for passenger cars industry: BASF, Borealis, Covestro, LANXESS, and Royal DSM
Other Prominent Vendors in the market are: Clariant, FOMPAK, HÜBNER, INEOS Styrolution, Radici Partecipazioni, SABIC, Tata AutoComp Systems, and Trinseo
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of bioplastics. There has been an increasing use of bioplastics in automobiles in recent years. Leading automobile manufacturers such as Mercedes-Benz use bioplastics in their automotive car parts with the aim of reducing the environmental impact. Bioplastics can be bio-based, biodegradable, or both. The bioplastics that are being implemented in the automotive market are bio-based polyamides, Polytrimethylene terephthalate (PTT), and bio-based polyolefins. Bioplastics help save scarce resources and reduce the dependence on the price-volatile energy market, thus reducing the environmental impact.”
According to the report, one of the major drivers for this market is Growth in lightweight materials for automotive industry. There is a need for lightweight materials in the automotive industry. The lightweight materials used in the automotive industry are high-strength steel, aluminum, composites, magnesium, and plastics. The global lightweight materials market is expected to grow at a rate of more than 8.5% during the forecast period, and plastic materials are expected to grow at a CAGR of more than 10%. The major driver for the growth of lightweight materials is the consumer demand for more fuel-efficient cars. With the growing awareness about climate change, increasing concerns for environmental issues, and increasing the cost of fuel, the customers are demanding lighter vehicles to save on fuel. It expected that the passenger cars market would grow by 14.51 million units by 2021 as compared to 2016. Thus, the major focus will be on lightweight materials to ensure fuel efficiency and to comply with the stricter environmental regulations.
Further, the report states that one of the major factors hindering the growth of this market is Joining dissimilar materials poses a challenge. Materials such as metals, composites, and plastics are used to make the body of a passenger car. All these materials have different structural characteristics, but must be used in conjunction. These materials must be joined by a stable and reliable process. The car body is primarily made of metals, and the common method of joining metals is welding, which cannot be used to join plastics. Thus, the joining of plastics with metals as well as other materials remains a challenge for this market. Adhesives are generally used for multi-materials cars, but more cost-effective methods need to be developed.
BASF, Borealis, Covestro, LANXESS, and Royal DSM, Clariant, FOMPAK, HÜBNER, INEOS Styrolution, Radici Partecipazioni, SABIC, Tata AutoComp Systems, and Trinseo
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