Global Automotive Plastics Market - Segmentation by Product Type, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The overall demand for automotive plastics market is expected to grow at a healthy rate during the forecast period, 2018-2023. The key-driving factor in boosting the demand for automotive plastics is the growing demand for from emerging economies, such as China, India, and the Latin American countries. It is primarily used in automobiles in order to reduce weight and increase fuel efficiency. Among the different types of automotive plastics, polypropylene (PP) dominated the market.
Environmental Regulations for Emissions
The growing emissions coupled with the increasing concerns of global warming are promoting the government to put forward more stringent regulations on vehicular emissions. This, in turn, is driving the automotive manufactures to produce more efficient vehicles. With fast innovation and emergence of new technology to curb the emissions at a rapid pace, more regulations are being introduced. In India, the Bharat Stage norms are used, which are derived from euro norms. India plans to implement the euro 6 norms all over the country by 2020, which will lead to increase in demand for new emission control systems for all the vehicles, thus, driving the market for automotive plastics during the forecast period.
Polypropylene to Dominate the Consumption
The market for polypropylene (PP) is expected to grow at a rapid rate during the forecast period because of its characteristics of being extremely chemical resistant and completely impenetrable to water. The major parts in which polypropylene is used consists of seating, dashboard, fuel systems, panels, under-bonnet components, interior trim, electrical components, and many others. Continuous development of new PP types allows the replacement of steel in automotive in the near future as well, which will help in reducing the weight of vehicle. The growing demand for automobiles around the globe has increased the consumption of polypropylenein automotive plastics.
Asia-Pacific Region to dominate the Market
Asia-Pacific region dominates the automotive plastics market due to growing production of vehicles. The improvement in the financial status of the consumers, owing to the consistent economic development in country, has increased the disposable income of the consumers, which, in turn, has resulted in the increased vehicle purchases. This has resulted in the augmented growth of the automotive industry, in turn boosting the automotive plastics market. For Instance, China alone produces more than 29 million units of vehicles in 2017. India also witnessed a significant y-o-y growth of more than 5.50% in vehicle production in 2017. Moreover, the automotive industry in South-East Asian region is also witnessing growth. These factors are likely to boost the automotive plastic consumption in the region.
Notable Developments in Market
March 2018: China Plastics Summit shares market growth for electric and hybrid vehicles, which could bring with it additional opportunities for makers and recyclers of plastic automotive components, according to presenters at a plastics industry conference hosted by Ringier Events in Shanghai in March 2018
March 2018: DowDuPont in collaboration with AUDI, Voith Composites and ZOLTEK, won the JEC Innovation Award in the Automotive Process Category for the development of a CFRP rear wall structure suitable for fully-automated serial production
Major Players: Zoltek Companies, Inc. (Toray Industries, Inc.), DowDuPont, Teijin Limited, DSM Engineering Plastics B.V., BASF SE, SABIC, and LyondellBasell Industries Holdings B.V., amongst others.
Reasons to Purchase this Report
To understand the impact of applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Region expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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