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Automotive plastics market.
Automotive plastics market.
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The automotive plastics market is set to grow from its current market value of more than US$20 billion to over US$50 billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Rising passenger cars production along with consumer demand for fuel efficient, durable and light weight vehicles should stimulate automotive plastics industry demand.

Rapid industrialization and urbanization in India, Japan, and China will propel the demand for commercial vehicles, SUV’s, modern cars and HMV’s. Rising per capita income and improving living standards will create demand for stylish and high aesthetics cars thereby stimulating industry growth.

Automotive plastics are preferably used in various auto bodies and parts including chassis, power train, electronic components under the hood, exterior and interior furnishings and fuel systems. It is durable, scratch resistant, abrasion resistance, allows effective design molding, component integration and improves vibration and noise control in automobiles.

Expanding manufacturing hubs along with government spending for advanced technology may contributes towards automotive plastics industry growth.

Plastics used in automotive industry

Major raw materials, PU, ABS, PMMA, PVC, and PP are used in the manufacturing process of automotive plastics. Lack of standardization of plastic materials along with sustainability issues will be a major challenge and may impact industry growth.

Polyurethane (PU) based automotive plastics industry demand is predicted to register gains at over 10% owing to lightweight and excellent durability, increased fuel economy, corrosion resistance, insulation and sound absorption properties. PU foams are used for making head rests, cushioned instrumental panels and arm rests along with various other car interiors thereby stimulating product demand.

Acrylonitrile butadiene styrene (ABS) based automotive plastics market size is witness significant growth at over 9.5% during the forecast timeframe. It is used in manufacturing cars dashboard, instrument panel, covers, bumpers, and body panels. Consumer's inclinations towards stylish vehicles owing to weight reduction, toughness, flexibility, and corrosion resistance drives the industry growth.

PMMA based automotive plastics market size is expected to surpass US$ 1.3 billion by 2024. These are highly used in creating various interior and exterior panels, molded parts, trims, number plates along with application in windows, screens and displays owing to its superior characteristics such as impact resistance, UV filtering, chemical resistance, accuracy in color along with weathering properties ensuring product parts durability and longevity.

PVC based automotive plastics market demand is likely to surpass US$ 1.9 billion during the foreseeable timeframe. These are mainly used in underbody coatings, sealants, door panels seating, dashboard, arm rest, window sealing profiles, weather strips, and body side protection.

Regional outlook and development

North America automotive plastics market size, with steady gains in the U.S. and Canada is poised to exceed US$5 billion up to 2024 owing to rise in consumer preferences for lightweight and fuel-efficient vehicles.

Germany automotive plastics market demand is likely to register gains close to 8.5% during the forecast timeframe. Growth in automobile industry and presence of major industry giants along with high innovations and strategies will enhance product demand in the region. Meanwhile, increasing pressure on automobile manufacturers to reduce GHG emission to comply with EU standards coupled with high investments in research will drive regional industry growth.

China automotive plastics market size is likely to register gains close to 10% owing to rapid industrialization and increasing number of passenger cars produced. Rising foreign investment along with increasing demand for passenger vehicles may stimulate industry growth in the region. Automotive OEMs are focusing on the online retail channels in the near future, to help maintain a direct relationship with the buyers.

India automotive plastics market size from electrical components application may expect consumption at over 380 kilo tons up to 2024 due to swift increase in passenger vehicle production and consumer willingness to spend on stylish cars. In addition, Indian government encourages FDI in the automobile sector and plans to invest in eco-friendly cars in the future, thereby promoting automotive plastics market growth.

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