According to a new market report published by BlueWeave Consulting, the global automotive plastic market was valued at US$ 23.62Bn in 2017 and is expected to expand at a CAGR of 12.72% from 2018 to 2025, reaching US$26.14Bn by the end of the forecast period. According to the report, Asia Pacific was the largest contributor in terms of revenue to the automotive plastic market in 2017.
Increasing demand for light weighted vehicles to gain higher fuel efficiency is driving the global automotive plastic market.
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Automotive plastics are being used in exceptionally advanced ways to make cars safer and highly fuel efficient. They are at the heart of solutions which make vehicles more lightweight and help in the reduction of carbon emissions. In addition, it also provides safety benefits to vehicles by offering airbags and seat belts. Automotive plastics help to facilitate innovative design and contouring. Rising car makers demand to meet sustainability goals using recycled materials with a motive to limit environmental pollution has increased automotive plastic application in several number of car parts.
Global production of lightweight automobiles has been growing in developing and developed region due to rising demand ofpassenger cars among urban population. Variability in prices of crude oil and rapid growth in urban population has surged the demand for automobiles. Better features such as lower tooling cost, light weight, corrosion resistance, strength and insulating material are being offered by the automobile industry. These features certainly improve the designs of the vehicles and appearance. Due to this factor several automotive manufacturers are replacing traditional automobiles components such as metal with automotive plastics. Automotive plastic improves vehicles safety by offering advanced processes and design. The safety concerns among consumers are growing and have been encouraging world’s top manufacturers of OEMs and Tier One to use automotive plastic to build innovative solutions for automobile.
Automotive Plastic Market: Scope of the Report
The global automotive plastic market is segmented on the basis of product and application. On the basis of product, the market is segmented into Acrylonitrile Butadiene Stylene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene, Polycarbonate, Polymethyl methacrylate, Polyamide and others. The Polypropylene was the largest segment in the global automotive plastic market in 2017, and is estimated to witness the highest growth during 2018-2025.On the application basis, the market is segmented into Power Trains, Electrical Components, Interior & Exterior Furnishing, Fuel System, Chassis and Engine Components. The Interior & Exterior Furnishing accounted for the largest segment in the global automotive plastic market in 2017.with a growing CAGR of over 13.38%
On the basis of region the market is segmented into five parts namely North America, Europe, Asia Pacific, LATAM and MEA. AsiaPacific was the largest region in the global automotive plastic market in 2017 with 48.73% and it is estimated to grow over a CAGR of 14.23% during 2017-2025.
Automotive Plastic Market: Competitive Dynamics
Companies, such as BASF SE, Evonik Industries AG, LG CHEM., SABIC., Exxon Mobil Corporation and DowDupont are the key players in automotive plastics which are essential for global automotive market. In terms of product offerings, SABIC and BASF SE are the major players in the market, providing automotive plastics for various purposes.
Get More Details on Global Automotive Plastic Market: https://bit.ly/2OMpp1z
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