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(I-AutoNewsWire.com, August 10, 2018 ) In what may seem to be another pivotal instance in Automotive Plastics Market, Exxon Mobil is looking forward to expanding its petrochemical production, on the grounds of which the firm plans to work on a new plastics plant on the Gulf Coast. Apparently, the company would be producing polypropylene at this plant, the operations of which are scheduled to commence by 2021. The advanced material produced at this plant is expected to be used across the packaging, aerospace, and automotive sectors.
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Exxon Mobil’s initiative also comes along the heels of the fact that lightweight plastics are significantly replacing steel components in automotive applications, that would boost the demand for polypropylene based parts. The main objective behind using such plastic materials in automotive applications is to maintain fuel efficiency and weight of the vehicles. As the company makes way for more polypropylene production, it is likely to encourage other players to follow suit, further augmenting automotive plastics market trends in the years to come.
The increasing acceptance of plastic parts across the automotive sector is indeed one of the pivotal driving forces of global automotive plastics market. The types of automobiles notwithstanding – heavy-duty trucks, electric vehicles, or sports cars, it is now rather evident that the sole aim of automakers is to reduce vehicle weight to combat the issues related to emission targets and fuel economy. Novares Group is one of the many companies that has been rather proactive in this regard, and in the process has conveniently secured a strong position for itself in automotive plastics industry.
Novares basically uses advanced plastics injection technologies to design and develop engineered pragmatic parts with complex functions and provide integration expertise for modules. One of its best products is the 100% plastic heat exchanger that is adept at replacing conventional aluminum alloys and also integrating easily into engine parts. Novares’ instance thus validates that the leading giants in automotive plastics industry precisely aim to introduce sustainable, lightweight, aesthetic, and high-quality solutions for automotive applications.
This unit, with a proposed capacity of 6,000 metric tons per year, has been speculated to fulfill the demand for Mitsui’s Milastomer products in the automotive sector in numerous applications such as joint fillers, grips, building material, and gaskets.
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Analyzing the present scenario, it would seem as if capacity expansions are a go-to growth tactic adopted by global automotive plastics market firms to sustain in this competitive business space. It is rather undeniable that the adoption of lightweight material would fuel the industry outlook in the future. With increased production capacity, it has been becoming more and more apparent that plastic products in the automotive domain are here to stay. Aided by numerous investments by prominent players, in tandem with a supportive regulatory framework that stresses on the reduction of vehicle weight, automotive plastics industry size is likely to expand at an unprecedented pace over the years ahead.
Global Market Insights, Inc.
Arun Hegde
1-888-689-0688
sales@gminsights.com
Source: EmailWire.Com
Source: EmailWire.com
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