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(I-AutoNewsWire.com, August 20, 2018 ) Industry Trend Analysis
In 2012, the global automotive plastics market was valued around USD 14.90 billion and is anticipated to reach approximately USD 46.09 billion by 2022, while maintaining a compound annual growth rate (CAGR) of 10.70% during the forecast period owing to global resurgence in the automobile segment, enhanced vehicle design and the rising significance of emission control and weight reduction are major factors fueling the growth of the global market. Plastics are extensively used in automotive parts and components due to their potential sourcing from reusable raw materials, relative ease of improved design and easiness of manufacturing. PU, PC, and ABS are a few alternative materials utilized for component and part applications of the vehicle. Generally, depending on performance requirements and fuel economy standards, an average car contains around 5.8% to 10% of plastics. This proportion is anticipated to augment during the approaching years, due to the increasing demand from customers for fuel-efficient, high-performance, and lightweight vehicles. Weight decline also extends a lucrative way to trim down fuel consumption and greenhouse gases emission. The polymerization of plastic monomers using catalysts in chemical reactions to create co-polymers and polymers and are twisted into polyethylene, polypropylene, polyvinyl chloride, polystyrene, polycarbonate and other polymerized plastic monomers. These materials hold extremely enhanced properties more than their individual monomers and are tremendously stable for utilizing in fabrication and molding. Designing an automotive is a vital factor as it is related to a variety of exterior forces and also the chance of major impacts. To protect the vehicle’s structural integrity, the materials used in its construction then turn into vital factors for stability and safety. Even though they are comparatively less costly, their manufacturing equipment and design parameters are extremely expensive, which is anticipated to present a challenge for market players.
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Product Type Outlook and Trend Analysis
In 2016, polypropylene (PP) issued as the top product type and reported for around 25% of the overall volume. Polypropylene (PP) offers brilliant electrical and chemical resistance at high temperatures. PP is translucent, semi-rigid and also renders integral hinge characteristic. It is light in weight relative to other materials and extensively utilized as a noise & vibration dampeners and thermal insulator in automotive parts. In 2016, Polyurethane (PU) came out as the subsequent leading product section. PU demonstrates advanced properties like abrasive strength, high tensile strength, abrasion resistance, hardness, and impact. Rising demand from electronic appliance manufacturers and automotive OEMs for applications like seat cushioning, refrigeration insulation, and interior trims have considerably influenced the growth of the global market.
Application Outlook and Trend Analysis
In 2016, interior furnishings came out as the top application and reported for around 50% of the overall volume. Plastics are extensively used for automobile interiors counting seat covers, light displays & panels, fascia systems, and steering wheels. Several other interior parts like load floors, seat bases, rear package shelves, and headliners are being built completely from high-performance plastics like ABS & GMT composites, rather than traditional metal and rubber, to promote weight savings. Expansion of digitalization has nurtured the plastics demand integrated into vehicle dashboards to hold highly sophisticated electronics with innovative features & technology. High electrical insulation properties and safety concerns of plastics have fueled their demand of plastics in instrument panels carrying the advanced electronic systems.
Regional Outlook and Trend Analysis
In 2016, Asia Pacific region was the leading market and reported for almost 50% of the overall industry volume. The change in production setting towards developing countries of Asia Pacific region, predominantly India, China, Thailand, Indonesia and Vietnam is anticipated to influence market growth positively. Intensifying production base and rising investments in sophisticated technologies for automobile production are anticipated to bring a new automobile era, which will impact the sector positively. Customers in Asia Pacific and Europe region are highly aware of fuel efficiency contrary to nations with plenty crude oil reserves, for example, China and the United States. These are the driving factors sustainable plastics demand in developing countries across the world. Europe region has followed Asia Pacific region and in 2016, reported for approximately 35% of the total market revenue share. Automobile manufacturers in European regional market are also using high-performance plastics as they assist in the weight reduction of the automobile and also they are energy efficient. European economies have to fulfill advanced emission standards due to which automotive manufacturers have to move towards electrified motors from diesel engines.
Competitive Outlook and Trend Analysis
The major players in the global automotive plastics market are BASF SE, AkzoNobel N.V, Covestro, Johnson Controls, Evonik Industries AG, Magna International, SABIC, Momentive Performance Materials Inc., Borealis AG, The Dow Chemical Company, Hanwha Azdel Inc., Lear Corp., Grupo Antolin, Owens Corning, Teijin Ltd., Royal DSM N.V, and Quadrant AG. The industry has the existence of key multinational participants that are dynamically engaged in technological innovations, research and development, mergers and acquisitions and other collaborations to amend their market value and position. Moreover, companies like BASF and Hanwha Azdel Inc. have invested in the development of their manufacturing capabilities to improve their regional presence and portfolios.
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The global automotive plastics market is segmented as follows:
By Product
Polypropylene Polyurethanes Polyvinyl Chloride ABS HDPE Polycarbonates PMMA Polyamide PET
By Application
Interior Exterior Under bonnet
By Region
North America U.S Canada Mexico
Europe Germany France UK Italy Spain Rest of Europe
Asia-Pacific Japan China Australia India South Korea Rest of Asia Pacific
Rest of the World Brazil South Africa Saudi Arabia United Arab Emirates Others
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022? What will be the industry market growth from 2013 to 2022? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com
Source: EmailWire.com
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