The global automotive plastics market is
expected to reach USD 53.49 billion by 2022, according to a new report by Grand
View Research. Increasing demand in power train and interior & exterior
furnishing applications is expected to be a major driving factor for the global
industry growth over the forecast period. Plastics are increasingly being
adopted as metal & alloy substitutes in automotive parts, in order to
reduce overall vehicular weight, increase component performance and chemical
corrosion resistance. Regulations such as CAFE in the U.S. and EC legislations
in Europe aim at improving fuel efficiency and are expected to positively
impact automotive plastics industry growth.
Asia Pacific
dominated the global industry and accounted for more than half of the global
demand in 2014. Increasing automotive production in China, India and Japan
along with growing aftermarket sales in Southeast Asia are expected to be major
factors driving automotive plastics demand in APAC. Electrical components and
interior & exterior furnishing applications collectively accounted for over
70% of the regional volume in 2014.
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Further key findings from the study suggest:
- Global automotive plastics market was 8.69 million tons in 2014 and is expected to grow at an estimated CAGR of 9.5% from 2015 to 2022.
- North America demand was estimated at 882.5 kilo tons with polypropylene and polyurethane collectively accounting for over 44% of the regional volume in 2014. Increasing automotive production in the U.S. and Mexico coupled with growing passenger car exports is expected to drive the region’s growth over the forecast period.
- Polypropylene was the leading product segment and accounted for 25.6% of the global volume in 2014. PP foams are widely used in carpet backings, interior trims, gaskets and water shields. They function as noise and vibration dampeners and thermal insulators in automotive components
- Electrical components were the largest application segment with revenue estimated at USD 772.7 million in 2014. Plastics are increasingly being consumed in electrical housings, sensors, lighting systems, switches & sockets and displays.
- Glass headlight lenses are widely being replaced by polycarbonate lenses. Since, glass is highly weak under high impacts; OEMs are using polycarbonate as its substitute owing to its shatter resistance and heat resistance.
- The global market is moderately concentrated in nature with top four companies accounting for just over 69% of the market share in 2014. Key industry participants include AkzoNobel, BASF, SABIC, Bayer MaterialScience, Quadrant AG, Lear Corp., Borealis AG, Teijin Ltd., Johnson Controls and Evonik Industries.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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