Automotive Plastics Market to Witness Substantial Growth With Governments, Manufacturers, and Consumers Taking Cognizance of the Need to Reduce Carbon Emission

(MENAFN- Straits Research)

The use of automotive plastics has increased tremendously over the years. The American Chemistry Council stated that in 1960, an average car in North America had merely 8 kg of plastics and composites, while the average car in 2016 had a staggering 151 kg of plastics and composites, translating to about 8% of the car's weight and half the volume of materials in the car. Thus, the importance of automotive plastics and their role in future vehicles cannot be understated.

The use of automotive plastics in key vehicle components such as the steering wheel, fascia system, light panels and displays, and seats, as well as advanced luxury components such as infotainment systems, mishap recorder systems, and lighting systems drives the growth of the market.

Growing Penetration of EVs Will Augment Plastic Consumption in Coming Years

The growing popularity of electric vehicles (EVs) is expected to contribute to the growth momentum of automotive plastics globally. Governments around the world, in light of the current wave of environmental consciousness, are offering tax credits and other benefits to promote the adoption of electric vehicles.

Weight, or rather the reduction of it, is an important aspect in the design of electric vehicles. Automotive plastics thus find extensive application in EVs as they meet the necessary functional requirements while weighing far lesser than traditional materials such as steel and aluminum. Polymer components are becoming commonplace in engine transmission and under the hood (polycarbonate sensors and LEDs) with automotive manufacturers seeking innovative ways to reduce cost and weight.

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Asia-Pacific to Remain the Most Prominent Automotive Market Globally, Which Will Foster the Growth of Automotive Plastics in the Region

According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia-Pacific accounted for around 50% of automobile production in 2018, wherein China alone manufactured approximately 27 million vehicles. The preference for a small family, coupled with rising per capita disposable income, contributes to the popularity of hatchbacks in the region. Economic growth, tax reforms, and government policies targeting higher FDI in the automotive sector provide impetus to the automotive plastics market in Asia-Pacific. In addition, infrastructure development is also accelerating the growth of the automotive sector, and in turn, bolstering the demand for automotive plastics. Rising vehicle production, in conjunction with emission concerns, has resulted in larger R & D investments to decrease vehicle weight and subsequently, reduce carbon footprint.

Key Players

Some of the prominent players in the automotive plastics market are Magna International, Inc., Momentive Performance Materials, Inc., Covestro AG, Evonik Industries AG, Owens Corning; Quadrant AG; Royal DSM N.V., SABIC, The Dow Chemical Company; AkzoNobel N.V., BASF SE, Johnson Controls International PLC, Borealis AG, Hanwha Azdel, Inc., Grupo Antolin, Lear Corp., and Teijin Ltd.

Automotive Plastics Market Market Segmentation

By Product Type

• Polypropylene
• Polyurethane
• Polyvinyl chloride
• Acrylonitrile Butadiene Styrene
• Others

By Application

• Interior
• Exterior
• Under Bonnet

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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