Automotive plastics are plastics used for automotive applications for developed exterior & interior components like doors, bumpers, windows, headlight, trunk lids, hoods, grilles, side view mirror housing and wheel covers. The major advantage of using automotive plastic is the minimal decomposition in the vehicle market. Moreover, the other major benefit includes flexibility for the integrating components, reducing the overall weight, increase in the fuel efficiency and recyclability of the high-performance plastic.
According to study, “Global Automotive Plastics Market Size study, by Product (Polypropylene, Polyurethane, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, High Density Polyethylene, Polycarbonate, Polybutylene Terephthalate, Others), by Application (Interior, Exterior, Under Bonnet) and Regional Forecasts 2018-2025” the key companies currently working in the global automotive plastics market are Magna International Inc., Adient PLC, Compagnie Plastic Omnium, A. Schulman, Inc., Asahi Kasei Plastics, Arkema, BASF SE, Braskem, Covestro AG, Borealis AG, Celanese Corporationuth America, DSM Engineering Plastics B.V., Daicel Polymer Ltd., Evonik Industries AG, DowDuPont, Grand Traverse Plastics Corp., Exxon Mobil Corporation, Grupo Antolin-Irausa S.A., Hanwha Azdel, Farplas, Lear Corporation, Lanxess, LG Chem, LyondellBasell Industries Holdings B.V., Lumotech (Pty) Ltd., Magna International Inc., Owens Corning, Momentive, Quadrant group of companies, Omni Plastics, Saudi Basic Industries Corporation SJSC (SABIC), DowDuPont, Seoyon E-Hwa, Toyota Boshoku Corporation, Teijin Limited, Total (Polyblend), Zoltek Companies, Inc. (Toray Industries, Inc.), Trinseo.
Based on the product, the automotive plastic market is segmented into Polypropylene (PP), Polymethyl Methacrylate (PMMA), Polyvinyl Chloride (PVC), Polycarbonate (PC), Polyethylene (PE), Polyamides and Polyphenylene Sulfide (PPS). PC offers excellent properties for weathering, thermal, optical, & electrical with an exclusive combination of stiffness, hardness and toughness. Based on the vehicle type, the market is segmented into heavy commercial vehicles, light commercial vehicles and passenger cars. Based on the application, the market is segmented into automobile interior, under-the-hood, automobile exterior, chassis, electrical components and others.
The Corporate Average Fuel Economy (CAFE) regulation in the North American has led to automobile OEMs to look for the alternative methods of vehicular load reduction in order to improve the effectiveness. The light weight is one of the important factors to comply for the fuel consumption.
The global automotive plastics demand is driven by the increasing safety measures in automotive industry, growing demand for light-weight cars, increasing demand of passenger car followed by rising need of fuel-efficient vehicles (by reducing weight). However, market is impacted by some of the major restraints such as high material costs, high investment in material research activities and lengthy & exhaustive process for manufacturing of engineering plastics. The market is expected to witness a substantial demand due to increase in demand for electric & hybrid vehicles are expected to provide a big opportunity to the market.
The Asia-Pacific region holds significant market share of the global automotive plastics due to rising disposable income and growing production of vehicles. It is expected that the market to reach at US $68.5 billion, by 2025. In upcoming years, it is expected that the automotive plastic market to grow rapidly owing to the rising technological advancements.
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Ankur Gupta, Head Marketing & Communications