Albany, NY -- (SBWIRE) -- 04/06/2015 -- The surging global demand for cars and the need for automakers to incorporate better design elements due to the increasing competition in the automotives market is driving the global automotive plastics market to grow at a significantly high CAGR during the forecast period 2012 to 2018. By 2018, the global automotive plastics market is expected to reach a market value of US$32,985.4 million.

The popularity of plastics in automotives can be attributed to their physical properties such as toughness, resilience, durability, and resistance to corrosion. Also, the use of plastics in automotives ensures greater fuel efficiency because of the reduced overall weight of the vehicles. Materials such as steel, previously used extensively in manufacturing automotive parts and components, are increasingly being substituted with plastics.

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The use of plastics in place of metals such as steel ensures that automotive designers are able to achieve the desired features in lighting, electronic, and electrical components of automobiles. This also enables them to develop the vehicle's aesthetic aspects and lower its total weight. Reducing the total weight of a car helps improve nearly every aspect of its design, increasing its mileage, improving its handling characteristics, and reducing exhaust emissions due to the lower amount of fuel required to propel a lighter vehicle. Rising importance of emission control in the regulatory scenario is a key factor that fuels the overall automotive plastics market.

Polypropylene: Largest Product Segment

The global automotive plastics market is segmented on the basis of product type, application, and geography. On the basis of product type, the automotive plastics market is segmented into polyamide, polymethyl methacrylate, polycarbonate, polyethylene, polyvinyl chloride, polyurethane, polypropylene, acrylonitrile butadiene styrene, and others.

Polypropylene has by far the largest market in the overall automotive plastics market. This segment will grow robustly during the forecast period, which will in turn have a major impact on the overall automotive plastics market.

Growing Application in Interior and Exterior Furnishings to Drive Overall Automotive Plastics Market

The various areas of application in the global automotive plastics market are chassis, powertrains, under the hood, electrical components, interior and exterior furnishings, and others. Within applications, the segments of interior and exterior furnishings and electrical components play a pivotal role in determining the performance of the overall automotive plastics market. These two segments in the market for automotive plastics are also expected to grow robustly in the forthcoming years.

The market for biodegradable plastics is segmented into the following types: PBS-based, PCL-based, PHA-based, PLA-based, and starch-based.

Volatile Raw Materials Prices to Hamper the Growth of Automotive Plastics Market

Geographically, the global automotive plastics market is segmented into Asia Pacific, Europe, North America, and Rest of the World. In terms of market share, Asia Pacific leads the global automotive plastics market, followed by Europe, North America, and Rest of the World.

Some of the major market growth opportunities for the global automotive plastics market are the expansion of application base for automotive plastics and huge revenue growth potential in the Asia Pacific region.

Despite the favorable performance of the automotive plastics market there are several factors that hamper the growth of this industry, such as fluctuating input prices and capital-intensive technology. Growth in the applications of the global automotive plastics market is characterized by continuous research and development activities.

Some of the prominent companies in the global automotive plastics market include Equistar Chemicals LP, DIC Corporation, Solvay Plastics, Momentive Performance Materials Inc., Magna International Inc, Johnson Control Inc, Evonik Industries, Delphi Automotive PLC, BASF SE, Ascend Performance Materials, and AkzoNobel N.V.

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