Albany, NY -- (SBWIRE) -- 02/15/2016 -- Plastics are replacing steel and other materials that have been traditionally used for manufacturing automotive components. This has enabled automotive designers to achieve versatility in designing of electrical, electronic and lighting components along with enhanced styling opportunities and a reduction in overall vehicle weight. This versatility helps to reduce automotive weight and is the most important feature of plastics and is one of the most alluring reasons for replacing steel for the most part in automobiles. Additionally, reduction in manufacturing costs, corrosion resistance, durability, resilience and toughness are very important features of plastics and have enabled replacement of steel in fenders, doors, bumpers and other critical automobile parts.

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Automotive plastics are currently in use in manufacturing electrical components, interior and exterior furnishings, power trains, under the hood components, chassis and other such critical automotive parts. By 2018, the automotive plastics industry is expected to generate revenues of USD 32,985.4 million and is anticipated to grow at a considerably high CAGR during the forecast period. Automotive plastics in electrical components and interior and exterior furnishings are expected to be the major markets for these materials and are at present considered indispensable to the automotive industry. Other applications such as chassis construction, power trains and under the hood components are critical components during the designing stage and hence research and development efforts to introduce better plastics in these applications are a continuous process.

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The most widely used automotive plastics include materials such as polypropylene (PP), polyurethane (PU), acrylonitrile butadiene styrene (ABS), polyethylene (PE), polyvinyl chloride (PVC), polycarbonate (PC), polymethyl methacrylate (PMMA), and polyamides (PA) such as Nylon – 6 and Nylon – 6,6. Other less commonly used plastic materials include polyoxymethylene (POM) and polyethylene terephthalate (PET). Biodegradable plastics are also making headway in the automotive industry and are expected to be a major market in future years with better material stability and longer life spans. The opportunity of biodegradable plastics has been separately analyzed for this market study. The global demand for automotive plastics is mainly driven by the huge demand for automobiles, improved vehicle design capabilities and the growing importance for weight reduction and emission controls. Biodegradable plastics have been analyzed separately as a potential opportunity, the estimates for these plastics have not been included in the overall market estimate and have been provided separately.

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BASF SE, Delphi Automotive PLC, Ascend Performance Materials, AkzoNobel N.V., Evonik Industries, Johnson Control Inc., Magna International Inc., Momentive Performance Materials Inc., Solvay Plastics and others are some of the major manufacturers of automotive plastics.

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