Global Automotive plastics market demand was valued at 11 million tons in 2017, is expected to surpass 20 million tons by 2024, growing at a CAGR of around 9.5% over the period of 2018-2024.
Pune, Maharashtra -- (SBWIRE) -- 01/16/2019 -- "Automotive Plastics Market Analysis By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024", according to a new research report by Graphical Research.
Global automotive plastics Market estimated to exceed USD 50 billion by 2024. Improvement in automobile design based on aesthetic design parameters, strict emission control norms and growing significance of weight reduction to reduce fuel consumption in vehicles are predicted to boost the demand for automotive plastics over the coming years. With innovations in vehicle component manufacturing technology, thermoplastic elastomers coupled with high-performance plastics are finding growing applications in automobile industry.
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Automotive plastics industry size estimated at 11 million tons in 2017, is predicted to surpass 20 million tons by 2024, growing at a CAGR of around 9.5% over the period of 2018-2024. Automotive plastics provide significant reduction in the weight of the vehicle resulting in fuel efficiency and reduction in greenhouse emissions. Growing investments in bioplastics production for automobile applications is predicted to support the market growth.
However, non-biodegradable property of synthetic polymers along with growing ecological concerns related to carbon emissions from conventional polymers are anticipated to inhibit the market growth over the coming years.
Applications segment includes power train, interior & exterior furnishings, electrical components, and under the hood chassis applications.
Power trains application segment is forecast to grow at a CAGR of around 10% over 2018-2024
Interior & exterior furnishings application segment, which contributed about 33% of the overall demand in 2017, is predicted to grow at a rate of around 9.5% over the forecast timeframe. Bumper systems, fascia systems, body & light panels, and steering wheels are key parts utilizing automotive plastics.
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Product segment comprises polyurethane, polypropylene, PVC, polyamide, polyethylene, ABS, polycarbonate, and PMMA (Polymethyl methacrylate) products.
Polymethyl methacrylate automotive plastics market share is predicted to record a CAGR of around 13.5% over 2018-2024
Polyurethane automotive plastics market, which contributed over 19% of the overall volume in 2014, is predicted to grow at a rate of around 10% over the forecast timeframe. PU foam provides the automobile manufacturers & designers with the means to manufacture lightweight seats that can also be recycled, assembled, and disassembled. Reaction injection-molded PU components are extensively used in the transportation industry.
Key industry players include BASF, Delphi Automotive, The Dow Chemical Company, Johnson Controls, AkzoNobel N.V., Delphi Automotive, Lear Corporation, and Evonik Industries.
Browse key industry insights from this 2018 report @
Segments We Covered in this report:
Automotive Plastics Market, By Product
Automotive Plastics Market, By Application
Interior and Exterior Furnishings
Under the hood
The above information is provided on a regional and country basis for the following:
Central & South America
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