Automotive Plastic Market – Market Overview
The Global Automotive Plastic Market is likely to witness significant growth due to rapid adoption of lightweight components in automotive sector in order to increase fuel efficiency and rising demand of renewable material electrical components. Plastic materials such as ABS, PVC and PU are major types of materials used in automotive vehicle parts. On an average, a single vehicle contains 6-9% of plastics depending on fuel efficiency and performance requirements of particular vehicle. Over the years, this percentage is projected to reach more than 35% owing to stringent regulation and high demand of lightweight parts. Moreover, reducing weight is prime importance for automakers as it minimizes greenhouse gases and fuel consumption, thereby, shifting to cost effective products.
Based on various products available in market, polypropylene (PP) witness huge demand owing to excellent chemical and electrical resistance and lightweight which widely used in dampeners and thermal insulators. Polyurethane emerged as leading segment due to its superior properties such as high tensile strength, excellent impact and abrasion resistance. According to numerous application, Global Automotive Plastic is segmented as interiors body, under bonnet, exterior body, and electrical components. Interior furnishing segment includes display panels, seat bases, headliners, rear package shelves are manufactured by ABS plastic which are further likely to boost the market growth. Furthermore, auto manufacturers are focusing more on performance of vehicle by lowering of greenhouse gases with significant reduction in weight of vehicle.
Asia Pacific region is leading market in Automotive Plastic Market owing to rising production of passenger vehicle along with increasing consumer preference for luxurious car segment. Changing trend of lightweight components with protective film in vehicle parts in order to improve fuel efficiency in various regions is expected to complement market growth. China witnessed strong growth owing to large production base and economic labor. Moreover, countries like Japan, India and South Korea are leading countries in automotive industries and manufacturer are relocating base owing to lenient government regulations and easy availability of resources. North America is second largest automotive market followed by Europe. Countries of North America such as U.S, Mexico, and Canada are among the major contributors in the regional market growth and are estimated to see a significant growth over the forecast period. In addition, Germany and Spain have emerged as the prominent consumer market on account of rising automotive production. Strong consolidation and favourable economic conditions are likely to boost the product demand in regional market.
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Industry/ Innovation/ Related News:
June 2017 –BASF started production of engineering plastic at Schwarzheide site in Germany. The total expansion is about 70,000 tons with products named Ultramid® (PA) polyamide and Ultradur® (PBT) polybutylene terephthalate. The global BASF production capacity of PA and PBT has reached to 700,000 tons per years. These plastic materials are used for making high performance components for automotive, electrical and electronic industry. This mainly used to produce automotive component such as engine mounts, sensors and connectors, chair elements.
April 2017– LINTEC launched new automotive plastic film known as GY-3IR which has darkest color available with high class tint and texture quality. With increasing demand of color variations ranging from dyed types to clear types, automotive manufactures are incorporating high class designs, diverse functionality and superior workability in automotive window glass. Thus, to maintain clear view in direct sunlight and reduce UV radiation are providing lucrative opportunity for market players.
June 2017–Evonik launched a new range with innovative design named as PLEXIGLAS® products. The new product is molding compounds to meet requirements in automobile and lightning industry. These products are basically used for non-transparent add-on car body parts and engineering lioghtning application.
June 2016–BASF launched new product in plastic additives like light stabilizer known as Tinuvin® 880 and Tinuvin® XT 55. These products offer core competencies in light, thermal, and process stabilization, thereby allowing plastic producer and convertors to maximize properties such as retention and extension. Automotive plastics are growing at huge rate contributing to less fuel emission, aesthetic appeal and comfort with all structural benefits.
November 2016 –BASF invested Euro 200 million for capacity expansion of plastic additive business in Asia, Europe and the U.S. Plastic additive improve product performance and protect from scratch. These materials are lightweight and optimize plastic manufacturing process.
Automotive Plastic Market – Competitive Analysis
Automotive Plastic Market is highly fragmented market with tier 1 and tier 2 players dominating the overall market. The major strategies adopted by key players are expansion, collaborations or partnerships and product launch. In order to meet regulations, set by various bodies of respective regions, manufacturer is entering into agreement with raw material supplier to maintain profit across the value chain. In highly competitive market, companies are investing more in innovations and brand building thereby, fostering the strong relationship with customer. On other hand, major players are carrying out research & development activities to improve the properties of these automotive film.
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