Automotive plastics market size is anticipated to register USD 53.8 billion by 2022; as per a new research report by Global Market Insights, Inc. Improvement in vehicle design coupled with growing emission control & weight reduction norms is likely to drive automobile market. Technology innovation with respect to design parameters and aesthetics is likely to drive demand.
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The report focuses on quality analysis in terms of volume and revenue with a comprehensive overview of the market, including definitions and classification of the market, market trends, competitive landscape, coupled with key participants of the market, regional scenario, and aspects such as drivers, impediments, opportunities and challenges of the market.
Versatile, lightweight plastic material offers superior designs and excellent resistance to weather conditions. This has increased the demand of this compound, as the most accepted form of design material in the automotive industry. Strict government regulations about vehicle emission control have resulted in implementation of lightweight plastics as substitutes for steel or aluminum metals. The increasing trend of lightweight vehicles to enhance fuel efficiency and increasing prices of metals is likely to further the growth. Factors like increasing investments in material research of plastic substitutes and higher material cost, non biodegradability of synthetic polymers, environmental concerns with regards to carbon emissions, etc. are predicted to hinder the market growth.
The report covers the analysis of the automotive plastics industry segmented into electrical components, power trains, under the hood and chassis, and interior & exterior on the basis of its application. Airbags, now being a mandatory safety measure in passenger cars, is likely to drive demand.
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Regional analysis of the market report covers market insights on a regional scale. Asia Pacific is likely to retain its dominance as the largest automotive plastics market region for passenger cars. In terms of consumption, the Middle East & Africa region is anticipated to register as the top growing region. Growing automobile aftermarket sales are likely to impel the MEA market in next few years.
Major participants of the market are profiled in the report with the comprehensive analysis of the business strategies, current trends and competitive landscape. The key players include BASF, Dow Chemical, Evonik Industries, Johnson Control, Delphi Automotive and AkzoNobel N.V. Borealis AG, Hanwha Azdel, GrupoAntolin-Irausa S.A, Magna International, Lear Corp, SABIC, Momentive Performance Materials, DSM and Owens Corning are some other major companies covered in the report.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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