Automotive Plastics Market Analysis, Size, Application Analysis and Regional Outlook Report

A Story by Marsh

Global Automotive Plastics Market is Projected to go Beyond 18 Million Tons by 2024

Global Automotive Plastics Market is poised to exceed USD 66 billion by 2024. The market is anticipated to grow at a healthy CAGR of over 13.5% from 2016-2024 (forecast period). Demand for interior & exterior furnishings & power train applications can fuel the global market in the forthcoming years.

Alloys & metals are increasingly being substituted with plastics in automobile parts. This leads to enhanced component performance & chemical corrosion resistance owing to reduced vehicular weight. Greater focus on emission control and on the reduction of vehicle weight will fuel market demand during the forecast period. Other market drivers are enhanced vehicle designs and demand for automobiles. The automotive market has been witnessing a growing trend towards vehicular weight reduction for enhanced fuel efficiency.

Besides reducing the weight of vehicles, these compounds are employed to enhance aesthetics, reduce vibrations, and decrease noise & cabin insulation. However, high costs of raw materials and substantial investments could hinder market growth. Most automotive plastic products are derived from petrochemicals. The availability of crude oil determines the supply of petrochemicals. The non-recyclable nature of automotive plastics can impede market progress.

The global automotive plastics market is categorized into products, applications, and regions. Products include polyethylene, acrylonitrile butadiene styrene (ABS), polyurethane, polypropylene, polyvinyl chloride (PVC), polycarbonate, polyamide, and polymethyl methacrylate (PMMA). Polypropylene led the market in 2014 with a revenue exceeding USD 5 billion. Engineering metals & plastics are increasingly being replaced by PP-based materials in the production of automobile parts. This leads not only to vehicular weight reductions but also to significant costs savings. Polypropylene and polyethylene foams are commonly used for vibration and noise dampening & thermal solidity.