Automotive plastics market size is anticipated to register USD 53.8 billion by 2022
Global Market Insights has announced the addition of a new study based report on the automotive plastics market to their offering. The market size is predicted to surpass 18 million tons in terms of volume by 2022. In terms of revenue, the market is predicted to reach 52 billion from 2015 to 2022, at an anticipated CAGR of over 13.5%.
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.
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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.
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.