Steel is being replaced by plastics owing to design versatility offered for various vehicle parts and ideally reduce weight & increase fuel efficiency. Regulations by European Legislation (EC) and CAFÉ are aimed at improving vehicle fuel efficiency.
Environmental concerns related to carbon emissions, coupled with non biodegradability of synthetic polymers are likely to hamper automotive plastics market growth. Growing investments to commercialize bioplastics on larger scale coupled with its increasing use in vehicle applications is likely to provide new avenues of growth.
PP (polypropylene) was dominant product and accounted for more than 28% of the total automotive plastics market size in 2014. They are increasing used to substitute steel to achieve desired weight reduction properties along with cost savings. PMMA is likely to witness highest gains over the forecast period owing to increasing application scope in side/rear lights. Key Report Insights suggest:
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