Increasing demand in power train and interior and exterior furnishing applications is expected to make the automotive plastics market worth US$53 bln by 2022, as per a report by Grand View Research. Plastics are increasingly being adopted as metal and alloy substitutes in automotive parts, in order to reduce overall vehicular weight, increase component performance and chemical corrosion resistance. In addition, European Commission moves to improve fuel efficiency were likely to positively impact automotive plastics industry growth, the report argued, while increasing automotive production in China, India and Japan along with growing aftermarket sales in Southeast Asia would be major factors driving automotive plastics demand. Electrical components and interior and exterior furnishing applications collectively accounted for more than 70% of the regional volume in 2014. Further key findings from the study were:
The global automotive plastics market was 8.69 mln tons in 2014 and was expected to grow at an estimated compound annual growth rate of 9.5% from 2015 to 2022.
North American demand was estimated at 882.5 kilo tons with polypropylene and polyurethane collectively accounting for more than 44% of the regional volume in 2014. Increasing automotive production in the US and Mexico coupled with growing passenger car exports would drive the region's growth over the forecast period.
Polypropylene was the leading product segment and accounted for 25.6% of the global volume in 2014.
Electrical components were the largest application segment, with revenue estimated at US$772.7 mln in 2014. Plastics are increasingly being consumed in electrical housings, sensors, lighting systems, switches and sockets and displays.
Glass headlight lenses were widely being replaced by polycarbonate lenses, with OEMs using polycarbonate as its substitute owing to its shatter resistance and heat resistance.
The global market is moderately concentrated in nature with top four companies accounting for more than 69% of the market share in 2014. Key industry participants include AkzoNobel, BASF, Sabic, Bayer MaterialScience, Quadrant AG, Lear, Borealis, Teijin, Johnson Controls and Evonik Industries, according to Grand View Research
27-Aug-15 
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