Automotive plastics market for passenger cars to register CAGR of 8.3% by 2020

The automotive plastics market for passenger cars is expected to register a CAGR of 8.3% by volume in the next five years, to reach 14,372.1 KT by 2020, as per Research and Markets. Automotive plastics are one of the widely preferred alternatives for making automobiles less bulky as they offer enhanced properties, such as impact strength, easy mold-ability, improved aesthetics, and reduced weight as compared to conventional automotive components. The report covers the automotive plastics market for passenger cars and its trends for applications, such as interior, exterior and under bonnet. Interior is the key application of automotive plastics, followed by exterior and under bonnet. The interior application accounted for 43.0% share of the said market in 2014. Exterior application of automotive plastics for passenger cars is projected to witness the highest CAGR of 9.8% by volume between 2015 and 2020. Asia-Pacific is projected to continue to lead the automotive plastics market for passenger cars till 2020, followed by Europe and North America. Asia-Pacific and RoW are the fastest-growing markets for automotive plastics due to emerging industries in developing economies, such China, India, and Brazil. The rising per capita disposable income and growing trend towards use of small cars and preferences for nuclear families fuel the demand for passenger cars in the region. The global automotive plastics market is poised to grow at a CAGR of around 8.8% over the next decade to reach approximately US$57.2 bln by 2025.
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