Global automotive plastics forecast to grow to US$42135 mln in 2016 at an estimated CAGR of 13.7%.

16-Apr-12

The global automotive plastics revenue is forecast to grow from US$ 22,155 mln in 2011 to US$42,135 mln in 2016 at an estimated CAGR of 13.7% from 2011 to 2016. The consumption of automotive plastics worldwide is expected to increase from last year's from 6.7 mln tons to 10.2 mln tons by 2016 at a projected CAGR of 8.5% for the same period, as per a report worked out by MarketsandMarkets. Among all the automotive plastics polypropylene leads consumption by 36% followed by polyurethanes (17%), ABS (12%), composites (11%), HDPE (10%), polycarbonates (7%), and PMMA (7%) owing to their easy forming properties and cheaper price compared to other materials. The Asia-Pacific region leads automotive plastics consumption by 52% followed by Europe (29%), North America (10%), and ROW (9%). The key drivers of automotive plastics utilization are their potential for maximum mass reduction of automobile and carbon emission reduction potential by light-weighting of the vehicle. The market is restrained by high material cost and huge investment in material research activities by companies. The opportunities are cited in new materials such as reinforced composites and PMMA.