Global automotive plastics market for passenger cars worth US$46,112 mln by 2018

17-Apr-14

The global automotive plastics revenue is expected to grow from US$21,617 mln in 2012 to US$46,112 mln by 2018 at an estimated CAGR of 13.4% from 2013 to 2018, as per MarketsandMarkets. The automotive plastics are used in the manufacture of various automotive components such as bumpers, seating, upholstery, instrument panels, internal and external trims. Research on light weight plastic materials such as composite materials, reinforced plastics, and polymers have come up with improved material qualities that make them suitable for use in interior, exterior, and under bonnet components of automobiles. The careful selection of these automotive plastics is very important in the industry as it enables designers to improve durability, meet load bearing requirements, and achieve reduction in vehicle weight. In 2012, Asia-Pacific was leading in the automotive plastics consumption volume by 50.5%, followed by Europe (28%), North America (11.3%), and rest of the world (10.1%). Among these regions polypropylene leads consumption by 37%, followed by polyurethanes (PU) (17.3%), acrylonitrile butadiene styrene (ABS) (12.3%), composites (11.5%), high density polyethylene (HDPE) (10.8%), polycarbonates (PC) (6.8%), and polymethyl methacrylate (PMMA) (4.4%), due to their easy forming properties and their availability at cheaper price than other materials. The automotive plastics are among one of the widely preferred alternatives for light-weighting of automobile as they offer enhanced properties such as superior impact strength, easy mold-ability, improved aesthetics, and reduced weight as compared to conventional automotive components such as High speed steel (HSS) and Aluminum. The increasing demand of passenger cars and the supply to fulfill the same in Asia-Pacific is one of the main drivers for increasing consumption of automotive plastics globally.