Global automotive plastics to reach US$41.5 billion by 2020

15-Oct-14

The development of automotive engineering thermoplastics will go into overdrive as fuel-efficiency regulations add to pressures for vehicle lightweighting. In another regulation-driven movement, many automakers are looking for sustainable alternatives to traditional plastics. Tomorrow's engineering polymers will need to be stronger, lighter, and more heat-resistant. The global automotive plastics industry is experiencing strong growth. A recent Grand View Research report predicts the auto plastics market will reach US$41.5 billion by 2020. The boom is due to a combination of increased global demand for autos, the need for lighter and more fuel-efficient vehicles that meet regulations such as the U.S. Corporate Average Fuel Economy (CAFE), and breakthroughs in material science. Engineering thermoplastics continue to achieve market advances, including the prevalence of carbon fiber-reinforced polymer (CFRP) and other new materials that were formerly feasible only in very high-end cars. The automotive plastics industry is not sitting still, as it recognizes there are additional opportunities via newer materials that can further decrease weight, improve vehicle styling and performance, and comply with environmental regulations. In April, the U.S. Environmental Protection Agency concluded that “automakers are off to a good start” with CAFE requirements that need to be satisfied by 2025. The U.S. National Highway Traffic Safety Administration estimates that auto manufacturers will average fleets of 34 miles per gallon in 2014. This number, while impressive, is still far from the 54.5 mpg automakers must achieve according to CAFE standards. Tomorrow’s engineering plastics will need to be even stronger, more lightweight, and able to withstand higher temperatures. Grand View Research’s senior research analyst, Anshuman Bahuguna, told ThomasNet News that the materials used in previous generations of cars simply can’t stand the heat today. “Super-engineered thermoplastics such as PEEK (polyether ether ketone), PMMA (polymethyl methacrylate), and TPV (thermoplastic vulcanizates)/TPO [thermoplastic olefins) will have a role to play, since they have been shown to offer consistent performance in more extreme operating conditions,” he said. Bioplastics are also on the auto industry’s materials navigation map.