11-Apr-17 The global polymer fillers market to grow at a CAGR of 4.71% during the period 2017-2021, as per Research and Markets.
One trend in market is growing demand for lightweight plastic products for automotive applications. The low weight of plastics allows the manufacture of more fuel-efficient vehicles. It is estimated that every 10% reduction in vehicle weight results in more than 5% reduction in fuel consumption. In the automotive industry, the use of lightweight plastics came into the limelight when there were regulations for industry to use metals and other materials that were not environment-friendly. Due to the regulatory norms, automotive manufacturers introduced environment-friendly plastic components; for instance, lightweight plastics with high strength were used in major vehicles. Lightweight plastic polymers are used in different components such as PP in automotive bumpers, carpet fibers, cable insulation, chemical tanks, gas cans, and carpet fibers.
According to the report, one driver in market is rising demand for polymers in APAC. The demand for polymers in the building and construction, packaging, and automotive industries in APAC is on the rise due to the continued industrialization and growth in the manufacturing sector in the region. The economic growth of China and India, the two major countries, in the region is considerable, and this is fostering the growth of the end-user industries. According to the World Bank data, in 2015 the GDP growth in China was 6.914%, and that of India was 7.563%. The introduction of policies by the governments to attract foreign direct investments and facilitate closer integration with the global economy have resulted in significant investments in petrochemicals, polymer production, and downstream plastic processing.
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