Growth in Asia to drive recycled thermoplastics demand in automobile industry

18-Sep-19

Unceasing growth in gross domestic product and improved living standards in the Asian countries will drive recycled thermoplastics demand in the automobile industry, as per GMI Insights. In 2016, developing countries such as India, China and Japan accounted around 40% of the global private and commercial automotive sales. This positive trend is anticipated to continue and will bolster the recycled thermoplastic market in future. Steady growth in the Asian automotive industry owing to significant production and sales of vehicle in the region will boost the recycled thermoplastic market as the product are used in the indispensable parts of every automobile. The construction industry output is anticipated to reach over US$4.5 trillion over the forecast timeframe in Asian region. This is all due to the extensive inflow of FDI and supportive government regulations and will substantially stimulate the market demand in coming years.

The U.S Recycled thermoplastic market will capture over US$16 billion by 2025, as per GMI Insights. Expansion in various industries such as packaging, medical and automotive & transportation in the country will boost the market demand in forecast period. Upsurge in construction activities in emerging economies due to the substantial population growth coupled with increasing demand for housing facilities will act as booster for recycled thermoplastic market growth over the next few years. The product is mostly used to make doors, panels, window railings, fixtures, sidings, etc. and these products are further used in construction sector for building designing.