North America automotive plastics market to register CAGR of 5.5% by 2020

22-Dec-15

North America Automotive Plastics Market is expected to grow at a CAGR of 5.5%. Profits will be driven by new advancements made in materials and regulatory pressure will be the major force propelling growth. Fuel economy standards that are being increasingly adopted throughout North America is pushing manufacturers to design lighter weight models of their brands, as per Research and Markets. Among all the automotive plastics, polypropylene (PP) leads consumption by 35% followed by polyurethanes (PU) (17%), Acrylonitrile butadiene styrene (ABS) and polyvinyl chloride (PVC) are the other major plastic materials that have been in great demand in automobile manufacturing. There is an increasing demand for biodegradable plastics such as Starch-based, PHA-, PLA-,PCL- and PBS-based.