Asia Pacific automotive plastics market is slated to witness notable growth, owing to the significant demand for modern automobiles in countries like India, China, South Korea, and Japan. As per the OICA, nearly 25.72 million automobiles, including cars and passenger vehicles were produced in China in 2019. Increasing consumer preference towards automobiles lashed with advanced automotive electronics and passenger safety systems are encouraging industry players to expand their businesses to APAC.
Global automotive plastics market size is projected to surpass US$50 billion by 2024, as per the forecast by Global Market Insights, Inc. The properties including, durability, versatility, and lightweight of plastics, make them a suitable material used in various auto parts, such as dashboards, air vents, pipes, door handles, and others. Nowadays, more than half of the modern automobile components are made from advanced plastics.
Automotive plastics are lightweight material, that play a pivotal role in reducing the overall vehicle weight and enhancing fuel efficiency. According to the U.S. Department of Energy, a reduction in vehicle weight by 10%, can result in 6-8% reduction in fuel consumption.
With changing consumer habits and stringent regulations related to automotive emission, the demand for lightweight, fuel-efficient, and affordable vehicles is driving the usage of advanced plastics in automobile manufacturing. Automotive plastics bring various other advantages to automobiles, including flexibility in designing and integrating components as well as enhanced safety, aesthetics, and comfort.
As per the International Organization for Motor Vehicle Manufacturers, approximately 92 million cars and commercial vehicles were manufactured globally in 2019. Although the COVID-19 pandemic in 2020 slowed down vehicle manufacturing to some extent, the global out was still pegged at over 77 million during the year. A substantial increase in disposable income, growing living standards, and rapid urbanization are some major factors that are driving vehicle adoption among consumers and businesses.
The polypropylene-based automotive plastics segment is expected to witness substantial growth by 2024, as they are broadly used in multiple applications in automobiles. Polypropylene plastics offer superior resistance to chemical solvents, bases, and acids, which allow their applications in gas cans, chemical tanks, cable insulation, bumpers, and carpet fibers.
Polyvinyl chloride (PVC) segment should also experience notable adoption in the coming years, owing to their extensive range of applications. PVC is known for high gloss, excellent flexibility and thermal stability, and flame retardant property.
PVC can withstand extreme pressure in extrusion, compress molding, injection molding, and blow molding processes and can be utilized in automotive instrument panels, door parts, and electrical cable sheathing. Rapid urbanization, high spending, and advancement in automotive technologies have drastically changed consumer perception about vehicle’s interior and exterior aesthetics.
Electrical components, under the hood, power train, chassis, and interior & exterior furnishings are some major application range of automotive plastics. With the growing market penetration of high-end vehicles, the shift in consumer preference towards advanced automotive electronics, such as GPS-LED displays, airbags, and other safety systems, is increasing the demand for plastics in electrical components.
Polystyrene, polyoxymethylene, and polycarbonate are thermoplastic materials, that exhibit a lot of promise in electrical component applications. These thermoplastic materials, owing to their superior mechanical, electrical, and di-electrical properties, are used in display bases, buttons, gears, fuel systems, headlamp lenses, bullet-proof glasses, and others.
Borealis AG, Delphi Automotive, Evonik, Dow Chemicals, Adient, and BASF are some prominent key players of automotive plastics market. These companies are eyeing on leveraging technologies to develop lighter and durable automotive plastic material to enhance the overall performance of vehicles. With the shifting trends toward nature-friendly materials owing to several environmental impacts by plastics and government emission measures, producers could increasingly emphasize on using bioplastics or bio-degradable plastics in auto components.
Silver nanowires demand to rise with the thriving electronics industry
The Global Silver Nanowires Market Report includes a comprehensive analysis of the present of the market. The report starts with the basic Industry overview and then goes into each and every detail.
Increasing construction activities to boost APAC acrylonitrile butadiene styrene market growth
On that account, a recent research by Global Market Insights, Inc., anticipates the acrylonitrile butadiene styrene market size to exceed a valuation of USD 39.27 billion through 2027.
Shift towards shatterproof polymethyl methacrylate materials from glass to foster PMMA market for co
PMMA market for construction application in Italy from cell cast sheets & blocks is anticipated to exceed a valuation of nearly $14.5 million by the end of the forecast timeframe. PMMA cell cast sheets, because of their attributes like greater optical clarity, matt surface, gloss, and anti-reflective, are highly used in construction of museum and aquarium casings. Growing demand for PMMA cell casts as a cost-effective alternative for materials including metal, ceramics, wood, and glass for construction application due to greater strength features is likely to foster the overall market growth.
