(PRWEB) April 07, 2013
According to the market research report “Automotive Plastics Market for Passenger Cars: Global Trends & Forecasts to 2016 - By Types & Geography”, published by MarketsandMarkets, the global automotive plastics revenue is expected to grow from $22,155 million in 2011 to $42,135 million in 2016 at an estimated CAGR of 13.7% for the same period.
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The automotive plastics are used in various automotive components such as bumpers, seating, dashboards, upholstery, internal, and external trims. The researches on composite materials, reinforced plastics, and polymers have come up with improved material qualities that make them suitable for use in interior, exterior, and under bonnet components of automobiles. The careful selection of these automotive plastics enables designers to improve durability, meet load bearing requirements, and achieve reduction in vehicle weight.
As of year 2011 Asia-Pacific leads automotive plastics consumption volume by 52% followed by Europe (29%), North America (10%), and rest of the world (9%) of which polypropylene leads consumption by 36% followed by polyurethanes (17%), ABS (12%), composites (11%), HDPE (10%), polycarbonates (7%), and PMMA (7%) due their easy forming properties and their availability at cheaper price than other materials.
The automotive plastics are among one of the widely preferred alternatives for light-weighting of the automobile as they offer enhanced properties such as impact strength, easy mold-ability, improved aesthetics, and reduced weight as compared to conventional automotive components. The increasing production of passenger cars In Asia-Pacific is one of the main drivers for increasing consumption of automotive plastics globally. The global automotive plastics consumption is expected to grow from 6.7 million tons in 2011 to 10.2 million tons in 2016 at an estimated CAGR of 8.6% for the same period.
The market dynamics of Automotive Plastics Market for Passenger Cars are studied for market insights such as drivers, restraints, and opportunity. The main drivers of automotive plastics utilization are their potential for maximum mass reduction of automobile and carbon emission reduction potential by light-weighting of the vehicle. The factors restraining the market are high material cost and huge investment in material research activities by companies. The opportunities are cited in new materials such as reinforced composites and PMMA.
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