New York, Aug. 08, 2019 (GLOBE NEWSWIRE) — By the increase in number of automobile, by the increase in population, by the growth of automobile sector are the factors for the growth of the Automotive plastic market.
The global Automotive plastic market was valued at USD 29.22 Billion in 2018 and is expected to reach USD 67.51 Billion by year 2026, at a CAGR of 11.1 percent. Automotive plastic market is driven by the increase in usage of the automobile, such as personal cars, lightweight commercial vehicle, increase in global population. An average car consists of 5.8% to 10% of plastics in terms of overall vehicle weight, Plastic is light weight material, as compare to metal. Plastic offer enhanced properties, such as high impact strength, it can be easy mold, improved aesthetics, and it helps in reducing weight, as compared to conventional automotive components. Increase in Global vehicle ownership per capita, in 2010 it was 148 vehicles in operation per 1000 people which is increased to 174 vehicles per 1000 people in 2013. China has the largest motor vehicle fleet in the world, with 322 million motor vehicle.
The 2017 Chevrolet Bolt has an ultra-thin innovative design Chevrolet found that plastics technology helps in reducing seatback thickness by 2 inches and mass by 6-8 pounds. Parts located close to engines should withstand high temperature environment and parts are exposed to a variety of corrosive fluids such as different lubricants and oils used in car. Conventional materials such as steel and aluminum which are used under bonnet are gradually being replaced by high-performing plastics. The 2014 Chevrolet Corvette introduce new innovative door trim technology reliant on plastics thermoplastic polyolefin material specifically developed for this application, the result is a door-trim skin, foil that offers lower abrasion and less scratch & marks, resulting in reduced cost and weight.
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Further key findings from the report suggest
- Asia Pacific region is expected to grow and reach USD 31.25 Billion because of increase in population in major economy such as China and India, and Increase in number of vehicle usage help in the growth of the Automotive plastic Market
- China has the largest motor vehicle users in the world it accounts to 322 million motor vehicles registered at the end of September 2018, which indicate toward the necessity of road marking which can guide the traveler about rules and safety
- The United States comes to the second position for the motor vehicles in the world after China. The European union member countries in 2009, had an estimated ownership rate of 473 passenger cars per 1000 people
- Plastics used in Automotive accounted to about 5.8% to 10% of the weight of vehicle but it is about 50% of the volume. Lightweight seats, instrument panels, sound control fabrics, the headliner, dash and door panels are made with modern polymer combinations
- Key participants include Magna International Inc., Covestro AG, Borealis AG, Compagnie Plastic Omnium, Adient plc, Lear Corporation, Evonik Industries AG, SABIC, Grupo Antolin-Irausa S.A., Teijin Ltd., Royal DSM N.V., Johnson Controls International PLC, Momentive Performance Materials
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Automotive plastic market on the basis of Types, Applications and region:
By Types (Revenue, USD Million; 2016–2026)
- Polyvinyl Chloride
By Applications (Revenue, USD Million; 2016–2026)
- Electric component
- Under Bonnet
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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