Sustainability wave to drive automotive plastics market, five trends defining industry expansion over 2018-2024
Date: 2018-07-06   Author: Sunil Hebbalkar  Category: #market

Sustainability wave to drive automotive plastics market, five trends defining industry expansion over 2018-2024

The growing concern among the automakers about lightweight vehicles and their impact on fuel efficiency will reportedly drive automotive plastics market With the deployment of a stringent regulatory framework, the demand for sustainable plastic products is expected to increase, further expanding the scope of this industry.

Five trends predominant in automotive plastics market:

  • PMMA-based automotive plastics market would collect USD 1.3 billion by 2024, driven by the product’s deployment in molded parts, trims, exterior panels, and number plates. The enforcement of strict regulatory norms to reduce plastic waste along with the surging adoption of sustainable plastics will also have a considerable influence on product demand.
  • Automotive plastics industry size from powertrain applications comprising gears, transmission, driveshafts, and engines will register an annual growth rate of 10% over 2017-2024. Renowned automakers are extensively giving preference to plastics for manufacturing powertrains to reduce its weight, which would help them to achieve higher fuel efficiency.
  • According to reliable sources, polyurethane based automotive plastic market is poised to record a CAGR of more than 10% over 2017-2024. The growth can be attributed to the usage of PU to develop seating systems, bumper, and headrests owing to its remarkable physical properties such as corrosion resistance, lightweight, better sound absorption, and excellent durability.
  • Reports claim that by 2024, automotive plastics market size from exterior and interior furnishings will be more than USD 17 billion. Increasing environmental awareness among the automakers and escalating development of creative designs for automobile interiors and exteriors will augment the product demand.
  • Regionally, China automotive plastics industry is predicted to register a CAGR of 10% pertaining to the growing industrialization and heavy investments in the automotive sector in the country.

The consolidated approach of vehicle manufacturers and plastic companies toward new product development will apparently generate numerous business opportunities for industry contenders over the years ahead. Evonik, Johnson Control, Delphi Automotive, and BASF are the some of the leading contributors in automotive plastics market.

About Author

Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

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