Polyurethane Market for Automotive Industry to cross 91 kilo tons by 2024
Date: 2018-10-03   Author: Rahul Varpe  Category: #market

MEA polyurethane market for automotive industry has been witnessing highly lucrative gains in the last half a decade, pertaining to the extensive deployment of PU products in vehicles. Indeed, as plastic has been gaining prominence in the MEA automotive sector as a lucrative material, leading chemical companies have been collaborating with original equipment manufacturers who are willing to use plastic products for developing automotive parts. 

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The Sadara-SNAM deal is an apt instance demonstrating the efforts of MEA’s automakers to utilize local resources in manufacturing automotive parts and creating a sustainable automotive industry ecosystem. Through this agreement, Sadara will work with automobile parts manufacturers in the auto cluster to produce plastic parts locally. The planned auto cluster in PlasChem Park is expected to help local automotive and chemical manufacturing companies to conduct business with international clients. 

A major factor impelling the automotive polyurethane market in MEA is the favorable foreign policy framework that has attracted myriad other automobile manufactures. Countries across MEA have lately been emerging as major automobile hubs, pertaining to the attractive economic growth of the region and the surging demand for high-end luxury vehicles. 

Consequently, this has generated an increasing demand for petrochemical derivative products like polyurethane for manufacturing automotive components. With the expansive growth of the petrochemical and automotive sectors in the Middle East, MEA polyurethane market for automotive industry is certain to emerge as one of the most lucrative verticals.

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If a regional bifurcation is to be considered, Iran is one of the countries that has been evolving as the latest hub for MEA automobile manufacturers. That is to say, Iran’s economic progress seems to be becoming rather dependent on its automotive sector after the O&G industry. Currently, the Iranian government plans to focus on strategic joint ventures and long-term partnerships with OEMs overseas, to improve the country’s existing technology portfolio and increase the overall production of vehicles. 

Quite ironically, the rise in automotive production and the absence of leading giants in Iran polyurethane market comprising Doe, BASF, and Huntsman, have led to Turkish, Chinese, and Korean polyurethane manufacturing companies taking the privilege to extend their reach across Iran. These companies have been rapidly manufacturing polyurethane to be used in automotive components such as car seats, bumpers, headrests, handholds, steering wheels, dashboards, and electric components. 

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The increasing foreign investments across the Middle East countries are anticipated to have a favorable influence on the commercialization potential of MEA polyurethane market for automotive industry. Of late, Korean and Chinese PU suppliers have been taking a renewed interest in improving the production capacity of the MEA region, further strengthening the regional market. As per estimates, automotive polyurethane market in MEA is expected to cross around USD 385 million by 2024.
 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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