According to a new study by Global Market Insights (GMI), the demand for plastics in the automotive industry will be stimulated as car production and consumer demand for energy-efficient, durable and light-duty vehicles increase. According to the report, by 2024, the automotive plastics market is expected to exceed $50 billion.
Rapid industrialization and urbanization in India, Japan and China will boost demand for commercial vehicles, sport utility vehicles (SUVs), hybrid vehicles (HEVs) and passenger vehicles. The increase in per capita income and living standards will create demand for fashionable cars and promote industry growth.
Automotive plastics are widely used in automotive parts, including body exterior components, transmission systems, electronics, under-the-hood components, fuel systems, and interior panels such as instrument panels. The plastics used in automobiles are durable, scratch and abrasion resistant and can be effectively designed for injection molding. Expanding manufacturing centers and increasing government spending on advanced technologies can help auto plastics grow.
The North American automotive plastics market is growing steadily, with consumer expectations for light and energy-efficient vehicles rising by more than $5 billion by 2024. The growing demand from OEMs to reduce vehicle weight and more cost-effective solutions can have a positive impact on regional growth. Strict government requirements, such as the “CAFE Standardâ€, regarding carbon dioxide emissions and fuel economy requirements, have led OEMs to find other ways to reduce vehicle weight and improve fuel efficiency.
The main polymer materials used in the manufacture of automobiles include PU, ABS, PMMA, PVC and PP. The standardization of plastic materials and sustainability issues will be a major challenge that may affect the development of the industry.
The German automotive plastics market is likely to reach a growth rate of nearly 8.5% during the forecast period. The growth of the automotive industry, the emergence of major industry giants, and innovation and market strategies will increase production demand in the region. Increasing pressure on automakers to reduce greenhouse gas emissions to meet EU standards, coupled with investment in research, will drive industry growth in the region.
The demand for PVC materials in the automotive plastics market may exceed $1.9 billion during this time period, mainly for body base coatings, plastic seals, doors, seats, instrument panels, hand, window seal profiles, weather strips and body sides. Protection. Increased concerns about environmental issues related to carbon emissions, coupled with increased consumer safety awareness, may be a factor driving industrial growth.
Demand for polypropylene (PP) in the UK automotive plastics market is likely to increase by about 9% during the expected period. This product is widely used in cable insulation, petrol cans, carpets, battery boxes and bumpers. PP is 15% to 20% lighter than other materials, reducing CO2 emissions and achieving lower fuel consumption.
Due to the increase in passenger car production and consumers' willingness to spend on fashion cars, by 2024, the Indian automotive plastics market is expected to use more than 3.8 million tons of electronic components. The Indian government encourages foreign investors to invest directly in the automotive industry and plans to invest in environmentally friendly vehicles in the future to promote the growth of the automotive plastics market.
BASF, Delphi, Celanese, DSM, Evonik, SABIC, RTP, Lear, Borealis, Andordo and Covestro are all key industry players in the automotive plastics market. These companies are focusing on investing in R&D activities to meet government standards and strengthen their product portfolio by forming joint ventures and partners.
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