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3 pivotal trends fueling Automotive Plastics Market outlook over 2020-2024

Author : Ravi Chawat | Published Date : 2020-09-08 

Global automotive plastics market share is gaining immense traction owing to the rising demand for energy efficient vehicles which is shifting consumer preferences towards lightweight and affordable vehicles. With the advent of novel manufacturing technology and rise in electric vehicles, the growth of plastic components in automobiles have increased dramatically.

High demand for commercial vehicles along with rising disposable income in emerging economies will consistently push automotive production sector, driving plastic consumption. Moreover, automotive plastics have played a key role in safety and performance innovations in modern cars, SUVs, and commercial vehicles.

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Listed below are some factors expected to influence automotive plastic consumption over the coming years:

•             Increasing demand for safety in automobile

In recent years, it has been observed that rapid development in the application of sustainable and lightweight materials has helped the manufacturers to meet the criteria of lesser carbon emission and surge fuel efficiency level, while enhancing component strength.

Owing to the rising number of accidents and mishaps across the world, there is a massive requirement for high-quality fenders, windows, windshields, and interior & exterior panels in automobiles which can help in reducing the impact of severe incidents.

To make vehicles safer and highly efficient, vehicle manufacturers across the globe are consistently seeking more innovative ways to enhance the use of plastic-based components in automobiles. Surge in demand for sustainable polymers owing to escalating environmental concerns and strict safety regulations is likely to boost automotive plastics market outlook.

•             Robust auto manufacturing sector in Asia Pacific

Asia Pacific is slated to emerge as a prominent contender for automotive plastics consumption globally. Expanding automotive sector in the region and favorable government norms to boost production capacities will significantly lure manufacturers to broaden their operations in APAC countries.

According to reports, China automotive plastics market share from chassis applications will register a growth rate of more than 10.5% gains up to 2024 owing to continuous investment in research and development activities, coupled with initiation of fully automated solutions.

Manufacturers are consistently directing their efforts towards the deployment of high-performance and lightweight polymers in the vehicles. These products provide strength, rigidity, and durability which aid in increasing the lifespan of the automobile. Similar product developments and strategic partnership undertakings could outline the growth of automotive plastics market.

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•             Growing expenditure on premium vehicles and customization

On the basis of application, interior and exterior furnishing applications demand globally will register nearly 10% gains by 2024 owing to the increasing sale of premium cars and rising disposable income among middle-aged groups.

Owing to the enormous product demand from various industry verticals, consumption of automotive plastics would be witnessing significant growth prospects over the coming years. According to Global Market Insights, Inc., global automotive plastics market size is projected to surpass USD 50 billion by 2024.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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