+1-888-308-5802     
News Contact Us

Automotive Plastics Market to witness remarkable proceeds over 2024, global industry valuation to exceed USD 50 billion by 2024

Author : Rahul Varpe | Published Date : 2019-03-25 

UK automotive plastics market demand from polypropylene (PP) may register substantial growth at about 9% during the projected period. The product has wide usage in cable insulation, petrol cans, indoor & outdoor carpets, battery box, and bumpers. PP is about 15% to 20% lighter than other materials which is beneficial in automobile weight, thereby resulting in less CO2 emission and low fuel consumption.

The increasing acceptance of plastic parts across the automotive sector is indeed one of the pivotal driving forces of global automotive plastics market. The types of automobiles notwithstanding – heavy-duty trucks, electric vehicles, or sports cars, it is now rather evident that the sole aim of automakers is to reduce vehicle weight to combat the issues related to emission targets and fuel economy. Novares Group is one of the many companies that has been rather proactive in this regard, and in the process has conveniently secured a strong position for itself in automotive plastics industry.

Novares basically uses advanced plastics injection technologies to design and develop engineered pragmatic parts with complex functions and provide integration expertise for modules. One of its best products is the 100% plastic heat exchanger that is adept at replacing conventional aluminum alloys and also integrating easily into engine parts. Novares’ instance thus validates that the leading giants in automotive plastics industry precisely aim to introduce sustainable, lightweight, aesthetic, and high-quality solutions for automotive applications.

To access a sample copy or view the Automotive Plastics Market report in detail along with the table of contents, please click the link below: www.gminsights.com/request-sample/detail/110

Merely a few days earlier, one of the leading players in automotive plastics market, BASF, commenced a new production facility in Korea to manufacture polyarylsulfone thermoplastic Ultrason that would potentially fulfill the product’s demand across the automotive, electronics, and aerospace sectors. This new establishment is expected to increase Ultrason’s capacity by 6,000 tons to 24,000 tons on an annual basis.

Report Metric  

  • Market Size available for years:  2017-2024
     
  • Base year considered:    2016
     
  • Forecast period:               2019–2024
     
  • Forecast Value: 50 bn (USD)
     
  • Segments covered:         Application, Product, Regional Outlook  
     
  • Geographies covered:   North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
     
  • Companies covered:       Adient plc., BASF S.E., Bayer MaterialScience LLC (Covestro AG), Borealis AG, Celanese SO.F.TER. Spa, Delphi Automotive PLC, DSM, Evonik Industries, Grupo Antolin, Hanwha Azdel Inc., Lear Corporation, LG Chem, Owens Corning, Quadrant AG,   RTP Co., S&E Specialty Polymers, SABIC, Solvay SA, SRF Ltd., Teijin Ltd., Toyoda Gosei, The Dow Chemical Company

Incidentally though, BASF has already established a plant in Germany where it produces a wide range of plastic products used for manufacturing heat resistant and lightweight automotive parts. In fact, BASF’s polyarylsulfone thermoplastic Ultrason has accomplished quite some fame in global automotive plastics market, pertaining to its superior temperature resistance strength. On the grounds of this very feature, Hyundai has also deployed the material for its headlight reflectors in its new auto model. Quite overtly, BASF’s decision to further expand its production facilities for Ultrason is likely to prove beneficial for augmenting the firm’s stance further in automotive plastics industry.

In what may seem to be another pivotal instance in automotive plastics market, Exxon Mobil is looking forward to expanding its petrochemical production, on the grounds of which the firm plans to work on a new plastics plant on the Gulf Coast. Apparently, the company would be producing polypropylene at this plant, the operations of which are scheduled to commence by 2021. The advanced material produced at this plant is expected to be used across the packaging, aerospace, and automotive sectors.

Exxon Mobil’s initiative also comes along the heels of the fact that lightweight plastics are significantly replacing steel components in automotive applications, that would boost the demand for polypropylene based parts. The main objective behind using such plastic materials in automotive applications is to maintain fuel efficiency and weight of the vehicles. As the company makes way for more polypropylene production, it is likely to encourage other players to follow suit, further augmenting automotive plastics market trends in the years to come.

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

Related News

Tempered Glass Market 2019-2024; Growth Forecast & Industry Share Report

Published Date: 2019-09-23         Author: Rahul Varpe

An analysis of Tempered Glass Market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical... Read More

Biodegradable Bone Graft Polymers Market Growth Analysis By Regional Players | 2019-2024

Published Date: 2019-09-23         Author: Rahul Varpe

Global Market Insights, Inc. has released a new research study on Biodegradable Bone Graft Polymers Market Analysis 2019-2024 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timefr... Read More

Europe Microencapsulation Market Is Projected To Witness Significant Gains During 2019–2024

Published Date: 2019-09-23         Author: Rahul Varpe

The Microencapsulation Market study by Global Market Insights, Inc., is a collation of valuable insights related to market size, market share, profitability margin, growth dynamics and regional proliferation of this business vertical. The study further includes a detailed analysis pertaining to... Read More

© 2019 Fractovia. All Rights Reserved