By Cameron Chai
MarketsandMarkets has published a research report on the global automotive plastics market titled, ‘Automotive Plastics Market for Passenger Cars: Global Trends & Forecasts to 2016 - By Types & Geography.’
According to the report, the market’s revenue is anticipated to reach $42,135 million in 2016 from $22,155 million in 2011 at a CAGR of 13.7%. Furthermore, the worldwide consumption of the automotive plastics is projected to increase from 6.7 million tons in 2011 to 10.2 million tons in 2016.
The automotive plastics are widely used as an alternative solution to conventional materials in the vehicles, as they offer several improved features, including reduced weight, improved aesthetics, easy mold-ability and impact strength. The materials have a wide range of applications, including internal and external trims, upholstery, dashboards, seating and bumpers. By selecting the appropriate plastics, automotive designers can enhance durability of the vehicles, reduce vehicle weight and meet load bearing specifications.
Based on the data collected in 2011, Asia-Pacific is the major consumer of automotive plastics and holds 52% of the market share. In Europe, the automotive plastics consumption volume is 29%, which is followed by North America at 10% and rest of the world at 9%. Polypropylene, polyurethanes, ABS, composites, HDPE, polycarbonates and PMMA are the different plastics used in the automotive sector, as they possess easy forming properties and are cheaper than other materials.