Global automotive plastics market is projected to cross 12.7 million tons by 2015 according to a report by Global Industry Analysts. Europe represents the largest market for automotive plastics. Asia-Pacific represents the fastest growing automotive plastics market, exhibiting a compounded annual growth rate (CAGR) of 8.5% over the analysis period.
Automotive polypropylene market represents the largest product segment with Europe being the largest market within the segment. Automotive unsaturated polyester market represents the fastest growing segment over the analysis period.
Automakers today aim for manufacturing lighter vehicles and contribute to optimum fuel consumption. Plastics emerged as a means for reducing the car weight and achieving fuel efficiency. Properties such as corrosion resistance, lightweight, durability, resiliency and toughness spurred use of plastics in automotive parts such as fenders, doors, and bumpers.
On the flip side, applicability of plastics in automotives is limited as engineers lack required expertise for using plastics in structural and powertrain body panels. Automotive plastics also pose health and environmental challenges. Halogenated organic chemicals such as brominated flame-retardants (BFR) and polyvinyl chloride (PVC) are non-biodegradable, toxic and are associated with health problems.
Further, the deepening recession trend across global markets has created an environment of uncertainty for automakers. Escalating costs of raw materials, increased problems in manufacturing process and limited approval of credit from banks have worsened business conditions for automakers around the world.
These and other market data and trends are presented in "Automotive Plastics: A Global Strategic Business Report" published by Global Industry Analysts, Inc. This GIA report discusses the prevailing trends, issues, demand forecasts, and activities that affect the industry. The automotive plastics market is analyzed in tons by the following geographic regions - North America, Japan, Europe, Asia-Pacific (excluding Japan), Latin America, and Rest of World; and materials - Polypropylene, Polyurethane, Nylon 6 & 66, Polyethylene, PVC, Unsaturated Polyester, PBT/PET, PPE Alloys, Polyacetal and Other Materials. Analytics for the period 2000-2015 provide a comprehensive understanding of the market.
Dominant global forces profiled in the report include Basell Service Company B.V, BASF SE, Bayer MaterialScience, LLC, Celanese Corporation, DIC Corporation, E. I. du Pont de Nemours and Company, Equistar Chemicals LP, Evonik Degussa GmbH, Formosa Plastics Corporation, Formosa Plastics Corporation U.S.A., KMI Group, Inc., Polímeros Nacionales S.A. de C.V., Royal DSM N.V, Saudi Basic Industries Corporation, Solvay S.A., and The Dow Chemical Company, among several others. The study enumerates recent developments, mergers, acquisitions, and other strategic industry activities, and is an easy guide to What, Why, When, How, Where, and Who of the industry.