Asia-Pacific market of automotive plastics should grow from $22.7 billion in 2019 to $29.2 billion by 2024 with a compound annual growth rate (CAGR) of 5.2% for the period of 2019-2024.
The scope of the report covers the overview and clear understanding of the automotive plastics market scenario in Asia-Pacific and analysis of market trends in the region, with market data considering 2018 as the base year, 2019 as the estimate year and forecast for 2024 with projection of CAGR from 2019 to 2024. Market estimates represent revenue by plastic manufacturers for automotive segments in Asia-Pacific. This report considers passenger vehicles and light and heavy commercial vehicles within the automotive industry. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation.
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The report covers discussion of technological and economic trends that are affecting the automotive plastics market in Asia-Pacific. It also explains the major drivers and current trends within the automotive plastics industry and presents the growth forecasts for the next five years. The market is further segmented and forecasted for major countries in the Asia-Pacific region. The report also includes discussion of the types of plastics used in different end-uses in the automotive industry. The report concludes with a special focus on the profiles of the major manufacturers operating in the Asia-Pacific automotive plastics market.
– 71 data tables and 25 additional tables
– An overview of Asia-Pacific markets for plastic products
– Analyses of market trends, with data from 2018, 2019, and projections of compound annual growth rates (CAGRs) through 2024
– Evaluation of market size and forecast for automotive plastics, by type and applications in terms of value and volume
– A look at the opportunities in the market for stakeholders and provide a competitive landscape of the market leaders
– Examination of factors driving the growth of automotive plastics market in Asia-Pacific
– Detailed profiles of major players in the market, including Arkema SA, BASF SE, Celanese Corp., DowDuPont Inc., Teijin Ltd. and Magna International Inc.
Plastics, especially high-performance plastics, have excellent temperature stability and metal replacement potential, and are thus being used widely in the automotive and aviation industries. Some high-performance plastics are being widely used as they have outstanding flame-retardant features and stability in harsh situations. These features allow them to be used for parts which are exposed to high temperatures in the automotive, aviation, rail and marine industries.
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Engineers have been replacing metals and other traditional materials with plastics to cope with the changing market conditions in the automotive industry to reduce weight of vehicles, enhance fuel efficiency, cut down fuel emissions, and reduce material-related failures, downtime, and maintenance in the automotive industry, among other reasons. Thus, the booming automotive industry is likely to drive the automotive plastics market in Asia-Pacific in the coming years.
The average weight of plastic in a car is generally more than REDACTED% of the total vehicle weight and the figure is set to increase to more than REDACTED% in the coming years. The use of plastic materials in the automotive industry has already increased, and REDACTED% more plastics are currently used as compared to 2014. The weight of plastics in vehicles will continue to increase beyond REDACTED kg by 2020. Every REDACTED% decrease in vehicle weight results in a REDACTED% to REDACTED% decrease in the usage of fuel. Some other benefits of the usage plastics in vehicles include –
– Minimum corrosion, allowing longer vehicle life.
– Substantial design freedom, allowing advanced creativity and innovation.
– Flexibility in integrating components.
– Safety, comfort and economy.
Such advantages offered by the plastics enable them to also be used in interior applications, applications which involve high temperatures, and other corrosive fluid contact applications in the automotive, aviation, rail and marine segments. The use of plastics in the automotive industry is ever increasing with the demand on the industry to reduce weight and increase fuel efficiency.