The market has dominated the overall market share in terms of volume and revenue in 2015. The region accounts for 50% of the global consumption share and is expected to maintain steady growth at a fast pace during the forecast period. This growth is primarily driven by the huge demand for automobiles in emerging economies within the region.
Automotive Plastics have a lot of unique and useful properties such as toughness, durability, recyclability, thermal stability, resilience, resistance, design flexibility and light weight. They are primarily used in automobiles in the interior, exterior and engine components, to reduce the total weight of the vehicle and thus increase the fuel efficiency. It also improve aesthetics, reduce noise and vibrations, cabin insulations etc.
Among the different types of automotive plastics, polypropylene (PP) accounts for 35% of the global consumption, followed by polyurethanes (PU) (17%). Acrylonitrile butadiene styrene (ABS) and polyvinyl chloride (PVC) are the other major plastics in great demand in automobile manufacturing. There is an increasing demand for biodegradable varieties such as Starch-based, PHA-, PLA-, PCL-, and PBS-based plastics.
The Asia-Pacific automotive plastics market is segmented by product (Polypropylene, polyurethane, Acrylonitrile butadiene styrene (ABS), Polyvinyl Chloride (PVC), Polyethylene (PE), Polymethyl Methacrylate (PMMA), High Density Polyethylene (HDPE) and Polycarbonate (PC)), by application (Automobile interior, Automobile exterior, under the hood and electrical components) and by geography (U.K., France, Germany, Italy and other countries). Some of the key players in this market are Bayer MaterialScience, DuPont Engineering Polymers, BASF Corporation and Lanxess Corporation.
The increase in raw materials prices and huge capital investment are the major factors impeding market growth.
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