The market is expected to grow at a CAGR of 5% during the forecast period. The market in this region closely follows the market in Asia-Pacific in terms of the overall market share by volume as of 2015.
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 improves aesthetics, reduces 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.
Restraints faced by European Automotive Plastic Market:
The European automotive plastics market is segmented by product as: polypropylene, polyurethane, acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polymethyl methacrylate (PMMA), high density polyethylene (HDPE) and polycarbonate (PC). The analysis also studies segmentation by application: automobile interior, automobile exterior, under the hood and electrical components. The European automotive plastics market is also divided and studied by geography: U.K., France, Germany, Italy and other countries.
Some of the key players in this market are:
Key Deliverables in the Study: