The North American automotive plastics market is expected to grow at a CAGR of 5.5%. Profits will be driven by new advancements made in materials and regulatory pressure will be the major forces propelling growth. Fuel economy standards that are being increasingly adopted throughout North America, it is pushing manufacturers to design lighter-weight models of their brands.
Canada and Mexico have implemented standards in line with US CAFE requirements in recent years, seeking to establish continent-wide regulations to ensure that their respective automotive industries remain competitive. On an average, today's automobiles have about 11% plastics by weight and 50% plastics by volume. This is expected to increase by 4-5% in the next 6 years.
Among all the automotive plastics, polypropylene (PP) leads consumption by 35% followed by polyurethanes (PU) (17%), acrylonitrile butadiene styrene (ABS) and polyvinyl chloride (PVC) are the other major plastic materials that have been in great demand in automobile manufacturing. There is an increasing demand for biodegradable plastics such as starch-based, PHA-, PLA-, PCL- and PBS-based.
Market Dynamics of the North American Automotive Plastics Market:
The North American automotive plastics market is segmented by product into polypropylene, polyurethane, acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polymethyl methacrylate (PMMA), high density polyethylene (HDPE) and polycarbonate (PC). The analysis further studied the automotive plastics market by applications as: automobile interior, automobile exterior, under the hood and electrical components. The North American automotive plastics market is also studied and divided by geography: U.S.A and Canada.
The key players in this market are:
Key Deliverables in the Study