Automotive Plastics Market to be worth £34bn by 2022 | Regain Polymers

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Automotive Plastics Market to be worth £34bn by 2022

The automotive plastics industry is expected to grow in value to £34bn by 2022, thanks for increasing demand in power train and interior and exterior furnishing applications.

The San Francisco-based Grand View Research said in its study that plastics were ever more being used as substitutes for metal and alloy in automotive parts in an effort to reduce overall vehicular weight and improve component performance & chemical corrosion resistance.

Additionally, moves by the European Commission to improve fuel efficiency were expected to aid the growth of the automotive plastics industry. Meanwhile, increasing automotive production in China, India, & Japan, and growing aftermarket sales in Southeast Asia would be major contributors to increasing automotive plastics demand.

Electrical components and interior and exterior furnishing applications overall accounted for over 70% of regional volume in 2014.

Further key findings included:

  • The global automotive plastics market was 8.9 million tons in 2014, and was expected to increase from 2015 to 2022 at an estimated compound annual growth rate of 9.5%.

  • North American demand was estimated to be 882.5 kilo tons, with polypropylene and polyurethane collectively accounting for over 44% of regional volume in 2014. The US and Mexico’s increasing automotive production combined with growing passenger car exports would push the region’s growth over the forecast period.

  • Polypropylene lead the way, accounting for 25.6% of the global volume in 2014.

  • Electrical components were the greatest application segment, with an estimated revenue of £493.2m in 2014. Plastics are increasingly being used in electrical housings, sensors, lighting systems, switches and sockets, and displays.

  • Polycarbonate lenses were widely replacing glass headlight lenses, with OEMs using polycarbonate due to its resistance to heat and shattering.

Regain Polymers produces materials for various uses, including the automotive industry. Contact us to find out more about what we can do for you.

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