Stringent Carbon Emission Rules is Escalating Growth in the Global Automotive Plastics Market
“According to a new market research report published by Inkwood Research, “the Global Automotive Plastics Market is expected to grow at a CAGR of 9.78% between 2019 and 2027.”
“Browse 20 market Data Tables and 40 Figures spread over 100 Pages, along with an in-depth TOC on Global Intraocular Lens Market Forecast 2019-2027.”
Plastics have made significant progress in the automotive industry. Their applications range from wheel covers to furnishings a vehicle. They are classified based on appearance, weight, cost, resistance, and rigidity. Plastics are instrumental in reducing the vehicle’s weight, which impacts fuel efficiency positively. Plastics are also utilized in improving aesthetics, cabin insulation, reduction of noises, etc. The stringent regulations regarding carbon emissions and rising demands for lightweight vehicles are the primary factors propelling the growth of the market.
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Increasing Demand for Lightweight Vehicles Propels the Market Growth
There is a rise in the adoption of lightweight materials by manufacturing units, owing to its advantages, leading to the increased adoption of lightweight glazing material by the automotive sector. Lightweight materials aid in improving the energy efficiency of the vehicle. The decrease in the vehicular mass can improve its acceleration as it depends on power to weight ratio. Recent studies found that the reduced mass can also aid in shortened braking distance. It helps in lowering the centre of gravity and improves the vehicle’s stability. At the same time, government regulations across the world encourage the use of lightweight vehicles, thereby impacting a positive growth in the market.
Polyethylene (PE) is the Extensively Used Plastic in the World
The most used plastic in the world is the PE. It is an excellent electric insulator with high impact strength, rigidity, and ductility. It has superior chemical resistance and is specially used where low costs and moisture resistance is needed. It is also used as an insulator for medium and high cable insulation in hot water pipes. PE is utilized in the automobile industry for electric insulation and car bodies.
The Asia Pacific is the Dominant Region in the Global Automotive Plastics Market
The Asia Pacific market is deemed to surge at a projected growth rate of 10.15% during the forecast period. This growth is attributed to government regulations regarding carbon emission, reduction in vehicle weight and rising automobile production. The shifting preference towards lightweight materials like plastics and its variants, is driving the markets across the region. The innovations of various companies are also benefiting market growth. For instance, Teijin Ltd., a manufacturer of electrical products and polymers, and variants of plastics, developed pillar-less polycarbonate resin automotive front window, which has advantages over traditional windows in electric vehicles.
The rising global population and the subsequent demands have strengthened the hold of various companies over the market. The major companies in the market include, Chi Mei Corporation, Teijin Ltd., Evonik Industries, Johnson Controls, Sumitomo Chemical Co., Ltd., etc. Some companies are facing the threat of additional costs due to quality check, and regulations with respect to wave exposure.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.