Automotive plastics are employed in passenger cars for making automotive components like upholstery, bumpers, internal & external trims, dashboards, and seating. R&D on the composite materials, polymers, and reinforced plastics come up with the excellent material qualities that make them suitable for under bonnet components, interior, and exterior of automobiles. These materials are selected very carefully to help designers achieve a reduction in vehicle weight, meet load-bearing needs, and improve durability. The Asia Pacific automotive plastics market is growing at a CAGR of 10.15% from 2019 to 2024. It was estimated to be USD 11.2 billion in 2019 and is projected to reach USD 25 billion by 2024.
Market drivers and restraints:
Call for automotive plastics for passenger cars is rising, and automobile makers are widely focusing on lightweight cars; all these factors are estimated to propel the Asia Pacific automotive plastics market for passenger cars expansion. Automotive plastics are heavily employed in automotive designs and for different purposes like improve aesthetics and carbon emissions. It also provides advantages like fuel economy, decreased vehicle noise and vibration, and facilitating uni-body design, which is expected to augment the Asia Pacific market for passenger cars in the coming years.
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Report segmented as:
- polyvinyl chloride
- under bonnet
On the basis of region, the Asia Pacific region is segregated into India, China, Japan, South Korea, Australia, South East Asia and Rest of APAC. In 2019, India’s market for automotive plastics based on polycarbonates was worth around USD 20 million.
Important market players:
Key players operating in the global automotive plastics market for passenger cars are Lear Corporation, AkzoNobel N.V., Grupo Antolin-Irausa S.A., Magna International Incorporated, BASF SE, Johnson Controls, Bayer MaterialScience AG and Evonik Industries. Other players include Teijin limited, The Dow Chemical Company, Momentive Performance Materials Inc., SABIC, and Royal DSM N.V.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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