Albany, NY, May 11, 2015 (GLOBE NEWSWIRE) -- As the automotive and automobile industry increasingly inclines toward the use of lightweight materials in place of conventionally-used metals, automotive plastics will be a US$32,985.4 million by 2018, a latest report by Transparency Market Research now shows. The report, titled "Automotive Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018," conducts an in-depth study of the demand automotive plastic and its various segments through 2018. TMR analysts expect the global automotive plastics market to register a healthy growth rate through the forecast period of this report.
"Automotive Plastics Market to See Rise of Biodegradable Plastics as Manufacturers Vie to Prove their Green Credentials"
While the automobile industry has conventionally relied on the use of materials such as aluminum and iron, the trend is now shifting toward plastics, essentially because they are lighter, more versatile and in many cases, cheaper. Plastics also offer other advantages such as corrosion resistance and durability. Automotive parts and components such as fenders, doors, and bumpers are now customarily made of plastic because these materials typically weigh up to 50% less than conventional metals. The report studies the following applications of automotive plastics: Electrical components, power trains, interior and exterior furnishings, chassis, under the hood, and others.
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TMR's analysis shows that automotive plastics will be widely deployed in two major areas: Interior and exterior furnishings and electrical components. These two segments together accounted for the highest demand in the automotive plastics industry as of 2012. However, it might be a while before the pervasiveness of automotive plastics becomes evident in other application areas such as power trains, chassis construction, and under-the-hood components. This, however, opens up several opportunities for market players wanting to engage in R&D activities in these areas.
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The report also meticulously studies the various types of plastics that are widely used in the automotive plastics market. These include: Polyethylene (PE), polymethyl methacrylate (PMMA), polycarbonate (PC), polyvinyl chloride (PVC), polyurethane (PU), acrylonitrile butadiene styrene (ABS), polypropylene (PP), and polyamides (PA) such as Nylon 6 and Nylon 6-6. The growth prospects of the polypropylene (PP) segment are reported as being the strongest. Besides, this segment is also currently the first choice of players in the automobile industry. That said, the demand for biodegradable plastics will be sizeable because of regulatory mandates and efforts by big brands to prove their green credentials. Biodegradable plastics that are currently in use in the automotive plastics market are: Starch-based, PHA-, PLA-, PCL-, and PBS-based. Given the massive potential that biodegradable plastics carry, the report analyzes them thoroughly in a separate section within the report.
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The automotive plastics market report provides an in-depth competitive outlook by studying the following leading companies: BASF SE, Ascend Performance Materials, Delphi Automotive PLC, AkzoNobel N.V., Johnson Control Inc., Evonik Industries, Magna International Inc., and Solvay Plastics. The Company Profiles section of this report is composed of a company overview, SWOT analysis, business strategy overview, a financial overview, and recent developments reported by the company.
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