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(Transportation-News.com, August 06, 2018 ) Automotive Plastics Market from electrical components application should witness gains at over 9% during forecast period. This growth of demand can be attributed to inherent properties of these lightweight materials including fuel efficiency, noise control, component integration, scratch resistance and enhanced design molding with vehicular weight reduction by 10%.
Automotive Plastics Market will exceed USD 50 Billion by 2024; according to a new research report. Growing consumer & manufacturer inclination towards lightweight automobiles, enhanced aesthetics coupled with increasing demand for commercial vehicles should drive automotive plastics market. Urge towards reducing harmful CO2 emissions coupled with stringent environment protection regulations has led to increasing focus on manufacturing fuel-efficient and low weight vehicles.
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PU based automotive plastics market should register gains by over 10% during projected timeframe. These materials are widely used in manufacturing automotive components including foam seating, insulation panels, suspension bushings, potting component, plastic parts and elastomeric tires and wheels owing to its lightweight, durability, flexibility, recyclability, increase fuel economy, insulation, noise absorption and corrosion resistance.
Strong economic expansion along with consumer inclination to purchase high-end aesthetic vehicles should drive automotive plastics market. Key raw ingredients for automotive plastics are PVC, PU, PMMA, ABS, polyamide and polyethylene which are widely sourced and dependent on price trends for crude and resins. Volatile crude oil market along with stringent regulatory regimes by EPA regarding waste management might hamper industry growth.
PMMA based automotive plastics market should encompass USD 1 billion by 2024. This growth in product demand can be ascribed to its wide application scope in producing automobile components like interior and external panels, trims, molded parts and number plates. These materials emit inherent properties including impact resistance, UV & chemical resistance and longevity.
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Automotive plastics market from power train applications should register growth at about 10% by 2024. Lightweight plastic components are gaining strong popularity in manufacturing parts for engine, gears, driveshaft, bearings and transmission to stimulate power to engine. Strong emphasis by automobile manufacturers to minimalize powertrain weight should stimulate industry growth.
Germany automotive plastics market should surpass USD 4 billion by 2024 owing to stringent regulatory regimes regarding end-of-life vehicles along with reducing GHG emissions. Strong focus by OEM’s and automobile manufacturers on R&D spending strategizing low-cost production and increasing fuel efficiency should propel regional product demand.
Global automotive plastics market share is moderately fragmented with key industry participants including Adient PLC, BASF S.E., Borealis A.G, DSM., Evonik, LG Chem, RTP Co. and SABIC. Companies plan to expand their market share by adopting strategies like mergers & acquisition, partnerships, joint ventures. It also results in new product development and expanding distribution network in other regions.
Global Market Insights, Inc.
Arun Hegde
1-888-689-0688
sales@gminsights.com
Source: EmailWire.Com 
Source: EmailWire.com
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