Asia Pacific Automotive Plastics Market to Surpass USD 25 Billion By 2024

March 26, 2020


As per the report titled, ‘Asia Pacific Automotive Plastics Market Size By Application, Product, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia Pacific automotive plastics market is expected to cross USD 25 billion by the year 2024.
 

Growing focus among vehicle manufacturers towards fuel-efficient vehicles and use of plastics and polymer composites to reduce the overall vehicle weight is driving the growth of automotive plastics in Asia Pacific. Rising environmental concerns over GHG emissions is further enhancing the demand for lightweight plastic parts in vehicles. The emergence of lightweight vehicles with fully featured electronic systems are expected to present lucrative growth opportunities in the coming years.
 

As per the report, Japan PVC based automotive plastics market demand is expected to grow by 9.5% during the estimated timeframe. Various applications of PVC including door panels seating, arm rest, dashboard, and exterior parts are driving the regional market growth. Sealant characteristics and protection of underbody parts from humidity are the other benefits supporting the product demand.
 

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Polycarbonates based automotive plastics market segment in India was worth USD 20 million in 2017 and is anticipated to record substantial growth during the study period.  Widespread product use in security screens, aircraft panels, headlamps lenses, spectacle lens, and bumpers owing to their excellent weather and UV resistance are fueling the product demand.
 

Indonesia automotive plastics market from power train application segment is expected to see a growth of 12% during the analysis period. These products help reducing the number of components need to assemble complex components and are widely used in manufacturing of seal rings, air intake manifolds, transmission oil pans, suctions and air ducts in the region.
 

Major players of Asia Pacific automotive plastics market are BASF, Adient, Bayer, Celanese, and Borealis. These market contenders are undertaking various strategies such as acquisitions, new product offerings and expansion of production facilities to gain a competitive edge on the market.


Frequently Asked Questions (FAQ) :

Growing focus among vehicle manufacturers towards fuel-efficient vehicles and use of plastics and polymer composites to reduce the overall vehicle weight is driving the growth of automotive plastics in Asia Pacific.
Various applications of PVC including door panels seating, arm rest, dashboard, and exterior parts are driving the regional market growth. Sealant characteristics and protection of underbody parts from humidity are the other benefits supporting the product demand.
Major players of Asia Pacific automotive plastics market are BASF, Adient, Bayer, Celanese, and Borealis.