Automotive Plastics Market is expected to witness significant gains during 2019 – 2024
Category: #business  By Sachin Pashte  Date: 2019-08-14
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Automotive Plastics Market is expected to witness significant gains during 2019 – 2024

Global Market Insights, Inc present the report on global Automotive Plastics Market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2019-2024.

The increasing acceptance of plastic parts across the automotive sector is indeed one of the pivotal driving forces of global automotive plastics market. The types of automobiles notwithstanding – heavy-duty trucks, electric vehicles, or sports cars, it is now rather evident that the sole aim of automakers is to reduce vehicle weight to combat the issues related to emission targets and fuel economy. Novares Group is one of the many companies that has been rather proactive in this regard, and in the process has conveniently secured a strong position for itself in automotive plastics industry.

Novares basically uses advanced plastics injection technologies to design and develop engineered pragmatic parts with complex functions and provide integration expertise for modules. One of its best products is the 100% plastic heat exchanger that is adept at replacing conventional aluminum alloys and also integrating easily into engine parts. Novares’ instance thus validates that the leading giants in automotive plastics industry precisely aim to introduce sustainable, lightweight, aesthetic, and high-quality solutions for automotive applications.

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The dedication of core specialty chemical companies toward the development of new technologies in this space is indeed appreciable. On that note, a couple of noteworthy initiatives undertaken by leading companies that will help reshape automotive plastics industry dynamics are outlined below.

Merely a few days earlier, one of the leading players in automotive plastics market, BASF, commenced a new production facility in Korea to manufacture polyarylsulfone thermoplastic Ultrason that would potentially fulfill the product’s demand across the automotive, electronics, and aerospace sectors. This new establishment is expected to increase Ultrason’s capacity by 6,000 tons to 24,000 tons on an annual basis.

Incidentally though, BASF has already established a plant in Germany where it produces a wide range of plastic products used for manufacturing heat resistant and lightweight automotive parts. In fact, BASF’s polyarylsulfone thermoplastic Ultrason has accomplished quite some fame in global automotive plastics market, pertaining to its superior temperature resistance strength. On the grounds of this very feature, Hyundai has also deployed the material for its headlight reflectors in its new auto model. Quite overtly, BASF’s decision to further expand its production facilities for Ultrason is likely to prove beneficial for augmenting the firm’s stance further in automotive plastics industry.

In what may seem to be another pivotal instance in automotive plastics market, Exxon Mobil is looking forward to expanding its petrochemical production, on the grounds of which the firm plans to work on a new plastics plant on the Gulf Coast. Apparently, the company would be producing polypropylene at this plant, the operations of which are scheduled to commence by 2021. The advanced material produced at this plant is expected to be used across the packaging, aerospace, and automotive sectors.

Exxon Mobil’s initiative also comes along the heels of the fact that lightweight plastics are significantly replacing steel components in automotive applications, that would boost the demand for polypropylene based parts. The main objective behind using such plastic materials in automotive applications is to maintain fuel efficiency and weight of the vehicles. As the company makes way for more polypropylene production, it is likely to encourage other players to follow suit, further augmenting automotive plastics market trends in the years to come.

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Nowadays, many automakers are substantially replacing vulcanized rubber and PVC with numerous alternatives, such as elastomers. Indeed, the lure of elastomers has increased to a massive extent in the automotive sector, leading to the establishment of numerous elastomer production units across myriad geographies. Automotive plastics market players have been particularly proactive in this regard – say for instance, Mitsui Chemicals Inc. recently set up a new production facility in North America for its Milastomer-branded thermoplastic olefin elastomer.

This unit, with a proposed capacity of 6,000 metric tons per year, has been speculated to fulfill the demand for Mitsui’s Milastomer products in the automotive sector in numerous applications such as joint fillers, grips, building material, and gaskets.

Analyzing the present scenario, it would seem as if capacity expansions are a go-to growth tactic adopted by global automotive plastics market firms to sustain in this competitive business space. It is rather undeniable that the adoption of lightweight material would fuel the industry outlook in the future. With increased production capacity, it has been becoming more and more apparent that plastic products in the automotive domain are here to stay. Aided by numerous investments by prominent players, in tandem with a supportive regulatory framework that stresses on the reduction of vehicle weight, automotive plastics industry size is likely to expand at an unprecedented pace over the years ahead.

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Poland
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Indonesia
  • Central & South America
    • Brazil
  • MEA
    • South Africa

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Sachin Pashte    

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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