Asia-Pacific is the largest market for automotive plastics across the globe. The demand for automotive plastic in the region is expected to rise with a CAGR of 13.29% during the forecast period, 2018-2025. China is projected to dominate the automotive plastics market owing to the rising demand for new energy vehicles. The growing middle-class population, coupled with the increase in the number of consumers willing to purchase new cars, increased the consumption of automotive plastics in the country. The emerging trend of buying non-traditional vehicles, including sports utility vehicles (SUVs) and new energy vehicles (NEV), coupled with supportive governmental policies related to carbon emissions, and provision of subsidy for new energy vehicles, is anticipated to drive the automotive plastics market in China during the forecast period.
According to a newly published report by BlueWeave Consulting, The China Automotive Plastic Market projected to record a CAGR over 12.5% during the forecast period 2018-2025. According to the report, the China automotive market is expected to reach USD 9400 Million by 2025 in terms of revenue.
Increasing demand for light weighted vehicles, Energy conservation and emission reduction of carbon are driving the China automotive plastic market.
Plastics are majorly processed into automotive components and parts owing to their ease of manufacturing, possible sourcing from renewable raw materials and relative ease of improved design. The properties of plastics such as scratch resistance, recyclability, high volume to weight resistance, impact strength, thermal stability, and resistance to abrasion make them suitable for use in automobiles. The automotive industry constitutes a dynamically growing sales market for plastics due to price-sensitive demand, improved vehicle design capabilities and the increasing importance of weight reduction and emission control.
Rising car makers demand to meet sustainability goals using recycled materials with a motive to limit environmental pollution has increased automotive plastic application in several numbers of car parts. Automotive plastics are being used in exceptionally advanced ways to make cars safer and highly fuel efficient. Features such as lower tooling cost, lightweight, corrosion resistance, strength, and insulating material are being offered by the automobile industry. Due to this factor, several automotive manufacturers are replacing traditional automobiles components such as metal with automotive plastics.
China Automotive Plastic Market: Scope of the Report
On the basis of product, the market is segmented into Acrylonitrile Butadiene Styrene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene, Polycarbonate, Polymethyl methacrylate, Polyamide, and others. The Polypropylene holds the largest segment in the China automotive plastic market. On the application basis, the market is segmented into Power Trains, Electrical Components, Interior & Exterior Furnishing, Fuel System, Chassis and Engine Components. The Interior & Exterior Furnishing accounted for the largest segment in the China automotive plastic market.
China Automotive Plastic Market: Competitive Dynamics
Companies such as Shanghai PRET Composites Company Ltd, BASF, Evonik Industries AG, The Dow Chemical Company, Teijin Limited, Lanxess Chemical, Solvay China, and LyondellBasell China are the key players in the China automotive plastic market. Most of the major vendors in the China Automotive Plastic Market are actively focused on enhancing their offerings to meet the ongoing demand.
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Market Segmentation: China Automotive Plastic Market
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