Under-the-Hood and Exterior Applications Will Open Up Metal Substitution Opportunities
NEW YORK, Feb. 18, 2016 /PRNewswire/ -- The automotive plastics market in ASEAN has experienced strong growth in the past few years. Thailand, Indonesia, and Malaysia are the automotive manufacturing hubs of this particular region and are responsible for the overall growth of the automotive plastics market. This study covers the commonly used automotive plastics such as polypropylene, polyurethane, polyamides, ABS, and polyethylene. Other plastics covered include polybutylene terephthalate, polyoxymethylene, and polycarbonate. The market is analyzed by product segment and end-use segments including interiors, exteriors, and under the hood.
- The automotive plastics market is expected to accelerate during the forecast period due to its rapid trend of light-weighting in vehicles through the replacement of metal with plastics.
- ASEAN is emerging as one of the main manufacturing hubs in the world, with Thailand ranked in 9th position for the global automotive production and 1st in ASEAN for automotive production. As such, the automotive plastics market is expected to grow in this region.
- The substitution of plastics in automobiles not only promotes fuel efficiency, which is much demanded by consumers in ASEAN, it is also in line with the environmental trends in reducing carbon footprint and carbon dioxide (CO2) emissions from vehicles.
- The usage of plastics in automobiles can also enhance design flexibility in areas such as airbags and seatbelts, as well as for shock absorption in bumpers, while ensuring that passenger safety features are not neglected.
1 The growth in Thailand simultaneously led to higher demand for plastics in ASEAN, as Thailand is one of the main automotive hubs in the world due to the growing trend of light-weighting and demand for fuel-efficient vehicles from ASEAN consumers.
2 The barriers of entry for new automotive plastics manufacturers is high due to key factors such as continuous technological advancement, technical expertise, and establishment of long-term relationships with original equipment manufacturers.
3 The application of plastics in interiors has reached maturity. However, there are ample growth opportunities for the development of plastics in exterior and under-the-hood automotive applications.
4 It is vital for plastic manufacturers to establish long-term relationships with customers for consistent material supply and robust design capabilities to cater to the automotive sector.
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