SELBYVILLE, Del., Sept. 2, 2019 /PRNewswire/ -- The German Automotive Plastics Market will significantly contribute toward the European industry share, largely owing to the automotive industry. According to estimates by Global Market Insights, the Germany automotive plastics industry size will register a CAGR of 8.5% up to 2024.
Rising disposable income has steered demand for automobiles further offering lucrative growth opportunities to automotive plastics market since the last few years. For instance, in 2017, the automobile sales in India were estimated at 4.02 million units and they are expected to showcase growth at a CAGR of 3.05% by 2026. Increasing disposable income is propelling automobile industry size, thereby adding impetus to the automotive plastics market share.
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Driven by enhanced performance and efficiency, the PVC-based automotive plastics industry is projected to amass revenue collection of USD 1.9 billion by 2024.
Reportedly, the feature of PVC to be a cleaner and energy-efficient material can help reduce fuel consumption by vehicles and consequently control CO2 emissions. Reports estimate that an average European car consists of over 16 kgs of PVC material which finds its application in joint seals, door panels, cables and car interiors. The widespread and beneficial use of PVC product in automobiles will intensify worldwide automotive plastics industry size.
Polyethylene (PE) based product demand has gained widespread traction in the global automotive plastics industry trends owing to technological advancements in the automotive sector coupled with rising demand for innovations in vehicles. The characteristics such as low density, high-impact resistance and cost efficiency make polyethylene suitable for application in the automobile sector.
Polyethylene finds increased usage in electric insulation, glass-reinforced for car bodies and packaging in vehicles where strength and aesthetics are pivotal. Thus, the rising usage of PE in cars is driving the global automotive plastics market outlook.
In terms of the application spectrum, the automotive plastics industry is segmented into electric components, power train, chassis, under the hood and interior and exterior furnishings. The electrical component is one of the lucrative application segments of the automotive plastics market. Pertaining to enhanced standards in design, safety and sustainability concerns, plastics are being widely used in the use of electric components in cars.
India automotive plastics market size from electrical components segment is likely to surpass consumption of more than 380 kilo tons by 2024. This can be primarily attributed to the robust surge in the sales of passenger cars, attributed to rising disposable incomes.
Additionally, plastics are considered to be lightweight, thermally and electrically conductive and insulating along with being resistant to harsh environments and strong chemicals, making them a viable option as electric components in vehicles. Furthermore, these products are lightweight yet strong and heat and corrosion resistant making them ideal for coil insulators, speed sensors, automotive connectors, wires and cables. The burgeoning use of plastic in electric components of cars has led to increased impetus in the automotive plastics industry statistics.
The rising production and demand for vehicles coupled with constant research and development in the automation sector is amplifying Europe automotive plastics market trends. According to statistics furnished by European Automobile Manufacturers Association, the year 2018 recorded over 19.2 million vehicle production in the European Union. Moreover, the total turnover generated by the automobile industry constitutes more than 7% of the GDP of the European Union.
Browse key industry insights spread across 310 pages with 345 market data tables & 53 figures & charts from the report, "Automotive Plastics Market Size By Product (Polyurethane, PVC, Polyethylene, Polypropylene, ABS, Polycarbonate, Polyamide, PMMA), By Application (Electrical Components, Power Train, Under the Hood, Chassis, Interior & Exterior Furnishings), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, Poland, Spain, China, India, Japan, South Korea, Indonesia, Thailand, Brazil, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:
Innovations in the European Automobile industry such as the introduction of self-driven cars are positively influencing automotive plastics market share. As per reports, driverless vehicles market in Europe is expected to showcase profits over USD 689 billion by 2025. Evidently, in order to meet the rising demand for automobiles in EU and the manufacturing requirements, the automobile sector in Europe will generate an expanding demand for automotive plastics further magnifying the regional market trends.
Stringent regulations pertaining to the use of plastics in vehicles in the EU will also steer the automotive plastics industry. Some of these include The United Nations Economic Commission for Europe (UNECE) that enforces the required provisions concerning the agreement on parts and functions of the vehicles. With respect to plastics used, the regulation involves sections for the strength of seat belts and seats along with specifications for bumpers, tyres and other areas where plastic is used.
The vast vehicle industry in Europe gives rise to a robust automotive plastics market in the region. In this context, a rise in European R&D activities in the automobile industry will complement automobile plastic industry outlook, globally.
What does this report offer?
The automotive plastics market report covers an in-depth analysis of each segment comprising products, application and regional outlook. The research study document provides market insights on automotive plastics market outlook with regards to several aspects, such as industry outlook, growth drivers and regional trends that are transforming the commercialization graph of business and global audience analysis.
The study analyzes the various products the market has to offer such as Polyurethane, Polypropylene, PVC, Polyethylene, ABS, Polycarbonate, PMMA and Polyamide. Vital pointers encompassed pertaining to the technology segment are revenue forecast over anticipated duration, market share of each subsegment and proliferating trends.
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A detailed analysis of the application spectrum of automotive plastics market is entailed in the research report. The segment is further classified into power train, electrical components, under the hood, interior and exterior furnishings and chassis. Important drivers responsible for steering the application segment during the forecast timeframe, share of each sub-segment and rapidly expanding industrial trends are also mentioned in the study.
In terms of geographical analysis, the automotive plastics industry is segmented based on leading regions. Prominent regional revenue pockets comprise U.S., Canada, Mexico, UK, Germany, France, Italy, Poland, Spain, Russia, India, China, Japan, Indonesia, South Korea, Thailand, South Africa and Brazil.
The report projects that the automotive plastics market is expected to see consistent growth across Europe, owing to the remarkable growth opportunities in the European automobile industry and rising research and innovations in the industry.
The automotive plastics market study documents also include a collection of critical parameters that will assist stakeholders in simplified decision-making in order to expand their business potential. The study report also covers information regarding potential application segments, competitive market share and forecast price trends in the automotive plastics industry.
Browse Complete Table of Contents @ https://www.gminsights.com/toc/detail/automotive-plastics-market
Partial Chapters from Table of Contents of the Report:
Chapter 3 Automotive Plastics Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
220.127.116.11 Technology provider
18.104.22.168 Service Providers
3.4 Regulatory landscape
3.5 Industry impact forces
3.5.1 Growth drivers
22.214.171.124 North America: Increasing demand for lightweight automobiles to obtain better fuel efficiency
126.96.36.199 Improving vehicle aesthetics
188.8.131.52 Middle East: Abundant availability of raw materials
184.108.40.206 Asia Pacific: Increasing demand for passenger vehicles
220.127.116.11 Europe: Reduction in vehicles material cost
3.5.2 Industry pitfalls & challenges
18.104.22.168 Lack of standardization of plastic materials
22.214.171.124 Growing environmental concerns
3.6 Company market share analysis, 2016
3.6.1 Strategy dashboard
3.7 Growth potential analysis, 2016
3.7.1 Emerging business models
126.96.36.199 Product Launch
188.8.131.52 Joint Ventures
3.8 Porter's analysis
3.9 Raw material analysis
3.9.1 Polyurethane (PU)
3.10 PESTEL analysis
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Automotive Plastics Market size to exceed $50 bn by 2024
Automotive Plastics Market size expects consumption at over 20 million tons by 2024, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.