Automotive Plastics Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027

New York, March 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Plastics Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05868800/?utm_source=GNW

The global automotive plastics market size is expected to reach USD 83.9 billion by 2027. It is projected to expand at a revenue-based CAGR of 11.1% over the forecast period.

Rising preference for high-performance plastics to substitute conventional metals and rubber is expected to impel market growth.Superior properties, such as versatility and flexibility, of plastic materials have fostered innovations, in terms of technologies and designs.

However, the quality of plastics is highly dependent on their properties, functions, and applications. Streamlined mass production has enabled provision of technologically sound and cost-efficient products with high sustainability.

Utilization of polymer matrix and carbon fiber composites helps reduce the overall weight of vehicles by 25 to 75%.These composites are essential for emission reduction and fuel conservation while supporting the additional weight of advanced safety equipment.

Stringent regulations, such as the Corporate Average Fuel Economy (CAFE) in North America, have compelled automobile Original Equipment Manufacturers (OEMs) to seek alternative methods for reducing vehicle weight to improve efficiency.

The polyurethane product segment is anticipated to witness a significant growth owing to its ability to infuse the characteristics of both plastics and rubber at a lower weight compared to metal and other plastic materials.Increasing product demand from the automotive industry for use in refrigeration insulation, interior trims, and seat cushioning has greatly influenced segment growth over the past few years.

This is expected to continue over the forecast period.

Demand for automotive plastics in Asia Pacific is expected to witness the fastest CAGR during the forecast period.Growing automotive industry coupled with rising population and increasing disposable income of middle-class families in the emerging economies of the region is likely to be the primary driving factor in coming years.

Moreover, strong government support and initiatives and increasing investment by government are also propelling the growth of automotive industry in the region, which, in turn, is anticipated to fuel demand for product in Asia Pacific.

Further key findings from the report suggest:
• PVC is expected to be the fastest growing product segment of the automotive plastics market over the forecast period
• The interior furnishing application segment dominated the market during the forecast period from 2020 to 2027
• Various strategic initiatives were recorded over the past few years in order to boost the growth of the market. For instance, in May 2019, Covestro AG announced its plan to expand the production capacity of polycarbonate films at its Dormagen site in Germany. The site, which is expected to come on-stream by the end of 2020, will manufacture PC films for applications such as automotive interiors, security cards, medical devices, and automotive displays.
• Asia Pacific was estimated as the largest market in 2019, owing to the increasing demand for vehicle branding coupled with rising number of heavy-duty vehicle sales in the region
Read the full report: https://www.reportlinker.com/p05868800/?utm_source=GNW

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