North America automotive plastics market size, with steady gains in the U.S. and Canada is poised to exceed USD 5 billion up to 2024 owing to rise in consumer preferences for lightweight and fuel-efficient vehicles.

Sellbyville, DE -- (SBWire) -- 12/19/2018 --The qualitative research study conducted by Global Market Insights, Inc. titled "Automotive Plastics Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Automotive Plastics Market.

Automotive Plastics Market size is set to surpass USD 50 billion by 2024. Rising passenger cars production along with consumer demand for fuel efficient, durable and light weight vehicles should stimulate automotive plastics industry demand. Rapid industrialization and urbanization in India, Japan, and China will propel the demand for commercial vehicles, SUV's, modern cars and HMV's. Rising per capita income and improving living standards will create demand for stylish and high aesthetics cars thereby stimulating industry growth.

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Automotive plastics are preferably used in various auto bodies and parts including chassis, power train, electronic components under the hood, exterior and interior furnishings and fuel systems. It is durable, scratch resistant, abrasion resistance, allows effective design molding, component integration and improves vibration and noise control in automobiles. Expanding manufacturing hubs along with government spending for advanced technology may contributes towards automotive plastics industry growth.

North America automotive plastics market size, with steady gains in the U.S. and Canada is poised to exceed USD 5 billion up to 2024 owing to rise in consumer preferences for lightweight and fuel-efficient vehicles. Rising OEM manufacturers demand towards reducing vehicle weight and providing cost effective solutions may have a positive influence on the regional growth. Stringent government standards and rules by CAFÉ regarding CO2 emission and fuel economy has resulted in OEMs to search for other methods to reduce vehicular weight to improve fuel efficiency.

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Germany automotive plastics market demand is likely to register gains close to 8.5% during the forecast timeframe. Growth in automobile industry and presence of major industry giants along with high innovations and strategies will enhance product demand in the region. Increasing pressure on automobile manufacturers to reduce GHG emission to comply with EU standards coupled with high investments in research will drive regional industry growth.

PVC based automotive plastics market demand is likely to surpass USD 1.9 billion during the foreseeable timeframe. These are mainly used in underbody coatings, sealants, door panels seating, dashboard, arm rest, window sealing profiles, weather strips, and body side protection. Increasing environmental concerns regarding carbon emission coupled with rising consumer awareness regarding safety and reducing accidental injuries may act as a contributing factor for industry growth.

UK automotive plastics market demand from polypropylene (PP) may register substantial growth at about 9% during the projected period. The product has wide usage in cable insulation, petrol cans, indoor & outdoor carpets, battery box, and bumpers. PP is about 15% to 20% lighter than other materials which is beneficial in automobile weight, thereby resulting in less CO2 emission and low fuel consumption.

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BASF, Delphi, Celanese, DSM, Evonik, SABIC, RTP, Lear Corporation, Borealis AG, Adient and Covestro are the prominent industry participants in the automotive plastics market. Companies are focusing towards investing in R&D activities to comply with government standards and enhancing their product portfolio by forming joint ventures and partnerships.

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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.