Asia Pacific Automotive Plastics Market share is projected to reach $25 Billion by 2024, increasing production of passenger vehicles along with manufacturer’s inclination towards reducing vehicle weight should drive Asia Pacific automotive plastics market demand. Rapid urbanization and industrialization along with rise in disposable income leading to strong purchase of four wheelers is likely to drive the industry growth. These products are used in various passenger vehicles providing light weighting thereby reducing carbon emission, improving aesthetics along with facilitating unibody design thereby promoting industry growth.
Asia Pacific ABS based automotive plastics market size was valued at over USD 710 million in 2017 and may witness substantial gains in the future timeframe. It is a low-cost engineering plastic material which possess characteristics such as strength and stiffness, high aesthetic qualities, excellent impact resistance and good machinability.
China polypropylene based automotive plastics market demand may witness significant gains close to 10% by 2024 owing to the product’s excellent electrical and chemical resistance at high temperatures. PP is inexpensive and possess good rheological characteristics to form fine fibers which are hydrophobic, voluminous, and thermoplastic in nature.
India automotive plastics market size from electrical components applications may surpass USD 845 million by 2024. They possess excellent electrical properties and find application across various electric parts in locomotive parts such as battery, safety(fuse), and control system which may stimulate product demand.
South Korea polymethylmethacrylate based automotive plastics market is likely to witness consumption at over 30 kilo tons in the forecast timeframe owing to the product’s strong application in dashboard covers, windows, display screens and headlights. Rise in demand for sustainable polymers due to growing environmental concerns regarding plastic waste and strict regulations is likely promote bio based PMMA products demand.
Asia Pacific automotive plastics market share is significantly competitive and fragmented among several industry participants such as Celanese, Borealis, Bayer, BASF and Adient. Manufacturers are focusing on innovative strategies to develop new products and enhance their product portfolio, and collaborations to improve their technical expertise.
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