Automotive plastics market expected to grow at 13.4%

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Research and Markets has launched the “Automotive Plastics Market for Passenger Cars by Type, Application & Geography Trends & Forecasts to 2018” report. The growth of automotive plastics is largely driven by their potential for a reduction in automobile and fuel consumption by reducing the weight of the vehicle. As of year 2012, Asia-Pacific leads consumption volume by 50.5%, followed by Europe (28%), North America (11.3%), and rest of the world (10.1%).

Main automotive plastics covered in the report are polypropylene, polycarbonate, polyurethanes, polymethyl methacrylate, composites, and high density polyethylene. Among all the automotive plastics, polypropylene leads consumption by 37% followed by polyurethanes (17.3%), ABS (12.3%), composites (11.5%), HDPE (10.8%), polycarbonates (6.8%), and PMMA (4.4%) due to their easy forming properties and their availability at cheaper price than other materials.

The global revenue is expected to grow from $21,617 million in 2012 to $46,112 million by 2018 at an estimated CAGR of 13.4% from 2013 to 2018.

www.researchandmarkets.com

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