Automotive plastics market to hit $46.1 billion by 2018

According to the market research report released by MarketsandMarkets, the global automotive plastics revenue is expected to grow from $21.617 billion in 2012 to $46.112 billion by 2018 at an estimated CAGR of 13.4 percent from 2013 to 2018. In 2012, Asia-Pacific was leading in the automotive plastics consumption volume by 50.5 percent, followed by Europe (28 percent), North America (11.3 percent), and rest of the world (10.1 percent). Among these regions PP leads consumption by 37 percent, followed by PU at 17.3 percent, ABS at 12.3 percent) composites at 11.5 percent, HDPE at 10.8 percent, PC at 6.8 percent, and PMMA at 4.4 percent, due to their easy forming properties and their availability at cheaper price than other materials.

Automotive plastics are among one of the widely preferred alternatives for light-weighting of automobile as they offer enhanced properties such as superior impact strength, easy mould-ability, improved aesthetics, and reduced weight as compared to conventional automotive components such as aluminium and steel. www.marketsandmarkets.com