Plastic engineering consists of design, development, processing and manufacturing various specialty products. Plastic engineering is used to produce various specialty products including automotive plastic, consumer plastic, biodegradable plastic etc. Automotive plastic is a special purpose plastic having various properties such as toughness, durability, scratch resistance, corrosion resistance, resiliency, thermal stability, moldability, impact strength, low volume to weight ratio, recyclability, high performance and design flexibility. Automotive plastic is used widely in passenger cars, motorcycles and up to some extent in heavy vehicles. The global automotive plastics market is primarily driven by increasing production of passenger cars and increasing use of plastics in vehicles. Various types of automotive plastics used in vehicles include composites, polypropylene, Acrylonitrile butadiene styrene (ABS), polyurethanes, polymethyl methacrylate, polycarbonates and high density polyethylene (HDPE). Plastic is primarily used in automobiles to reduce the total weight of vehicles which ultimately increases the fuel efficiency of the vehicle.
Apart from reducing vehicular weight plastic is also used to improve aesthetics, reduce noise and vibrations, cabin insulation etc. Increase in fuel efficiency, owing to reduction in vehicular weight, due to use of plastic parts, is a major driver for automotive plastic market. Growing automotive market is expected to fuel the growth of automotive plastics market. Apart from that, improvement in aesthetics and reduction in total cost of product are also expected to drive the market over the forecast period. However, high cost of raw material required to manufacture automotive plastic and huge investments required are expected to pose a challenge in front of this market. Non degradable nature of plastic is expected to remain a hindrance for the growth of this market. Automotive plastics find its use in exterior components, interior components and in engine compartment. Asia Pacific dominates the overall consumption of automotive plastics owing to the presence of various automotive companies. Various producers of automotive plastics include Bayer Material Science, Dow Chemical Company, Evonik, Akzonobel, and Momentive Performance Materials. Major consumers for automotive plastics include various automotive companies including Honda Motor Co. Ltd, General Motors, Hyundai Motor Company, Toyota Motor Corp, TATA Motors, Ford etc.
The key types of automotive plastics analyzed in this report include polypropylene, polyurethane, high density polyethylene (HDPE), Acrylonitrile butadiene styrene (ABS), polycarbonate and composites. Polypropylene type of automotive plastic dominates the overall market in terms of volume as well as revenue. Polypropylene is followed by polyurethane. Polypropylene, apart from being the largest segment, is expected to be the fastest growing segment from over next six years. Sufficient availability of raw material, favorable properties and its lower prices are expected to drive the market over the forecast period. Increasing regulatory restrictions on vehicular weight by various governments is also expected to fuel the growth of this market. Development of various new materials with better properties is a key challenge in front of this segment.
Various applications of automotive plastics studied in this report include use of plastics in interior, exterior and engine compartment. Automotive plastics is used for making interior parts such as door panels, dashboard, wiring covers etc., for making exterior parts such as bumpers, mirror covers etc., for making engine compartment parts such as mountings, covers, isolators etc. Use of automotive plastics for interior applications dominated the overall market in terms of volume as well as revenue. Interior application segment was followed by exterior application segment. Priority to decrease in weight coupled with requirement good aesthetics of interior has affected the market growth positively.
Asia Pacific region has dominated the overall market share of Automotive Plastics in terms of volume as well as revenue in 2013. Asia Pacific market was closely followed by Europe. Increasing number of automotive manufacturers in China and India has fuelled the growth of Asia Pacific market. Apart from being the largest market, Asia Pacific market is also expected to be the fastest growing market over the forecast period. Stringent rules regarding vehicular weight are expected to drive the market in Europe and North America.
Automotive plastics market is fragmented within various companies. Key market participants include The Dow Chemical Company, Akzonobel N.V., Teijin Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), Bayer Materialscience AG, Royale DSM N.V.,Borealis AG, Quadrant AG, Evonik Industries, Owens Corning, GrupoAntolin-Irausa S.A., Momentive Performance Materials Inc., Hanwha Azdel Inc., Magna International Incorporated, Johnson Controls Inc. and Lear Corporation.