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Besides reducing the weight of vehicles, these compounds are employed to enhance
aesthetics, reduce vibrations, and decrease noise & cabin insulation. However, high costs
of raw materials and substantial investments could hinder market growth. Most
automotive plastic products are derived from petrochemicals. The availability of crude oil
determines the supply of petrochemicals. The non-recyclable nature of automotive plastics
can impede market progress.
The global automotive plastics market is categorized into products, applications, and
regions. Products include polyethylene, acrylonitrile butadiene styrene (ABS),
polyurethane, polypropylene, polyvinyl chloride (PVC), polycarbonate, polyamide, and
polymethyl methacrylate (PMMA). Polypropylene led the market in 2014 with a revenue
exceeding USD 5 billion. Engineering metals & plastics are increasingly being replaced by
PP-based materials in the production of automobile parts. This leads not only to vehicular
weight reductions but also to significant costs savings. Polypropylene and polyethylene
foams are commonly used for vibration and noise dampening & thermal solidity.
PMMA holds a smaller market share. However, this segment may witness substantial
growth in the forecast period. This owes to the widespread application of PMMA in
automobile light covers, windows, trims, and glazing. It is also used as a replacement for
glass.
Based on applications, the automotive plastics market is divided into electrical
components, power train, under the hood, interior & exterior furnishings, and chassis. In
2014, electrical components held the largest share and surpassed USD 6 billion. Interior &
exterior applications held a share of over 32% in 2014 and can grow at a CAGR of over 9%
during the forecast period. Bumper systems, fascia systems, body & light panels, and
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