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steering wheels are the key components that use automotive plastics.‘ Power tra ins’ is anticipated to be the fastest growing segment and may register a CAGR of over 10 % during the next eight years.
Based on regions, the global automotive plastics market is segmented into Asia Pacific, Europe, North America, and Rest of the World. The Asia-Pacific automotive plastics market dominated the industry in 2014. In terms of revenue, the region reported USD 9.5 billion during the same year. The shift of automotive manufacturing units to countries, such as India, China, Thailand, and Indonesia propels the Asia Pacific market. Demand is attributed to supportive government initiatives and the availability of cheap labor. Central & South America could grow at a decent CAGR of over 10.5 % from 2016 to 2024. Major companies operating in the industry are Johnson Controls, The Dow Chemical Company, Akzo Nobel N. V., Delphi Automotive PLC, and Evonik Industries A. G.
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