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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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