Chemical industry reports Automotive Plastics Market Overview

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Automotive Plastics Market Share, Size, Analysis, Growth, Trends
and Forecasts to 2024 | Hexa Research
" The global automotive plastics market is projected
to go beyond 18 million tons by the end of the
forecast period (2016-2024). Expanding at a healthy
CAGR of over 13.5% during the forecast period "
The global Automotive Plastics Market is poised to exceed USD 66 billion by 2024. The market is anticipated to
grow at a healthy CAGR of over 13.5% from 2016-2024 (forecast period). Demand for interior & exterior
furnishings & power train applications can fuel the global market in the forthcoming years.
Alloys & metals are increasingly being substituted with plastics in automobile parts. This leads to enhanced
component performance & chemical corrosion resistance owing to reduced vehicular weight. Greater focus on
emission control and on the reduction of vehicle weight will fuel market demand during the forecast period.
Other market drivers are enhanced vehicle designs and demand for automobiles. The automotive market has
been witnessing a growing trend towards vehicular weight reduction for enhanced fuel efficiency.
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.
Browse Details of Report @ https://www.hexaresearch.com/research-report/automotive-plastics-industry
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