The quality of plastics is highly dependent upon their properties, functions and applications. Superior properties such as light weight, versatility and flexibility has fostered technological innovations and design freedom using plastic materials. Streamlined mass production has enabled provision of technologically sound and cost-efficient products with high sustainability.
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Utilization of polymer matrix and carbon fiber composites are expected to enable car body-weight reductions of 25% to 75%. They contribute to lower vehicle weight, essential for emission reduction and fuel conservation while supporting the additional weight of advanced safety equipment.
Stringent regulations such as the Corporate Average Fuel Economy (CAFE) in North America have compelled automobile OEMs to seek alternative methods of vehicular weight reduction in order to improve efficiency. Light weight is likely to remain a crucial factor for complying with such regulations, owing to the inherent correlation between mass and fuel consumption.
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Polycarbonate (PC) is expected to emerge as the fastest-growing product with an estimated CAGR of around 9.7% from 2017 to 2025. Polycarbonate offers excellent properties include weathering, optical, thermal and electrical. It also provides a unique combination of stiffness, toughness, and hardness.
Further key findings from the report suggest:
- Global automotive plastics demand was estimated at over 10 million tons in 2015 and is expected to grow at a CAGR of 9.0% from 2017 to 2025
- Powertrains are expected to emerge as the fastest-growing application to exceed revenue of about USD 950 million by 2025. Powertrain engineering applications assist vehicle manufacturers to reduce weight & integrate complex parts, which ultimately delivers higher productivity, boosts performance, and cost savings.
- Asia Pacific is projected to witness substantial growth over the next decade owing to expanding regional manufacturing base and increasing investments in advanced processing technologies. The market is expected to grow at a CAGR of 12.2% from 2017 to 2025.
- Major participants include AkzoNobel N.V, BASF SE, Covestro, Evonik Industries AG, Johnson Controls, Magna International, Momentive Performance Materials Inc., SABIC, The Dow Chemical Company, Borealis AG, Hanwha Azdel Inc., Grupo Antolin, Lear Corp., Owens Corning, Quadrant AG, Royal DSM N.V, and Teijin Ltd among others.
- BASF SE recently announced a price increase by of about 10% for a majority of its plastic additive products, such as antioxidants, light stabilizers, flame retardants, and others.
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