China Automotive Plastic Market Expected To Grow At A CAGR Over 12% During The Forecast Period 2018-2025
According to a new market published report by BlueWeave Consulting, The China Automotive Plastic Market projected to grow at a CAGR over 12% during the forecast period 2018-2025. According to the report, china automotive market is expected to reach USD 4624.51 Million by 2020 in terms of revenue. Increasing demand for light weighted vehicles, Energy conservation and emission reduction of carbon is driving the China automotive plastic market. Plastics are majorly processed into automotive components and parts owing to their ease of manufacturing, possible sourcing from renewable raw materials and relative ease of improved design. The properties of plastics such as scratch resistance, recyclability, high volume to weight resistance, impact strength, thermal stability, and resistance to abrasion makes them suitable for use in automobiles. The automotive industry constitutes a dynamically growing sales market for plastics due to price-sensitive demand, improved vehicle design capabilities and the increasing importance of weight reduction and emission control. Rising car makers demand to meet sustainability goals using recycled materials with a motive to limit environmental pollution has increased automotive plastic application in several number of car parts. Automotive plastics are being used in exceptionally advanced ways to make cars safer and highly fuel efficient. Features such as lower tooling cost, lightweight, corrosion resistance, strength, and insulating material are being offered by the automobile industry. Due to this factor, several automotive manufacturers are replacing traditional automobiles components such as metal with automotive plastics. China Automotive Plastic Market: Scope of the Report On the basis of product, the market is segmented into Acrylonitrile Butadiene Styrene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene, Polycarbonate, Polymethyl methacrylate, Polyamide, and others. The Polypropylene holds the largest segment in the China automotive plastic market. On the application basis, the market is segmented into Power Trains, Electrical Components, Interior & Exterior Furnishing, Fuel System, Chassis and Engine Components. The Interior & Exterior Furnishing accounted for the largest segment in the China automotive plastic market and expected to reach USD 2071.269 Million by 2022. China Automotive Plastic Market: Competitive Dynamics Companies such as Shanghai PRET Composites Company Ltd, BASF, Evonik Industries AG, The Dow Chemical Company, Teijin Limited, Lanxess Chemical, Solvay China, and LyondellBasell China are the key players in the china automotive plastic market.
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