Automotive Plastics Market for Passenger Cars

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Automotive Plastics Market for Passenger Cars

Automotive Plastics Market for Passenger Cars

Browse 103 market data Tables and 38 Figures spread through 136 Pages and in-depth TOC on “Automotive Plastics Market for Passenger Cars”
Automotive Plastics Market for Passenger Cars by Type (Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polyamide, HDPE, Polycarbonate, PBT), Application (Interior, Exterior, Under Bonnet), and Region

Automotive Plastics Market for passenger cars was valued at USD 24.63 billion in 2017 and is projected to reach 47.33 billion by 2023, at a CAGR of 10.9% during the forecast period.

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Browse 103 market data Tables and 38 Figures spread through 136 Pages and in-depth TOC on “Automotive Plastics Market”

Use of composites and PMMA in vehicle car production

The North American automotive industry has shown significant growth opportunities for composites in various applications. The high cost and lack of cost-effective manufacturing process for high-volume applications have been restricting the use of composite materials in the automotive industry. However, the increased focus on reducing the weight of the vehicles and subsequent performance enhancement have encouraged the companies to opt for composites and PMMA plastics.

Industry experts are expecting an increase in demand for long fiber reinforced thermoplastic (LFRT) and lightweight reinforced thermoplastic materials in automotive applications over the next five years. Companies, such as BMW (Germany), Mercedes-Benz, Lamborghini, and other high-end automakers, are planning to increase the use of carbon fiber reinforced polymer (CFRP) components in their vehicles to reduce weight. This is also expected to improve the fuel economy by up to 50% and reduce the weight of the vehicles by 20–75% in comparison to the traditional materials.

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High capital cost and cost of plastic materials

Capital costs involved with new material design or innovation are often averaged out in the long run or the life cycle of machine or equipment. This characteristic resists the utilization of new advanced materials in automotive designs because these materials require new manufacturing technologies and involve process re-engineering, which incurs a huge capital cost. Material cost is a major concern for high volume production of automotive plastics. Steel is still preferred in the automotive industry, as it has inherent advantages, in terms of available technological expertise, and is the cheapest material per pound in comparison to the materials considered for structural components. Moreover, conventional equipment and processes are used for manufacturing and joining/welding new advanced high-strength steels. Therefore, steel is often a preferred choice of the manufacturers seeking a significant reduction in vehicular weight. Therefore, high capital costs incurred in the deployment of automotive plastics in the existing metallic applications restrict its adoption in new vehicle designs.

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