Automotive Plastics Market Is Expected To Reach USD 32.9 Billion Globally By 2018: Transparency Market Research
ALBANY, New York, March 28, 2013 /PRNewswire/ --
Transparency Market Research ( http://www.transparencymarketresearch.com) has released a new market report titled " Automotive Plastics Market by Product (ABS, PP, PU, PVC, PE, PC, PMMA, PA), by Application (Power Trains, Under the Hood, Electrical Components, Chassis, Furnishing), Bio-based Opportunity (PLA, PHA, PCL, PBS) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," which observes that the demand for automotive plastics which was reported at USD 15.1 billion in 2012 is expected to be worth USD 32.9 billion by the end of 2018. Asia Pacific had garnered the highest revenue share in the global automotive plastics market in the year 2012.
Browse the full report at http://www.transparencymarketresearch.com/automotive-plastics-market.html
Growing automotive demand, especially from developing markets, coupled with a strong trend to reduce vehicle weight is expected to drive automotive plastic demand in the near future. The instruments and technology used in designing and manufacture of automotive plastics in their various application segments are extremely cost intensive and this is one of the main drawbacks as it discourages new players from entering the fray. Raw materials for automotive plastics are majorly sourced from petroleum products and this has a direct impact on the price of finished products as the raw material prices are volatile and subject to the variation in crude oil prices.The automotive plastics market was dominated by Asia Pacific, which accounted for more than 50% of the total consumption by volume in the year 2011. This growth is primarily driven by the huge demand for automobiles in the rapidly developing economies within the region. Combined with improved design capability and the enormous reduction in weight and emissions, plastics have become one of the most important and indispensable materials in automotives and are expected to enjoy this market superiority in the coming years. Related & Recently Published Reports by Transparency Market Research
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