Global Automotive Plastics Market Size to Touch Usd 53.8 Billion Mark by 2022: Fractovia

As per the Global Market Insights Inc. report, “the global automotive plastics market is predicted to reach USD 53.8 billion mark by 2022 at a CAGR of 13.5% over the period of 2015-2022.” Rise in demand for automobiles, changes in vehicle designs, and the growing mass reducing trends to enhance fuel efficiency are few of the factors predicted to drive the market growth in the coming seven years.

Plastics provides considerable weight reduction for the automobiles resulting in low fuel consumption and emission thereby increasing the overall vehicle efficiency. Strict norms set by CAFÉ (Corporate Average Fuel Economy) have forced the automobile manufacturers to improve vehicle design fulfilling (complying with) weight reduction, low fuel consumption, and emission control norms. Mass reduction helps in enhancing the total vehicle performance in terms of smooth ride, noise reduction, acceleration, and vibrations. Owing to the growing market competition, designers are focusing on vehicle designs that have aesthetic value. Plastics provides the designers with the design versatility to design various vehicle components, thus improving the visual/aesthetic appeal of the vehicle. This, in turn, is predicted to boost the demand for automotive plastics.

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Electrical components applications segment worth USD 6.5 billion in 2014 and leading the applications segment, is predicted to witness a noticeable surge in coming years. Sockets manufactured from high performance plastics, having key properties such as thermal stability, lightweight and corrosion resistance, makes them an ideal metal substitute in these applications.

Power trains applications are expected to grow at a CAGR of 10% over the period of 2015-2022 due to the growing use of automotive plastics in the production of jolt bolts and transmission units. Interior & exterior furnishing applications segment contributed towards...