Automotive Engineering Plastics Market: Overview
Engineering plastic is a form of thermoplastic, which possesses strong physical properties and processing characteristics. It has high weight-to-strength ratio. Engineering plastic is used at temperatures ranging from 100°C and 150°C. It is also employed under high mechanical stress and in extreme chemical and physical environments. Engineering plastics are light in weight. Therefore, they are primarily used in the production of durable parts in automotive industries.
Automotive Engineering Plastics Market: Trends
Rise in population and increase in disposable income of people in emerging economies are key factors driving the global automotive engineering plastics market. Rise in sales of automobiles in China and India and presence of auto-manufacturers such as Nissan are likely to fuel the demand for automotive engineering plastics. Increase in utilization of fuel efficient technologies have across the globe is also anticipated to boost the global automotive engineering plastics market. The cost of engineering plastics is high. Therefore, they are employed in a small number of automotive parts. This is estimated to hamper the global automotive engineering plastic market.
Automotive Engineering Plastics Market: Segmentation
In terms of material, the global automotive engineering plastics market can be divided into polyamide, polybutylene terephthalate, polycarbonate, polyphenylene sulfide, polyethylene terephthalate, and others (including PC-PBT alloy, PBT-PET alloy, and PC-ABS alloy). The polyamide segment is anticipated to expand at a significant pace during the forecast period due to the widespread application of polyamides such as polyamide 6 and polyamide 6, 6 in the production of automotive parts. During production of four wheelers, polyamides are extensively used in the manufacture of radiator fans, radiator grills, instrument housings, speedometer gears, fuels, oil filter housing, electrical junction boxes, steering column bush, among others.
Engineering plastics are primarily employed in the manufacture of interior and exterior parts of automotive. Engineering plastics are used in the manufacture of exterior components such as bumper shock absorber system, door handles, mirror housing, roof rack, tank lid, and wheel cap of automobiles. Interior parts of cars such as window lift gear housing, door handles, sunvisor clip, cup holder, ash tray, and interior seating are produced using engineering plastics. These plastics are also used in the production of tumble valve bearings and chip carriers for engines.
Automotive Engineering Plastics Market: Regional Outlook
Based on region, the global automotive engineering plastics market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is likely to constitute major share of the global market during the forecast period due to the rise in per capita income of consumers in the region. Rise in accidents has led to an increase in restoration of vehicles. This is projected to boost the demand for advanced automotive across the globe. North America and Europe are primarily engaged in the development of new technologies for the manufacture of automotive engineering plastics. Middle East & Africa, being developing nation rely on imports from Europe & North America to cater to the demand for automotive engineering plastics in the region.
Automotive Engineering Plastics Market: Key Players
Prominent players operating in the global automotive engineering plastics market include BASF SE, Solvay SA, Evonik Industries AG, LANXESS, SRF Limited, DowDuPont Inc., SABIC, Huntsman Corporation, and PolyOne Corporation. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to gain higher market share.
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