The material of the fuel tank plays an important role in its physical properties of the fuel tank. Plastic fuel tank is manufactured into one seamless piece which contains at least six layers of a given material or a combination of different material that provide multiple advantages. Plastic fuel tanks are made of different materials from different materials such as high density polyethylene (HDPE), polypropylene (PP), plastic adhesive or ethyl vinyl alcohol (EVOH), and regrind plastic (recycled polyethylene).
Plastic fuel tanks have several advantages over metal fuel tanks such as light weight, durability, effective use of compartment space, cost effective, non-corrosive and non-explosive. Furthermore, rising demand for light weight material and components in the automotive industry due to stringent emission norms is likely to propel the automotive plastic fuel tank market during the forecast period. Rising demand for safety and complex consumer demand is a key factor that is anticipated to propel the automotive plastic fuel tank market during the forecast period. Adoption of plastic fuel tank in passenger vehicles is high owing to the demand for fuel efficiency and light weight. Sales of passenger vehicles are increasing rapidly owing to rapid urbanization, rising purchase power, and availability of loan at lower interest rates, which in turn is expected to drive the automotive plastic fuel tank market during the forecast period.
The automotive plastic fuel tank market can be segmented based on material, sales channel, vehicle type, and region. Based on material, the automotive plastic fuel tank market can be segregated into high density polyethylene (HDPE), polypropylene (PP), or ethyl vinyl alcohol (EVOH) and others. High density polyethylene (HDPE) is long-lasting, weather-resistant, impact-resistant, can be easily molded into different shapes, and cost-effective. Therefore, high density polyethylene (HDPE) is likely to gaining its popularity and the segment is likely to expand significantly during the forecast period.
In terms of sales channel, the automotive plastic fuel tank market can be classified into OEM and aftermarket. Increase in production of passenger vehicles and commercial vehicles is likely to offer significant opportunity to the plastic fuel tank manufacturers during the forecast period. Increasing vehicle production is likely to fuel the OEM segment during the forecast period.
In terms of vehicle, the automotive plastic fuel tank market can be bifurcated into passenger vehicle and commercial vehicle. The passenger vehicle segment is likely to hold a major share of the automotive plastic fuel tank market. Rapid urbanization, availability of vehicles at competitive prices, increase in per capita, and strong consumer demand for passenger vehicles are anticipated to boost the passenger vehicle segment at a significant growth rate during the forecast period.
In terms of region, the automotive plastic fuel tank market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. China, India, Japan, and South Korea are major hubs for manufacture of automobiles. Production of vehicles in Asia Pacific is high and hence, the consumption of fuel tanks is likely to remain high in the region during the forecast period.
Key players operating in the automotive plastic fuel tank market are Premier Seals (India) Pvt., Rasandik, YAPP Zoom Automotive Systems, and Kuraray Co. Ltd.
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