Global automotive plastics market estimated to be US$53.8 bln by 2022

摘要

FROM US$19.3 bln in 2014, the global automotive plastics market is estimated to register CAGR of 13.6 %, and grow to US$53.8 bln by 2022, as per Global Market Insights, Inc Improvement in vehicle design coupled with growing emission control & weight reduction norms is likely to drive automobile market. Technology innovation with respect to design parameters and aesthetics is likely to drive demand. Steel is being replaced by plastics owing to design versatility offered for various vehicle parts and ideally reduce weight & increase fuel efficiency. Regulations by European Legislation (EC) and CAFE are aimed at improving vehicle fuel efficiency.