China Automotive Plastics Market Size, Share And Growth Report : Radian Insights,Inc
RadiantInsights.com includes new market research report on “China Automotive Plastics Market Size, Share And Trends Report Up To 2016 : Radiant Insights” to its huge collection of research reports.
San Francisco, United States – June 15, 2016 /MarketersMedia/ —
Plastic compounds are the preferred form of design material in the automotive sector. They facilitate superior designs, have versatile applications, and offer better resistance to weathering. This has boosted their adoption across various parts like screw-on attachments in furnishings, expensive body parts, etc. Use of plastics in place of metals like steel and aluminum is also triggered by strict governmental regulations relating to automobile emissions. It is observed that on an average, a car comprises 5.8% to about 10% plastic. In terms of weight, plastics account for about 105 kg of the total automotive components. They not only reduce noise and vibrations but also offer better cabin insulation.
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China has been a lucrative market for automotive plastics in the recent past. It is estimated to contribute revenues of USD 9 billion in 2016. Production and consumption of automotive plastics in the Chinese market are expected to grow at a considerable pace from 2018 to 2023.
Apart from the aforementioned benefits of automotive plastics, market growth would be fueled by the booming regional economy. China’s economic growth is attributed to rising industrial output, capital investments, imports and exports, etc. over the past two decades.
OEMs (Original Equipment Manufacturers) are anticipating huge opportunities owing to the escalating spending power of the large domestic populace. Commercial applications of automotive plastics are also on the rise in this region.
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However, raw materials required to manufacture automotive plastics are expensive. Commonly-used plastic products are derived from petrochemicals which are a downstream of crude oil. Thus the supply of crude oil determines the availability of petrochemicals. Another challenge for growth of the automotive plastics market in China is the non-degradable nature of products raising concerns over their recyclability.
The Chinese market can be segmented on the basis of automotive plastic products and vehicle types. Products are divided into acrylics, phenolic resins, polyethylene, polystyrene, polyvinyl chloride, polyurethane, polypropylene, unsaturated polyester, engineered plastics, acrylonitrile-butadiene-styrene, and others. Vehicle types include trucks, buses and passenger cars.
Yizheng Chemical Fibers Group Co. Ltd., Beijing Fanwei Engineering Plastics Co. Ltd., and Yuyao Weili Industrial and Trade Co. Ltd. are some of the prominent participants of the automotive plastics market in China.
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About Radiant Insights,Inc
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
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