Automotive plastics demand to reach US$32.9 billion by 2018

A new market report has been released noting that demand for automotive plastics will be worth US$ 32.9 billion by 2018.

According to the new report by Transparency Market Research, titled , Automotive Plastics Market by Product (ABS, PP, PU, PVC, PE, PC, PMMA, PA), by Application (Power Trains, Under the Hood, Electrical Components, Chassis, Furnishing), Bio-based Opportunity (PLA, PHA, PCL, PBS) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018, Asia Pacific had garnered the highest revenue share in the US$15.1 billion-worth global automotive market in 2012.

Moreover, the report said that whilst North America and Europe have been the biggest markets for plastics in automobiles, Asia Pacific has been the largest consumer of automotive plastics in recent years. This can be attributed to the tremendous growth in the automotive industry in the region and the huge and apparent never-ending demand for automobiles in many economies of Asia Pacific. Europe has been the second largest market for automotive plastics followed by North America and rest of the world (RoW).

(IMA)

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