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Increasing demand for commercial and passenger vehicles and flourishing automotive export industry are primary factors propelling the market growth
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The surging number of passenger cars is estimated to present lucrative sales opportunities for the market over the coming years
The global automotive plastics market is expected to surpass a valuation of US$ 9.5 billion by the end of 2021, exhibiting growth at a CARG of 9% over the forecast period 2021 to 2031, a survey by the Future Market Insights has revealed.
Increasing demand for commercial and passenger vehicles and flourishing automotive export industry are primary factors propelling the market growth.
According to the China Association of Automobile Manufacturers, nearly 34,000 commercial vehicles and 117,000 passenger cars were exported from China in April 2021.
The automotive plastics are scratch-proof, lightweight, resistant to abrasion, and possess high impact toughness, making it an ideal choice for manufacturing bumpers, fenders, doors, and other automotive components.
The surging number of passenger cars is estimated to present lucrative sales opportunities for the market over the coming years.
Polypropylene plastics are likely to dominate the material segment owing to the increasing demand for lightweight components by original equipment manufacturers (OEMs) and high vehicle production rates.
“To abide by government regulations towards environmental safety, automotive manufacturers are prioritizing towards reducing vehicle weight. This also is intended to curb the carbon emission,” said an FMI analyst. “Such policies adopted by automakers are creating demand prospects for automotive plastics market.”