The global automotive plastics market is expected to reach US$ 53.49 billion by 2022, according to a new report by Grand View Research. Increasing demand in power train and interior & exterior furnishing applications is expected to be a major driving factor for the global industry growth over the forecast period.

Plastics are increasingly being adopted as metal & alloy substitutes in automotive parts, in order to reduce overall vehicular weight, increase component performance and chemical corrosion resistance. Regulations such as CAFE in the U.S. and EC legislations in Europe aim at improving fuel efficiency and are expected to positively impact automotive plastics industry growth.

Asia Pacific dominated the global industry and accounted for more than half of the global demand in 2014. Increasing automotive production in China, India and Japan along with growing aftermarket sales in Southeast Asia are expected to be major factors driving automotive plastics demand in APAC. Electrical components and interior & exterior furnishing applications collectively accounted for over 70% of the regional volume in 2014.

See next page for further key findings from the study