Further key findings from the study

Global automotive plastics market was 8.69 million tons in 2014 and is expected to grow at an estimated CAGR of 9.5% from 2015 to 2022.

North America demand was estimated at 882.5 kilo tons with polypropylene and polyurethane collectively accounting for over 44% of the regional volume in 2014. Increasing automotive production in the U.S. and Mexico coupled with growing passenger car exports is expected to drive the region's growth over the forecast period.

Polypropylene was the leading product segment and accounted for 25.6% of the global volume in 2014. PP foams are widely used in carpet backings, interior trims, gaskets and water shields. They function as noise and vibration dampeners and thermal insulators in automotive components

Electrical components were the largest application segment with revenue estimated at USD 772.7 million in 2014. Plastics are increasingly being consumed in electrical housings, sensors, lighting systems, switches & sockets and displays.

Glass headlight lenses are widely being replaced by polycarbonate lenses. Since, glass is highly weak under high impacts; OEMs are using polycarbonate as its substitute owing to its shatter resistance and heat resistance.

The global market is moderately concentrated in nature with top four companies accounting for just over 69% of the market share in 2014. Key industry participants include AkzoNobel, BASF, SABIC, Bayer MaterialScience, Quadrant AG, Lear Corp., Borealis AG, Teijin Ltd., Johnson Controls and Evonik Industries.
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