A Recent Study by Research Nester report titled “Global Automotive Interior Plastic Component Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global automotive interior plastic component market in terms of market segmentation by vehicle type, by product type, by sales type and by regions.
The global automotive interior plastic component market is segmented by vehicle type into passenger vehicle and commercial vehicle; by product type into Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Acrylonitrile Butadiene, Styrene (ABS), Poly Carbonates (PC) And Others; by sales type into OEM and aftermarket and by region. Automotive interior plastic component market is anticipated to mask a significant CAGR of 13.9% during the forecast period i.e. 2019-2027.
Enhancement in the fuel efficiency along with achievement of timely manufacturing of a car by using plastic component is likely to expand the growth of the market. Plastic materials also help in innovation in terms of car decor. Other than improving the functionality, appearance, and safety of automobiles, it also helps the companies in delivering superior value to the customers.
Europe is likely to dominate the global automotive interior plastic components market by region in the next few years owing to high consumer demand for passenger vehicles. It has been notified that, Asia-Pacific is an emerging market in this sector owing to the shift in production bases from developed countries to developing countries. Countries such as India, Indonesia and China are anticipated to positively influence the Asia automotive interior plastic component market growth owing to prevalent factors such as cheap cost, land cost and other related costs.
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Growing Demand for Fuel Efficient Vehicle
Rising cost of fuels all over the world is pushing customers to opt for the vehicles with better fuel efficiency. In order to attract more customers and retain customers, companies are making light weight vehicles to improve upon fuel efficiency. Metals and other heavy weight elements are being replaced by plastic which provides the better strength with improved efficiency.
Government Regulations to Control Vehicular Emission
Weight reduction offers a cost-effective method of reducing Greenhouse Gas (GHG) emissions and fuel consumption hence helping the conservation of non-renewable crude oil reserves. This increasing need for the plastic component is anticipated to expand the growth of Automotive Interior Plastic Component market all across the globe.
However, high cost of advanced plastic materials as compared to aluminum may hinder the global automotive interior plastic component market during the forecast period. Besides this, availability of alternatives is likely to restraint the market growth in the next few years.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global automotive interior plastic component market which includes company profiling of Braskem SA, Bayer Group, BASF SE, Saudi Basic Industries Corporation (SABIC), Smiths Plastics (PTY) LTD, PLASTIKON INDUSTRIES, INC., National Plastics Group, Grupo Antolin, MVC Holdings, LLC, Barkley Plastics Ltd, Plastic Molding Technology Inc., Productive Plastics, Inc., Tata Sons Ltd, Nifco Inc. and Other Prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive interior plastic component market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Firstly Published on Marketwatch: https://www.marketwatch.com/press-release/automotive-interior-plastic-component-market-growth-expand-by-a-cagr-of-139-by-escalation-in-the-demand-for-fuel-efficient-vehicles-2019-07-12
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