North America automotive plastics market valuation to surpass USD 5 billion by 2024

Rising demand for light-weight, fuel efficient vehicles & growing preference for durability & aestheticism has been driving automotive plastics market size recently. Light weight, durable plastics reportedly have proven to improve fuel efficiency of vehicles by quite a percentage. As per reports, a 10% reduction in vehicle weight could result in a 5% to 7% drop in fuel usage. Current environmental and economic concerns have made the development of fuel-efficient vehicles a top priority in the automotive industry.

 

How do light weight plastics aid vehicle performance?

Automotive plastics are mostly used in vehicles power trains, chassis, exterior and interior furnishings, electronic components under the hood, and fuel systems. The product is durable, possesses abrasion resistance, and scratch resistance, allows effective design molding, component integration and improves vibration and noise control in automobiles.

Experts claim that use of light-weight plastic would efficiently offer minimal vehicle corrosion, allowing it a longer life. The product also offers automotive designers added flexibility to innovate and develop new car design as well as eases assembly integration. The product further offers comfort and safety to passengers and is proven to be economic and recyclable, benefiting both customers as well as the environment – a factor that is majorly responsible for propelling automotive plastics market.

How has the requirement for better mileage impacted the automotive plastics market trends?

The automotive industry, specifically across the U.S., is constantly seeking ways to develop lighter, more fuel-efficient vehicles, and is focused on achieving the government’s, fleet-wide fuel economy target of 54.5 mpg by 2025, as cheap gasoline fuels the surging demand for light trucks. According to the U.S. Environmental Protection Agency (EPA), the average fuel mileage of trucks was recorded at 20.4 mpg in 2014, an increase of 0.6 mpg from 2013, following the launch of lightweight trucks in the region.

The EPA claims that truck-based SUVs and pickups possess the largest mpg gains of any vehicle type. Reliable reports also claim that average fuel economy of new cars has increased by 5 mpg (26%) in the past 10 years. This has consequently encouraged automakers to increase the usage of automotive plastics to manufacture vehicles with higher mileage, thereby expediting the industry trends.

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Which region is one of the most proactive in automotive plastics market?

The North America automotive plastics market will experience an unprecedented growth owing to the rise in SUV and truck sales. The rising demand in the U.S. to reduce vehicle weight and provide cost effective automotive solutions have made a positive impact on the regional automotive plastics market. Strict government standards in the U.S. regarding CO2 emissions and fuel economy has also forced OEMs to seek means to reduce vehicular weight to enhance fuel efficiency, further propelling the industry growth.

Automotive plastics have undeniably made cars safer, more fuel efficient, lightweight, and have helped increase fuel efficiency, reduce carbon emissions, apart from providing unmatched safety benefits like airbags and seatbelts, As designers and engineers continue to innovate and take vehicle performance on a completely new level, automotive plastics market share will soar in the years ahead. Indeed, estimates claim the global automotive plastics market size to exceed USD 50 billion by 2024.