The report "Automotive Plastic Additives Market by Additives (Plasticizers, Anti-Scratch, Stabilizers, Antioxidants), Application (Exterior, Interior, Under the Hood), Plastic (PP, PUR, PVC, and ABS), Vehicle Type, EV Type, and Region - Global Forecast to 2022", The Automotive Plastic Additives Market is projected to grow at a CAGR of 6.52% during the forecast period, from USD 6.25 Billion in 2017 to USD 8.58 Billion by 2022. In terms of volume, the market is estimated to reach 2,733.9 kilotons by 2022. The increased use of plastic in a vehicle would drive the market for automotive additives. OEMs are manufacturing lightweight vehicles to increase fuel efficiency and reduce emissions. The electrification of vehicles is increasing due to the lightweight of plastics and to cope with the stringent emission regulations.
Browse 83 market data tables and 60 figures spread through 186 pages and in-depth TOC on "Automotive Plastic Additives Market by Additives (Plasticizers, Anti-Scratch, Stabilizers, Antioxidants), Application (Exterior, Interior, Under the Hood), Plastic (PP, PUR, PVC, and ABS), Vehicle Type, EV Type, and Region - Global Forecast to 2022"
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Interior application market is estimated to be the largest market in Automotive Plastic Additives Market
The interior application market is estimated to have the largest market share owing to the increased use of plastic compared to other material. The demand for automotive additives in the interior application is increasing owing to the focus on aesthetics, safety, comfort, color, quality, and durability. Also, Ergonomic design will drive the interior market over the forecast period. The use of lightweight composites to attain fuel efficiency is poised to drive the market for automobiles in emerging markets such as India and China. The use of plastics in a vehicle is increasing due to government emission regulations for vehicles and demand for lightweight material in vehicles by OEMs.
Automotive additives in polypropylene plastic is estimated to be the fastest growing segment
The market for polypropylene plastic is estimated to be the fastest growing market, owing to the increased use of polypropylene plastics in the automotive industry. Polypropylene accounts for the maximum share of plastics used in automobiles compared to other plastics. It is resistant to chemicals and solvents and hence is used in bumpers, gas cans, carpet fibers, interior, and exterior of the vehicle. The major driver for the growth of the polypropylene plastic is the large production of passenger cars and electric vehicles in countries such as China, U.S., and Japan.
Asia-Pacific: Fastest growing region for Automotive Plastic Additives Market
Asia-Pacific is estimated to be the largest market, by value, for automotive additives in 2017, owing to the huge production of passenger cars and electric vehicles in the region. The Asia-Pacific market is expected to be the highest growing market followed by North America, Europe, and Rest of the World. This is due to the huge amount of vehicle production in countries such as China and India. The demand for additives is also increasing due to increase in the use of electric vehicles and the trend to use lightweight material in vehicles to attain fuel efficiency. The Corporate Average Fuel Economy (CAFE) regulations to reduce emission and demand for lightweight material in the automotive industry are expected to drive the growth of the Automotive Plastic Additives Market in the region.
The report covers all the major players in the Automotive Plastic Additives Market that includes companies such as BASF SE (Germany), ExxonMobil Corporation (U.S.), Covestro AG (Germany), The Dow Chemical Company (U.S.), Sabic (Saudi Arabia), and Akzo Nobel N.V. (Netherlands) among others.
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