BRIC Automotive Plastics Market Expected to Grow at a CAGR of 15.4% During 2015-2020
Verfasser: pradnya_86 on Thursday, 5 October 2017Future Market Insights announces the release of its latest report titled, “Automotive Plastics Market: BRIC Industry Analysis and Opportunity Assessment 2015 - 2020”. According to the report, the BRIC automotive plastics market was valued at US$ 11,244.4 million in 2014, and is projected to register a compound annual growth rate (CAGR) of 15.4% during forecast period 2015 - 2020.
Automotive plastics are used to manufacture various components such as lighting systems, seating systems, automotive carpets and upholstery, bumpers, etc. The versatile properties of plastics such as easy moldability, durability, scratch resistance, thermal stability, impact strength and resistance to abrasions gives this material an edge over others, making it ideal for manufacturing automobile components. Apart from this, reduction in manufacturing cost, durability and increased strength of plastics has encouraged manufacturers to use this material for three major applications in automobiles such as exterior, interior and under-bonnet components. Manufacturers use plastics for various components under these three applications including as a substitute for steel in vehicle doors, bumpers, fenders and other automotive components.