Automotive Thermoplastics Market Share, Size, Future Demand, and Emerging Trends

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Considering such efforts, P&S Intelligence sees a huge growth potential for the automotive thermoplastics market in the years to come.

The transportation sector emits the highest amount of greenhouse gases (GHGs) after the thermal power generation sector. They not only cause global warming and climate change, but also health issues, such as asthma, chronic obstructive pulmonary disease (COPD), and lung cancer.

Therefore, stringent emission standards have been implemented in various parts of the world, most significantly India, the U.S., and the European Union (EU), while many other ways are also being devised.

Considering such efforts, PS Intelligence sees a huge growth potential for the automotive thermoplastics market in the years to come. This is because one of the best ways to reduce the emissions is to make the vehicle lighter, as this will decrease the effort the engine has to put in to move the vehicle.

This leads to a reduction in fuel consumption, which ultimately results in a lower emission of harmful gases. According to the U.S. Energy Information Administration (EIA), by reducing the vehicle weight by 10%, fuel consumption can be decreased by up to 8%.

Get More Insights: Automotive Thermoplastics Market Revenue Estimation and Growth Forecast Report

These countries are not only home to the factories of North American and European automakers, but also domestic ones. In fact, Toyota, Honda, and SAIC are some of the largest automakers in the world, all based in APAC.

Further, with the increasing disposable income in the region, its population is rapidly buying vehicles. While most people buy them for practical purposes, some do it simply as a show of their socioeconomic status. Either way, vehicle production is burgeoning in the region, which is leading to the surging demand for an array of thermoplastics.

Further, APAC accounts for the worst air quality because of the massive scale of urbanization and industrialization here, which has prompted governments to impose strict emission caps.

Hence, as the focus on mitigating the negative impact of internal combustion engine (ICE) vehicles on the environment strengthens, the demand for thermoplastics for automotive manufacturing will boom.