Plastic compounds
are the preferred form of design material in the automotive sector. They
facilitate superior designs, have versatile applications, and offer better
resistance to weathering. This has boosted their adoption across various parts
like screw-on attachments in furnishings, expensive body parts, etc. Use of
plastics in place of metals like steel and aluminum is also triggered by strict
governmental regulations relating to automobile emissions. It is observed that
on an average, a car comprises 5.8% to about 10% plastic. In terms of weight,
plastics account for about 105 kg of the total automotive components. They not
only reduce noise and vibrations but also offer better cabin insulation.
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China has been a
lucrative market for automotive plastics in the recent past. It is estimated to
contribute revenues of USD 9 billion in 2016. Production and consumption of
automotive plastics in the Chinese market are expected to grow at a
considerable pace from 2018 to 2023.
Apart from the
aforementioned benefits of automotive plastics, market growth would be fueled
by the booming regional economy. China’s economic growth is attributed to
rising industrial output, capital investments, imports and exports, etc. over
the past two decades.
OEMs (Original
Equipment Manufacturers) are anticipating huge opportunities owing to the
escalating spending power of the large domestic populace. Commercial
applications of automotive plastics are also on the rise in this region.
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However, raw
materials required to manufacture automotive plastics are expensive.
Commonly-used plastic products are derived from petrochemicals which are a
downstream of crude oil. Thus the supply of crude oil determines the
availability of petrochemicals. Another challenge for growth of the automotive
plastics market in China is the non-degradable nature of products raising concerns
over their recyclability.
The Chinese market
can be segmented on the basis of automotive plastic products and vehicle types.
Products are divided into acrylics, phenolic resins, polyethylene, polystyrene,
polyvinyl chloride, polyurethane, polypropylene, unsaturated polyester,
engineered plastics, acrylonitrile-butadiene-styrene, and others. Vehicle types
include trucks, buses and passenger cars.
Yizheng Chemical
Fibers Group Co. Ltd., Beijing Fanwei Engineering Plastics Co. Ltd., and Yuyao
Weili Industrial and Trade Co. Ltd. are some of the prominent participants of
the automotive plastics market in China.
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