Another equally influential trend of light weighting has led to the replacement of metal with plastics, especially with under hood applications.
The demand for lighter and more cost-efficient vehicles has boded well for the automotive under hood plastics market, as replacing metals with plastics greatly reduces the total weight of vehicles.
New analysis from Frost & Sullivan (chemicals.frost.com), Global Automotive Under Hood Plastics Market, finds that the market earned revenues of $1.51 billion in 2009 and estimates this to reach $2.50 billion in 2016.
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To ensure sustainable growth of the automotive under hood plastics market, plastic resin manufacturers have to identify potential metal replacement opportunities and develop cost effective polymer material suited for a particular application. Only a few plastic resin manufacturers have dabbled in product development in the under hood plastics segment of the automotive market. The performance requirements for plastics are significant and this requires investments in R&D.
"Newly developed polymers for under hood applications can be introduced to automotive OEMs, which can, in turn, test them on particular vehicle models," says Frost & Sullivan Research Analyst Aniruddh Menon "Based on the success factors, the new plastic component can be continuously used on models."
Global Automotive Under Hood Plastics Market is part of the Chemicals & Materials Growth Partnership Services program, which also includes research in the following markets: Global Markets for Plastics in Passenger Vehicles, Global Automotive Refinish Coating Additives Markets, Impact of Automotive Trends on the Chemical Markets, and U.S. Automotive Fuel Additives Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Global Automotive Under Hood Plastics Market / N795