DAILY NEWS Feb 19, 2013 12:40 PM - 0 comments

Demand for automotive plastics to top US$18 billion by 2016

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The global automotive plastics industry market is projected to reach US$18.9 billion by 2016, primarily supported by the end-users, according to a new study by research firm Research and Markets.

The "Automotive Plastics – A Global Market Watch, 2011 – 2016" report shows that the fastest compounded annual growth rate (CAGR) of 10% is anticipated from Asia-Pacific region during the analysis period, 2011-2016.

The Americas follows Asia-Pacific with a CAGR of 9.4% while the Europe forecasts a growth rate of 5.9%. Among the end-users the powertrains market is the fastest growing segment, followed by engine and electrical components.

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