Vehicle purchases in the U.S. also dropped in January, a new report from Scotiabank said, as sales activity rebalances from strong gains in late-2018 and adverse weather conditions keep buyers at bay.
But despite posting a decline relative to 2017, the Canadian auto market posted its second best year on record, a new report from Scotiabank said.
But softening demand conditions in the fourth quarter most heavily impacted the company’s Performance Products and Solutions, and Specialty Engineered Materials segments.
Canada’s capital spending on industrial chemical industry projects is expected to jump by 65 per cent in 2019.
The auto parts maker anticipates that the strong U.S. dollar, the sale of its fluid pressure and controls business, and GM plant closures will negatively impact its bottom line this year.
The U.S. plastics industry accounted for an estimate of $432.3 billion in shipments and 989,000 jobs in 2017, according to the 2018 Size & Impact Report, an annual publication of the Plastics Industry Association.
But auto purchases in the U.S. recorded their highest one-month total since October 2017, the new report from Scotiabank said.
Vehicle purchases in Canada in November fell below 1.9 million annualised units for the first time since late-2016, Scotiabank said, but sales are still on track for their second-highest year on record in 2018.
The sales figures are compiled by the Plastics Industry Association’s Committee on Equipment Statistics.
Canadian auto sales contracted by 1.9% year-over-year for an eighth consecutive month of annual declines in October, Scotiabank’s latest Global Auto Report says, but ticked up by 3.1% from September in seasonally-adjusted terms.
Spurred by rising disposable incomes and continuously changing lifestyles, the increasing production of cars and commercial vehicles will grow the global automotive plastic market at a CAGR of 11.91% from now until 2023, the new report from Research and Market said.
The drop in spending is directly related to reduced launches from the Detroit Three automakers, the new report from market research firm Harbour Results says.
Engel is forecasting a six per cent increase in earnings over last year, with Germany representing the “lion’s share” of the sales.
The German processing machinery maker is also expanding its business model as well as digital services and products, and introducing a new speed-to-market program for European customers.
But auto sales in the U.S. jumped to an annualised level of more than 17 million units in September, Scotiabank said, beating expectations.
Growth will be led by the rising adoption of PET packaging, the report from market research firm Technavio says.
For the fifth consecutive quarter, plastics machinery shipments in North America continued to increase in the second quarter of 2018, according to the statistics compiled and reported by the Plastics Industry Association’s Committee on Equipment Statistics.
Auto sales growth has also slowed down markedly in the U.S. and Mexico, a new report from Scotiabank says.
Adoption of composite-grade HPPs could take the global market past US$3 billion by 2024, a new study by Frost & Sullivan says.
Trade policy uncertainty is causing pessimism across the automotive supply base, despite a strong sales and production environment, a new survey conducted by the Original Equipment Suppliers Association says.