Acumen Research and Consulting, Recently Published Report on “Automotive Polycarbonate Glazing Market Size, Share, Growth, Trends and Forecast, 2019 to 2026”.
LOS ANGELES, Feb. 20, 2020 (GLOBE NEWSWIRE) — The automotive polycarbonate glazing market is expected to grow at a CAGR of around 12.4% during the forecast period 2019 to 2026 and reach the market value of around US$ 2.9 Bn by 2026.
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The automotive polycarbonate glazing market growth is driven by growing number of vehicle sales, increase in adoption of sunroof in passenger cars, consumer preference towards enhancing aesthetic appeal to vehicle, and technological advancements in automotive polycarbonate glazing. Furthermore, government regulations in automotive industry due to offering lightweight parts and material and aftermarket players to provide safe and economical automotive polycarbonate glazing and consumer focus towards glazing to enhance appearance and glow of the vehicle and advanced designing options in automotive glazing is estimated to boost the market growth.
Asia-Pacific dominated the global automotive polycarbonate glazing market in the year 2018. The region has experienced the potential growth owing to the presence of automotive polycarbonate glazing companies such as Mitsubishi Engineering Plastics, Covestro, Freeglass, and SABIC among others. The presence of a large customer base along with growing aftermarket industry is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding vehicle safety and growing vehicle production and sales are expected to enhance the market growth in the global automotive polycarbonate glazing market in future. Strong economic growth in developing countries such as India, China, Indonesia, and Thailand and rise in consumer spending on vehicle accessories for enhancing the aesthetic appeal and comfort level is further expected to boosts the demand for automotive polycarbonate glazing in Asia-Pacific.
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The Europe region is expected to exhibit a second-largest share in the automotive polycarbonate glazing market. R&D investments in automotive components and partsand growing adoption of luxury and premium vehicles, stringent government regulation to vehicle manufacturers to install light accessories and parts to meet low emission standardsin countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global automotive polycarbonate glazing market during the forecast.
North America region is expected to exhibit highest CAGR in the automotive polycarbonate glazing market. Technological advancement in lightweight floor materials to improve fuel efficiency, presence of automotive polycarbonate glazing key players, and growing aftermarket industry in Mexico are the major driving factor for the region in the global market. Moreover, the National Highway Traffic Safety Administration (NHTSA) states the regulations for durability, performance in various heat environments, noise and odor release for automotive polycarbonate glazing increases its dominance in the global automotive polycarbonate glazing market in future.
Growing demand for overall weight reduction in vehicles, increase in demand for fuel efficient vehicles, and increase in application areas of automotive polycarbonate glazing are the main drivers for the market growth of the global automotive polycarbonate glazing market over the forecast period. Furthermore, growing demand for customized automotive polycarbonate glazing and growing consumer focus towards aesthetic appeal and comfort level and growing automotive aftermarket industry further grows the demand for automotive polycarbonate glazing over the forecast the period. Moreover, technological advancement and increase in the number of applications, and growing demand for electric and autonomous vehicles are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw material, limited color variants, low familiarity of the engineers with advanced plastic glazing are expected to hamper the growth of the global automotive polycarbonate glazing market during the forecast period.
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Aftermarket segment dominated the automotive polycarbonate glazing market on the basis of sales channelin the year 2018. The major factors that are driving the growth of this segment are growing demand for customized product with design alterations and growing consumer focus towards vehicle modification, and increase in number of service centers and private label shops drives the consumption ofautomotive polycarbonate glazing in aftermarket. This expected to enhance the dominance of the aftermarket in the global market over the forecast period.
Some of the leading competitors are Trinseo, Chi Mei Corporation, KrdSicherheitstechnik, Guardian Industries, Saint-Gobain, Sumitomo Corporation, Evonik, Mitsubishi Engineering Plastics, Covestro, Freeglass, SABIC, and Webasto, Engle Machinery Inc.
Some of the key observations regarding automotive polycarbonate glazing industry include:
- In May 2019, BASF SE inaugurated its new manufacturing facility in China. This new manufacturing facility focuses on production of engineering plastics and thermoplastic polyurethane (TPU).
- In January 2019, Toray Industries, Inc. inaugurated its new research and development centre in Germany. The company developed the Green Innovation (GR) Business in Europe which focuses on highly functional materials as well as its cutting-edge technologies for automobiles.
- In April 2019, Novelis Inc. Signed partnership agreement with Toyota Motor Corporation. The partnership focuses on supply of premium glazed aluminum automotive body sheet for the all-new 2019 Toyota RAV4. The sheet is fitted in the hood, fenders, and liftgate and it is 4% lighter than previous models.
- In March 2018, LyondellBasell Industries Holdings B.V. showcased its latest materials to advance glazing surfaces at the Plastics in Automotive Engineering technical conference, which was organized by the Association of German Engineers (VDI) in Mannheim, Germany.
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