11 October 2012 15:53 [Source: ICIS news]
LONDON (ICIS)--BASF anticipates the proportion of the modern car that is constructed from plastics to rise to 25% from the current 15% within a few years, the Germany-headquartered company said on Thursday.
Company experts forecast that the chemical content of cars is set to rise substantially in order to address inter-linked automotive trends, driven by regulatory pressures, that include weight reduction, emission reduction, design, new powertrains, safety, and heat management, it added.
“The company aims to continue to grow above the chemical market for automotive,” said BASF, noting that its 2011 turnover from the automotive industry amounted to €9.5bn ($12.2bn), representing 13% of sales, compared with €7.9bn in 2010.
With the number of vehicles worldwide set to grow by 300m to 1.2bn by 2020, global chemical market growth for the automotive sector was likely to move up from €65bn in 2011 to approximately €110bn in 2020, BASF said.
Two thirds of the growth in the number of vehicles is forecast by BASF's in-house research to come from emerging Asia and South America.
“There is significant catch-up potential for chemical products in cars, especially in Asia. Products and solutions that are already standard in Europe are becoming more and more a global standard,” BASF added.
BASF has been presenting innovative products and solutions for the automotive industry at the International Suppliers Fair (IZB) in Wolfsburg, Germany. The event concludes on 12 October.
($1 = €0.78)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections