The above chart is South Korea Automotive Plastics Market Outlook (2018 to 2032)
the south korean automotive plastics market has risen to become a valuable space. the country's automotive industry has grown steadily over the last decade, leading to increased automotive plastics production and demand. this market is expected to continue to expand over the 2018 to 2032 period, bringing with it a wide variety of opportunities. the south korean automotive plastics market is a diverse and highly commercialized space, driven by numerous factors. as the global population continues to rise in size and buying power, so too does demand for more fuel-efficient, cost-effective vehicles. this has resulted in an increased focus on lightweight materials for their versatility and ability to enhance vehicle performance. in addition, the rising popularity of electric and hybrid vehicles has made plastics much more valuable to the automotive industry. the automotive plastics market is comprised of numerous materials including thermoplastics, thermosets, polyolefins, polyurethanes, and more. each of these materials have different characteristics and advantages over the others. the growing demand for lightweight materials have led to increased production of thermoplastic materials. these materials are seen as highly reliable and durable as well as being resistant to chemicals and extreme temperatures. thermoplastics also offer automotive manufactures a wide range of design and customization possibilities. the south korea automotive plastics market is highly reliant on imported raw materials. the country imports nearly 90% of it's raw materials from the united states, germany, japan and china. this has created a reliance on foreign suppliers for the automotive sector which can put significant cost-pressures on manufacturers. in response, many manufacturers are shifting towards local suppliers and more cost-effective materials. finally, the south korean automotive plastics market is set to be a major player over the 2018 to 2032 period. growing demand for fuel-efficiency, cost-effectiveness and lightweight materials are expected to drive growth in production in the years to come. with an increase in high-performance materials, producers are hopeful that the automotive sector will benefit from this surge in demand.
