At present, the role and status of modified plastics in the automobile industry is becoming more and more obvious.Copper Securities believes that the lightweight car will drive the demand for modified plastics for automobiles and the modified plastics for automobiles will usher in opportunities for development.
Car lightweight drive demand
Modified plastics and composites have a lower density and higher specific strength than metallic materials.Modified plastics are mainly used for the interior and exterior decoration of automobiles in the early stage and have been applied to the structural parts of automobiles with the application of fiber reinforced plastics The development of carbon fiber composite materials, in particular, has made it possible to realize an overall lightweight solution for automobiles based on modified plastics and composites.
In 2016, the demand for modified home appliances in China was 4.4 million tons and the demand for automobile modified plastics was 2.8 million tons. However, the growth rate in home appliance industry has dropped to below 5%. The automobile industry has become the driving force behind the automobile lightweighting The fastest growing areas of demand for sexual plastics, it is predicted that the next few years the domestic demand for automotive modified plastics average annual growth rate will be above 15%.
Import substitution market space
Currently the highest use of modified plastic is the German Department of Bicycle, the use of modified plastics reached 22% of 300-360 kg, the average European and American countries also reached 16% of 210-260 kg, China's passenger Only 8% of the modified plastic for bicycles is 100-130 kg.
In 2016, a total of 21.86 million passenger cars were produced in Europe and the United States while 24.24 million passenger cars were produced in China. The weighted average consumption of modified plastic for passenger cars worldwide was 152-191 kg, taking an intermediate value of 171 Kg In 2016, the global production of passenger cars was 72.1 million and the required modified plastic was 12.33 million tons. According to the unit price of 18,000 yuan / ton, the global market for modified automotive plastics in 2016 was 221.9 billion yuan.
According to the estimation of Gizar Automobile Research Institute, the output of passenger cars in China will reach about 28.5 million by 2020. Even if the amount of bicycle modified plastics in China reaches only 150 kg by 2020, the market space will also exceed 60 billion yuan. Neutral It is estimated that the bicycle consumption will reach 170kg with the current global average of more than 70 billion yuan and an average annual growth rate of 15% in 2017-2020.