The Bric Automotive Plastics Market is estimated to be valued at Us$ 25,668.14 Mn in 2022 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2022 To 2030, as highlighted in a new report published by Coherent Market Insights.
Automotive plastics are widely used in interior, exterior and under-the-hood components in vehicles. They help reduce vehicle weight and improve fuel efficiency. Common automotive plastics include polypropylene, polyurethane, polyvinyl chloride, polyethylene, acrylonitrile butadiene styrene and polyamide. These plastics are used in exterior auto parts such as bumpers, side protectors and trim components, interior parts such as dashboards, instrument panels and door trim, and under-the-hood components such as air intake manifolds, oil pans and radiator end tanks.
The BRIC automotive plastics market is driven by increased vehicle production in BRIC nations and growing stringency of fuel efficiency regulations. India and China are among the top auto producers globally and their automotive production is projected to grow steadily over the forecast period, thus bolstering plastics demand. Also, governments are tightening automotive fuel efficiency standards to curb emissions which is increasing the use of lighter weight plastics replacing heavier metals. Furthermore, rising disposable incomes are boosting sales of new vehicles with advanced plastic features.
– Growing disposable incomes in BRIC countries is driving demand for automobiles and plastics.
– Technological advancements providing opportunities for use of advanced plastics in lightweight vehicles.
– Established automotive industry and large production volumes provide opportunity for mass production of plastics.
– Volatility in raw material prices can raise production costs.
– Lack of proper recycling infrastructure can increase environmental pollution.
– Shift towards electric vehicles provides opportunities for new applications of specialty plastics.
– Development of bio-based plastics can help reduce dependence on petroleum-based plastics.
– Stiff competition from alternative materials like steel and aluminum.
– Stringent environmental regulations regarding use of plastics can limit market growth.
The global BRIC Automotive Plastics Market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand for lightweight and fuel efficient vehicles. Plastics help reduce vehicle weight and improve performance.
The Asia Pacific region currently dominates the market with China being the largest producer of automobiles in the world. Increasing automotive production and sales in China and India is expected to drive the regional market.
Key players operating in the BRIC Automotive Plastics market are Bayer Material Science, Lyondell Basell, Dow Chemicals Company, Polyplastics Group, Sibur, China XD Plastics Company Ltd., and Saudi Basic Industries Corporation (SABIC).