Passenger Vehicles Are The Largest Segment Driving The Growth Of BRIC Automotive Plastics Market
The global BRIC Automotive Plastics Market is estimated to be valued at US$ 27832.06 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive plastics are used in interior as well as exterior components of vehicles. They help reduce weight and improve fuel efficiency of vehicles. Popular applications of automotive plastics include dashboards, seats, door panels, consoles and bumpers.
Market key trends:
Growing demand for light weight vehicles is a major trend in the BRIC automotive plastics market. Vehicle manufacturers are increasingly focusing on developing light weight vehicles without compromising on safety and performance. This is driving the adoption of engineering plastics like polypropylene, ABS and polycarbonate which helps in significant weight reduction. For example, polycarbonate helps reduce weight by nearly 50% compared to glass, thereby improving fuel efficiency of vehicles.
SWOT Analysis
Strength: The BRIC countries have high automotive production which drives the demand for automotive plastics. Increasing vehicle production in Brazil, Russia, India and China supports the growth of the automotive plastics market.
Weakness: Higher cost of raw materials affects the profit margins of automotive plastics manufacturers. Fluctuations in crude oil prices impacts the prices of plastic raw materials.
Opportunity: Growing preference for lightweight vehicles to improve fuel efficiency offers opportunities for greater use of plastics in automotive applications. Development of bio-based and recyclable plastics opens new avenues for automotive plastics market.
Threats: Stringent environmental regulations regarding the use of plastics poses challenges. Electric vehicles require less plastics compared to conventional vehicles acting as a threat.
Key Takeaways
The Global BRIC Automotive Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing automobile production in the BRIC nations. According to OICA, the total vehicle production in BRIC countries grew from 18.1 million units in 2013 to 22.7 million units in 2018.
Regional analysis - China dominates the BRIC automotive plastics market with the largest vehicle production in the region. China accounted for over 35% of the total BRIC automotive plastics market share in 2023. India is expected to witness fastest growth during the forecast period due to growing preference for plastics from automakers aiming to reduce vehicle weight.
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. These players are focusing on capacity expansion, new product development and mergers & acquisitions to gain higher market share in the high growth BRIC automotive plastics industry.
Read More:
https://insightskies12.blogspot.com/2023/12/biodegradable-packaging-is-fastest.html
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