Rising expansion of advanced plastics for manufacturing of automotive component is expected to boost the automotive plastic market growth over the forecast period. The increasing adoption of autonomous driving and electric cars (EVs) expands automotive plastic's potential uses in BRIC countries.
NEWARK, DE / ACCESSWIRE / July 16, 2024 / The automotive plastic sales in BRIC countries are poised for significant growth, reaching US$ 75,188.30 million in 2024. The sales of automotive plastic in BRIC countries are expected to witness a moderate CAGR of 6.9% from 2024 to 2034. By 2034, the demand for automotive plastic in BRIC countries is anticipated to surpass a valuation of US$ 146,530.26 million.
The growing need for lightweight materials in the automotive industry propels the industry's rise as automotive plastic manufacturers look to minimize emissions and improve fuel efficiency. Rising consumer concern over environmental sustainability is a key trend pushing automakers to use recyclable and environmentally friendly plastics. Increasing emphasis on interior aesthetics and developments in polymer technology is anticipated to accelerate the industry growth of automotive plastic in BRIC countries.
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The high cost of automotive plastics compared to metals like aluminum impeded industry expansion. The industry expansion of automotive plastic in BRIC countries is hindered by a lack of the infrastructure and technologies needed to re-engineer plastic. Growing consumer knowledge of the negative effects of plastic consumption is creating a barrier to automotive plastic sector expansion in BRIC countries.
Regional Outlook
Utilizing cutting-edge manufacturing techniques, China leads the automotive plastics business. The country produces affordable and high-quality plastic components for domestic and foreign consumers. As China's middle-class population continues to grow and urbanization accelerates, there is a corresponding rise in the need for automobiles. This surge in automotive demand, in turn, fuels the demand for automotive plastics. Within this landscape, lightweight materials play a critical role in improving efficiency and extending battery life.
Increased investments in lightweight and recyclable plastic components are a result of India's growing demand for electric vehicles. This encourages the country's automotive plastic industry. To be more environmentally conscious, Indian automakers are incorporating biodegradable plastics into the interiors of their cars.
Government programs aimed at encouraging domestic manufacturing and reducing reliance on imports impact the Russian automotive plastic industry. Brazil, with its thriving automotive industry, is seeing an increase in the adoption of lightweight plastics to cut emissions and improve fuel efficiency.
"The growing need for lightweight and fuel-efficient automobiles is expected to propel the BRIC automotive plastic industry toward sustainable expansion. There is an increase in adoption of automotive plastic in BRIC countries due to advancements in material science as well as strict safety and emissions standards, which present lucrative opportunities." - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways
The interior component segment in the application category is expected to garner a share of 63.6% in 2024.
In the material type category, the polypropylene segment is projected to acquire an industry share of 20.3% in 2024.
China's sales of automotive plastic are expected to surge at a CAGR of 8% through 2034.
Russia's car plastic industry is envisioned to develop at a CAGR of 5.6% from 2024 to 2034.
Brazil's automotive plastic industry is anticipated to evolve at a CAGR of 6.2% through 2034.
India's car plastic industry is anticipated to boost at a CAGR of 6.1% between 2024 and 2034.
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Competitive Landscape
Leading BRIC automotive plastic producers are making huge investments in growth plans. Key automotive plastic manufacturers in BRIC countries are focusing on increasing their production capacity and opening new manufacturing units to improve their share and better fulfill the increasing demand for automotive plastics in BRIC countries. Many value chain-connected automotive plastic providers are increasing their research and development capabilities to develop new production technologies.
Latest Developments
In March 2023, Zhejiang REEF Technology and BASF SE teamed up to develop cutting-edge recyclate formulations for the consumer, packaging, and automotive industries. For recycled polymer formulations that are going to be tested at BASF's facilities, the company offers IrgaCycle solutions and technical support.
HDT Automotive Solutions LLC acquired Veritas AG in June 2021. With this agreement, HDT now offers more innovative materials science and bonding knowledge for metal, plastic, and rubber bonding equipment in various automotive applications.
Shanghai, China, has a new research and development facility that BASF SE established in March 2019. The center houses a dedicated Automobile Application Center for research and development focused on the automotive industry.
Key Companies Profiled
BASF SE; Bayer AG; Braskem; Dow Chemical Co.; Faurecia Pvt. Ltd.; Johnson Controls, Inc.; Lear Corporation; Magna International Inc.; Reliance Industries Limited; Visteon Corporation
Key Segments
By Material Type:
Polypropylene (PP)
Polyurethane (PUR)
Acrylonitrile Butadiene Styrene (ABS)
Polyvinyl Chloride (PVC)
Polyethylene (PE)
Polystyrene (PS)
Polycarbonate (PC)
Polyamide (PA)
Acrylic (PMMA etc.)
Plastic Composites
Others
By Application:
Interior Components
Exterior Components and Frame
By End Use:
-
Conventional Vehicles
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
-
Electric Vehicles
Pure Electric
Hybrid Electric
By Country:
Brazil
Russia
India
China
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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