Automotive Plastics is gaining traction in the market owing to its various advantage such as it makes vehicle fuel-efficient, extend the shelf-life of the automotive component, enhance designed, less corrosive, enhanced safety, and greater comfort. Polyurethane, polypropylene and PVC are the most common types of polymer used in the automotive vehicle. These Plastics are highly durable and resist to various environmental factors such as abrasion, heat resistance and harsh weather with excellent flexibility and strength.
BRIC automotive Plastics market
was valued at US$ 20,082.9 Mn
in terms of value and is anticipated to reach value of US$ 40,832.6 Mn by the end of 2027, growing at a CAGR of 8.5% during the forecast period (2019 to 2027).
Ongoing urbanization and increasing disposable income of the consumer is projected to propel the market growth of the BRIC automotive Plastics. According to the ORF, BRICS remains a powerful bloc, though it may not be hyperactive during the present times. Its total output was 23.2 percent of the world’s GDP in 2018. Also, according to the ISSA, the BRICS countries comprises Brazil, the Russian Federation, India, China, and South Africa, which together count for over 40 percent of the world's population and 27 percent of global GDP. Therefore, the growing GDP of the BRIC nations is expected to fuel market growth.
Rising application of Plastics in exterior of vehicles in India due to rising sales of SUVs and sedans in the country with additional exterior components such as spoilers and sunroof are expected to offer enormous growth opportunities. Moreover, the rising usage of Plastics in door application in Russia such as PC and PU are for doors of vehicles in the country as they offer superior heat insulation. Additionally, PE and PVC are also used in under bonnet applications, because these materials offer good temperature resistance. Therefore, this scenario is expected to propel the market growth.
The complexity associated with the automotive system as these parts are highly independent is likely to breakdown easily. The more the independent component, the higher are the chances that the system will fail. This factor is expected to curb the market growth of the automotive Plastics. Moreover, Plastics has costly recycling process as it requires large machinery which is also projected to restrict the market growth over the forecast period.
Based on vehicle type, automotive Plastics market is segmented into passenger vehicles and commercial vehicles. In 2018, passenger vehicle segment dominated the BRIC automotive Plastics market in 2018, accounting for 79.3% in terms of value, followed commercial vehicles.
Rising usage of new and advanced automotive components, such as navigation panel and rear vehicle infotainment system, in the premium and mid-range passenger car. These components are usually made of advanced Plastics materials, and also the aftermarket for such augmented products is growing in the BRIC region owing to the growing number of vehicles in operation. Therefore, growing usage of plastics in new automotive parts is projected to foster market growth.
Increasing the number of commercial vehicles in Brazil region is projected to foster market growth over the forecast period. Developing transportation infrastructure and growing government support for producing more commercial passenger vehicles such as buses are projected to foster the market growth of commercial vehicles in Brazil. This, in turn, is fostering the growth of the automobile Plastics market in the region.
Players active in the market are Bayer Material Science, Lynodell Basell, Dow Chemicals Company, PolyPlastics Group, Sibur, China XD Plastics Company Ltd., and Saudi Basic Industries Corporation (SABIC)
- In October 2016 LyondellBasell, one of the world's largest Plastics chemical and refining companies, today announced the addition of Softell Textile to its comprehensive portfolio of products for interior automotive applications.
- Polypropylene (PP)
- Polyurethane (PU)
- Polyvinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polycarbonates (PC)
By Vehicle Type
By Distribution Channel