by Automotive plastics are increasingly being used in vehicles due to their properties like lightweight, durability and resistance to corrosion among others. Plastics help in reducing vehicle weight and enhancing fuel efficiency.
Automotive plastics are used in various components in a vehicle like bumpers, interior and exterior panels, under bonnets, dashboards and many more areas. They help in lightweighting of vehicles which enhances fuel efficiency. Rising vehicle production and stringent emission norms are projected to drive the demand for automotive plastics in BRIC nations. Apart from weight reduction, automotive plastics offer benefits like scratch resistance, improved aesthetics and design flexibility.
The Global BRIC Automotive Plastics Market is estimated to be valued at US$ 32062.54 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the BRIC Automotive Plastics market are Unilever, Procter & Gamble, Reckitt Benckiser, Henkel AG & Co. KGaA, Church & Dwight Co. Inc., Wipro Enterprises Limited, Colgate-Palmolive Company, C.Johnson & Son Inc., Godrej Consumer Products, Kao Corporation, L’Oreal S.A., The Clorox Company, Seventh Generation, Inc., Natura &Co, Weleda Group, Patanjali Ayurved Limited, Hain Celestial, EO Products, Indus Valley, Prairie Rose.
Key opportunities in the BRIC Automotive Plastics Market Demand for lightweight materials from automakers and design flexibility offered by plastics. Automakers are continuously focusing on improving vehicle fuel efficiency by reducing weight. This is expected to drive the adoption of plastics in newer applications.
Globally, BRIC nations continue to witness steady growth in their automotive sectors. Rising disposable incomes and evolving consumer preferences are projected to augment the demand for vehicles. This will subsequently fuel the BRIC automotive plastics market during the forecast period.
Market drivers
Growing vehicle production in BRIC Automotive Plastics Market Trends And Size countries is one of the major drivers for the automotive plastics market. Stringent fuel efficiency and emission norms mandated by regulatory bodies are forcing automakers to reduce vehicle weight. Plastics help in meeting these standards and provide design advantages over other conventional materials. Hence, automotive plastics demand is anticipated to increase substantially in BRIC nations over the coming years.
PEST Analysis
Political: Automotive industry regulations regarding fuel efficiency and emission standards directly impact automotive plastics production and adoption of new materials. Government policies aimed at boosting the domestic automotive industry also favor use of locally produced plastics.
Economic: Economic growth and rising disposable incomes increase passenger vehicle demand and automotive components like plastics. Fluctuations in crude oil prices impact raw material prices for plastics. Conversion to electric vehicles may impact demand for certain automotive polymer types.
Social: Consumers demand vehicles that are safer, eco-friendly and comfortable. This drives automaker and plastics supplier innovation towards greater use of lightweight polymer composites that enhance performance and fuel economy. Environmental and sustainability concerns influence choice of renewable and recycled content in automotive plastics.
Technological: Advancements in polymer engineering, 3D printing, film blowing, injection molding enable designing of complex, precision and lightweight plastic automotive parts. Development of hybrid and electric vehicles employing new, multifunctional plastics that enable electronics and energy storage integration.
In terms of value, the BRIC automotive plastics market is concentrated in China and India. China accounts for over 40% market share due to the country being the largest vehicle producer and consumer base. India is also a fast emerging automotive manufacturing hub and home to leading two-wheeler producers that utilize plastics extensively.
The fastest growing region in the BRIC automotive plastics market is expected to be Brazil during the forecast period. This can be attributed to the expanding domestic automotive industry in Brazil boosted by government initiatives. Automakers are increasingly localizing production while adopting more polymer composite parts to meet the demand for affordable vehicles with enhanced performance and efficiency. Rising GDP, growing middle class and investment in transportation infrastructure will further accelerate automotive plastics consumption in Brazil.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
