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| BRIC Automotive Plastics Market |
Automotive plastics are increasingly being adopted in vehicles to reduce vehicular weight and improve fuel efficiency. Key plastic components include bumpers, interior trims, dashboards, instrument panels and others. With their attributes such as durability, flexibility and affordability, plastics are rapidly replacing conventional materials. The growing sales of lightweight vehicles led by stringent emission regulations will drive the demand for automotive plastics in BRIC countries.
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 are Unilever, Procter
& Gamble, Reckitt Benckiser, Henkel AG & Co. KGaA, Church & Dwight
Co. Inc. Key opportunities in the market include growing electric vehicle sales
supported by government incentives for green mobility initiatives.
Technological advancements in 3D printing and injection molding will help
automakers develop complex lightweight plastic parts at lower costs.
Market drivers: Stringent emission norms by BRIC
Automotive Plastics Market Demand and rising vehicle production fueled by
growing disposable incomes will drive the demand for lightweight vehicles. This
makes plastics an attractive material for vehicle mass reduction and
improvement in fuel economy. Electric vehicles with their complex lightweight
designs are expected to provide significant opportunities for plastics.
Challenges in BRIC Automotive Plastics Market
The BRIC automotive plastics market is facing challenges related to regulatory norms
regarding vehicle emissions and fuel efficiency. Stricter emission standards
imposed by governments in the BRIC nations are forcing automakers to reduce
vehicle weight through increased usage of plastics. However, high costs of
specialized plastics that can withstand extreme temperatures and ensure
longevity is a major concern. Fluctuating raw material prices also impact the
profit margins of plastic manufacturers.
Current challenges in BRIC Automotive Plastics Market
The BRIC
Automotive Plastics Market Trends And Size is currently facing challenges owing to supply
chain disruptions caused by the Covid-19 pandemic. Factory shutdowns and
restrictions on transportation led to shortages of key plastic resins. Rising
logistic costs further increased the delivery timelines for automotive OEMs.
Additionally, the ongoing semiconductor chip shortage is hindering automobile
production volumes and thereby affecting the demand for plastics in BRIC
nations. Managing relationships with diverse global suppliers remains a challenge
for automakers to ensure just-in-time delivery of plastic components.
SWOT Analysis
Strength: Growing automotive production in BRIC countries particularly in China
and India is driving the polymer demand.
Weakness: Dependence on crude oil
prices for raw material procurement leaves profit margins vulnerable.
Opportunity: Shift towards electric
vehicles provides opportunities for specialized engineering plastics with
improved performance.
Threats: Stiffer environmental
regulations regarding use of recycled plastics pose compliance challenges.
Geographical Regions
In terms of value, China dominates the BRIC automotive plastics market and
accounted for more than 50% share in 2024 owing to the large production base of
Chinese automakers. India is also emerging as a major destination with the
government promoting domestic automobile manufacturing through initiatives like
Make in India.
Fastest Growing Region
Central and Eastern Europe is projected to be the fastest growing region for
the BRIC automotive plastics market during the forecast period. Countries like
Russia are witnessing increased investments by international automakers to
cater to the rising demand for passenger vehicles. This is translating to new
production facilities and spurring the demand for plastics in automotive
applications.
About Author:
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. (https://www.linkedin.com/in/money-singh-590844163)
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