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| Global Automotive Plastics Market Size |
The BRIC automotive plastics market is anticipated to exhibit high growth owing
to increasing automotive production in Brazil, Russia, India and China. With
plastics gradually replacing metals in vehicles to reduce weight.
The 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 2030.
Automotive plastics are extensively used in vehicles to manufacture various
components like exterior body parts, interior dashboards, under bonnets,
bumpers and other applications due to their ability to minimize vehicle weight
and enhance performance. The growing automotive industry in BRIC nations driven
by rising disposable income and changing consumer preferences towards private
vehicles has increased the demand for plastics. Factors such as benefits of
lower emissions, improved fuel efficiency and design flexibility achieved
through lighter automotive components are propelling the use of plastics in
vehicles.
Key Takeaways
Key players operating in the BRIC automotive plastics 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. Some
key opportunities in the market include rise in vehicle production,
introduction of stringent fuel efficiency and emission norms while global
expansion opportunities exist in collaborations with OEMs and supplier
agreements.
Market drivers - Growing vehicle parc in
Global
Automotive Plastics Market Size countries driven by increasing GDP per
capita and changing lifestyles is a key factor driving demand. Stringent
regulations regarding lowering vehicle weight for enhanced fuel efficiency and
performance also promote use of plastics.
Market restraints -Fluctuations in raw material prices hamper production
economics. Growing recyclability concerns due to non-biodegradability can impact
market growth.
Segment Analysis
The BRIC automotive plastics market is dominated by the powertrain sub segment
which accounts for over 25% of the total market share. This is because plastics
are increasingly being used to produce powertrain components like intake
manifolds, timing chain covers, and oil pans owing to advantages like reduced
weight and improved designs. The interiors sub segment is another major segment
due to use of polymers in dashboards, door panels, seats, consoles, and other
interior trim parts to enhance comfort and aesthetics in vehicles. The
exteriors sub segment is expected to witness rising demand during the forecast
period as OEMs focus more on advanced plastic panels for front-ends, door
panels, bumpers, and other exterior parts to achieve lightweight designs and
improved fuel economy.
Global Analysis
The Asia Pacific region dominates the global BRIC automotive plastics market
due to large vehicle production base and rising automotive fleet in countries
like China, India, Indonesia, and Japan. Rapid economic development, growing
expenditure power, and increasing focus toward luxurious interiors &
exteriors are supplementing the regional market growth. Europe holds second
largest market share led by Germany, UK, and France on account of widespread
adoption of advanced thermoplastics and composite materials in electric &
hybrid vehicles. North America is projected to witness steady gains during the
forecast timeline with strong presence of leading industry players and inclination
toward lightweight solutions in the US and Canada. Growing automotive
manufacturing activities along with infrastructure modernization programs will
augment the Latin America market.
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