The global BRIC Automotive Plastics Market is estimated to be valued at US$ 27832.06 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive plastics are widely used in different interior and exterior components of vehicles such as dashboard, doors, seating, bumpers, air conditioning ducts, and others. They help reduce the overall weight of the vehicle as compared to metals. This enhances fuel efficiency and reduces carbon emissions. Automotive plastics also offer advantages such as resistance to corrosion, ease of manufacturing complex designs, durability, and cost-effectiveness. Their growing adoption in electric vehicles further drives the market growth.
Market key trends:
One of the key trends in the BRIC automotive plastics market is the shift towards lightweight materials to reduce the weight of vehicles and comply with stringent fuel economy standards. Automakers are extensively using high-performance plastics that can replace heavy metals. For instance, carbon fiber reinforced plastics (CFRP) help reduce weight by up to 50%. Their growing usage in doors, bumpers, seats and other parts supports the market expansion.
Porter's Analysis
Threat of new entrants: Low-moderate due to high capital requirements for setting up manufacturing plants and brand development.
Bargaining power of buyers: Moderate due to presence of several OEMs and technology changes influencing demand patterns.
Bargaining power of suppliers: Moderate-high due to presence of large raw material suppliers and dependence of plastics producers on them.
Threat of new substitutes: Low as plastics provide advantages over traditional materials in terms of weight reduction and design flexibility.
Competitive rivalry: High due to presence of numerous global and regional players catering to OEMs. Market dominated by international suppliers.
Key Takeaways
The Global BRIC Automotive Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period 2023 to 2030, due to increasing demand for lightweight vehicles and stringent fuel efficiency norms. The market size for 2023 is estimated to be US$ 27832.06 Mn.
Regional analysis: India is expected to witness fastest growth in the BRIC automotive plastics market during the forecast period. China dominates the market currently owing to large automotive production in the country. Increasing disposable incomes are also driving car sales in Brazil.
Key players operating in the BRIC Automotive Plastics Market are Bayer Material Science, Lyondell Basell, Dow Chemicals Company, Polyplastics Group, Sibur, China XD Plastics Company Ltd., and Saudi Basic Industries Corporation. Key players are focusing on capacity expansions and new product launches to strengthen their positions and cater to growing demand from OEMs.
Read More:
https://www.marketwebjournal.com/bric-automotive-plastics-market-trends-size-and-share-analysis/
