February 25, 2024

Cloud Computing Is The Fastest Growing Segment Fueling The Growth Of BRIC Automotive Plastics Market

Market Overview:

Automotive plastics are used in interior and exterior components of a vehicle such as doors, hoods, bumpers, trims and instrument panels. They are lightweight materials that help increase fuel efficiency and lower vehicular emissions.

Market key trends:

The use of engineering plastics over commodity plastics for automotive applications is one of the major trends witnessed in the BRIC automotive plastics market. Engineering plastics provide improved strength, durability and heat resistance compared to commodity plastics. Commodity plastics are being replaced by engineering plastics in under the hood applications such as engine covers where high temperature resistance is required. Polymers such as polyamide and polypropylene are widely used as engineering plastics in the automotive industry.

Segment Analysis
The BRIC automotive plastics market is dominated by Polypropylene (PP) segment. PP is widely used in automotive interiors and exteriors due to its excellent chemical and heat resistance, low weight and ability to be recycled. It accounts for over 30% of total automotive plastics consumed in the BRIC region. PP based compounds are predominantly used for automotive bumpers, instrument panels, door panels and other interior and exterior trim components.

Key Takeaways

The Global BRIC Automotive Plastics Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing vehicle production along with rising adoption of plastics in electric vehicles.

Regional analysis
China dominates the BRIC automotive plastics market with over 35% share backed by high automotive production in the country. India is the fastest growing market due to Make in India initiative by the government to boost local vehicle manufacturing.

Key players
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 . Bayer Material Science dominates the global automotive plastics market with its wide product portfolio and long-standing relationships with major OEMs. Lyondell Basell follows Bayer Material Science in terms of BRIC automotive plastics sales.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

   2. We have leveraged AI tools to mine information and compile it