The BRIC automotive plastics market comprises of various polymers including polypropylene, polyvinyl chloride, polyurethane, polyethylene, polycarbonate, and acrylonitrile butadiene styrene which are primarily used in making automotive components like bumpers, doors, instrument panels, consoles, seats, and grills. Automotive plastics have the advantage of being lightweight and easier to mold into complex geometric shapes compared to conventional materials like steel, aluminum and glass. This helps in reducing the overall vehicle weight and enhancing fuel economy. The growing automotive production and stricter emission norms are boosting the demand for lightweight and durable automotive plastics across BRIC nations.
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: 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 players operating in the BRIC Automotive Plastics Market Demand are focusing on adopting sustainable production practices and developing bio-based and recyclable plastic formulations to comply with stringent regulations.
Growing demand: The growing automotive production in BRIC nations along with push for electric vehicles is driving the demand for advanced engineering plastics in automotive applications.
Global expansion: Major plastic resin producers are expanding their production capacities across BRIC countries and collaborating with local automotive OEMs to establish integrated supply chains and cater to the growing in-country demand.
Market key Trend
The rising focus on developing lightweight and high-strength engineered thermoplastics formulations able to sustain higher temperatures encountered in electric vehicles is expected to be a key trend in the BRIC Automotive Plastics Market Trends And Size during the forecast period. Developing long-term partnerships with global automotive OEMs and tier players will help plastic resin producers gain better insight into evolving market and application requirements.
Porter’s Analysis
Threat of new entrants: The automotive plastics industry requires huge capital investments which acts as a barrier for new companies.
Bargaining power of buyers: Large automotive manufacturers have significant bargaining power over plastics suppliers due to their high demand volume.
Bargaining power of suppliers: The presence of many plastic resin suppliers limits their individual bargaining power over automotive OEMs.
Threat of new substitutes: No direct substitutes exist for plastics in the automotive industry currently due to their versatility and lightweight properties.
Competitive rivalry: Intense competition exists among major plastic resin producers to provide advanced formulations and technologies to OEMs.
The BRIC countries account for the largest share of the automotive plastics market in terms of value. China has the largest market for automotive plastics in the BRIC nations due to the country’s massive automotive production volumes.
Southeast Asia is projected to be the fastest growing regional market for automotive plastics between 2024-2031. This is attributed to increasing automotive manufacturing hubs in countries such as Indonesia, Thailand and Vietnam coupled with rapidly expanding vehicle parc in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it