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BRIC AUTOMOTIVE PLASTICS MARKET ANALYSIS

Read here the report BRIC AUTOMOTIVE PLASTICS MARKET ANALYSIS by CMI team.

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BRIC AUTOMOTIVE PLASTICS MARKET ANALYSIS

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. BRIC AUTOMOTIVE PLASTICS MARKET ANALYSIS • Automotive plastics is a key component of the vehicle and is becoming popular due to the desire for lightweight and low carbon emission vehicles. Automotive plastics is gaining huge demand due to improvement in polymer technology that is capable of delivering high performance and can be used across a range of automotive application such as interior and exterior components and under the bonnet components. Usage of plastics has significantly reduced the weight of the vehicle and enhanced the fuel-efficiency hence contributing to environment sustainability.

  3. BRIC automotive plastics market was valued at US$ 20,082.9 Mnin terms of value and is anticipated to reach value of US$ 40,832.6 Mn by the end of 2027, growing at a CAGR of 8.5% during the forecast period (2019 to 2027). • Drivers • Rising expansion of advanced plastics for manufacturing of automotive component is expected to boost the market growth over the forecast period. For instance, in February 2017, Asahi Kasei Corp. launched an Engineering Plastics Technical Center in Europe on February 6, 2017, as a part of a strategic focus, to expand its European automotive-related business. The new Technical Center will enable Asahi Kasei Europe GmbH to swiftly develop engineering plastics compounds and provide technical solutions that meet the needs of European customers in the automotive industry. • Increasing government rules and regulation on vehicular emission are encouraging automobile manufacturer to introduce lightweight a vehicle which in turn propelling the market growth of the automotive plastics. For instance, in India by the end of 2016, the "Bharat Stage-IV" vehicle emission regulations and fuel quality standards are projected to be implemented across 50 major cities. These norms will prompt Original Equipment Manufacturers to produce more plastics components for application in vehicles.

  4. Figure 1. BRIC Automotive Plastics Market Share, By Country, 2018

  5. Market Restraints • Fluctuating prices of automotive plastics are expected to hinder market growth over the forecast period. This is due to volatility in availability of the raw materials which leads to disturbance in the demand and supply. Moreover, environmental concerns associated with the recyclability of the plastics is another major factor that is expected to restrict the market growth of BRIC automotive plastics. • Plastics is not good conductors of heat and hence it cannot be used where high thermal conductivity is required. For that plastics are used in combination with metals parts. This factor is expected to hamper the market growth of automotive plastics. Moreover, intense competition from the substitute materials such as steel and aluminum in terms of recyclability and high strength is projected to hinder the market growth of BRIC automotive plastics over the forecast period.

  6. Figure 2. BRIC Automotive Plastics Market – Opportunity Analysis

  7. Market Opportunities • An increasing number of partnerships among key players for providing high-performance plastics is expected to foster market growth. For instance, in March 2019, Formosa Plastics Corporation, U.S.A. ("Formosa") and Entec Polymers ("Entec") are announcing their partnership to supply the automotive market with Formosa's lineup of highly specified Formolene polyolefin resins. Hence, an increasing number of partnerships is expected to fuel market growth. • The increasing launch of bio-based plastics is expected to boost the market growth of BRIC. For instance, in June 2019, Lyondell Basell has joined forces with a Finland-based energy company to manufacture two types of plastics made from renewable sources instead of fossil fuels. The new bio-based polypropylene and low-density polyethylene products are two of the most common types of plastics. Hence, increasing production of bio-based plastics is expected to foster the market. 

  8. Figure 3. BRIC Automotive Plastics Market – Value Chain Analysis

  9. Market Trends/Key Takeaways • Shifting consumer preferences for a new design and lightweight vehicle as advanced plastics is highly preferred by producers to produce attractive look and advanced aerodynamic shapes. Moreover, advanced plastics is easy to mold into desired shapes without increasing the weight of the vehicle. Hence, rising demand for new design vehicle with the lightweight vehicle is expected to fuel the market growth of BRIC automotive plastics • The increasing introduction of mid-segment passenger cars in APAC is expected to boost the market growth of BRIC automotive plastics. For instance, in April 2018, the five new models are sedan and hatchback versions of the redesigned Focus car, sedan, and hatchback versions of the sporty Focus ST-Line model, as well as the redesigned Escort car. These new launches are a testament to Ford's ongoing commitment to China's critical midsize car market.

  10. Based on application, BRIC automotive plastics market is divided into interior, exterior, and under bonnet. In 2018, interior application accounted for the largest market share of 57.0%, in terms of revenue, followed by exterior and under bonnet applications. • Competitive Section: • Company Profiles • Players active in the market are Bayer Material Science, Lyondell Basell, Dow Chemicals Company, Polyplastics Group, Sibur, China XD Plastics Company Ltd., and Saudi Basic Industries Corporation (SABIC)

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