According to ESOMAR-certified Future Market Insights (FMI), automotive plastics sales will rise consistently at 9% CAGR between 2021 and 2031. Driven by surging necessity for emission reduction and effective curb weight reduction methods, the automotive plastics market valuation is forecast to surpass US$ 9.6 Bn in 2021.
Bric Automotive Plastics Market
Growth predictions remain positive for China and India due to increased consumer spending habits and elevated demand for passenger vehicle. Spurred by this, the China automotive plastics market is projected to grow at 9.8% CAGR while Indian automotive plastics market is estimated to thrive at 12.5% CAGR throughout the assessment period.
The leading factors driving growth in the market are high demand for passenger cars, flourishing automotive export sector and strict government regulation norms to control vehicular emission and reduce the green house effect.
Bharat stage-VI vehicle emission and fuel quality standards were enforced across India, at the start of 2020. The emission norms were fast tracked due to worsening air pollution in national capital Delhi and neighboring regions.
These updated emission norms will compel the automotive manufacturers to further vehicle curb weight reduction leading to higher demand of plastic components. This will create favorable condition for automotive plastics market growth.
Higher fuel efficiency can be achieved by reducing curb weight leading to lower CO2 emission. It has been reported that 10% weight reduction can lead to around 4% of fuel savings.
Increasing demand for lightweight components by OEMs and high vehicle production rate is fueling the demand for automotive interior plastic component market.
In the future, the market is anticipated to grow significantly, as manufacturers are switching towards automotive plastics for making chassis and other parts. BRIC nations are will offer high growth opportunities, contributing towards the overall expansion of the market.
To remain ‘ahead’ of your competitors, request for Analysis>>>https://www.futuremarketinsights.com/reports/bric-automotive-plastics-market/table-of-content
Key Takeaways from FMI’s Automotive Plastics Market Study
- Brazil is expected to offer lucrative growth opportunities in automotive plastics market on the backs of growing demand for light weight passenger vehicles and thriving rental car services.
- Rapid advancement in the electric vehicle section along with growing government initiative towards reducing carbon emission will boost the automotive plastics market in Russia during the forecast period.
- Rapid development and modernization of automotive industry and booming passenger vehicles segment in China will create novel market growth opportunities.
- Increasing consumer spending on luxury cars due to rise in per capita income and growing demand for better interiors will boost the automotive plastics market growth in India throughout the assessment period.
- Acrylonitrile butadiene styrene (ABS) is forecast to grow at increased pace due to its increased application in vehicle interior design and aesthetic designing of luxury cars.
“Increasing demand for lightweight components by OEMs and high vehicle production rate is fueling the demand for automotive interior plastic component during the forecast period,” says the FMI analyst.
Automotive plastics market is highly competitive owing to presence of multiple market players. Market players are employing multiple marketing techniques to expand their global outreach.
Market leaders operating in automotive plastics market are focusing on employing organic market strategies to consolidate their market position.
They are also looking towards developing innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with distribution channels especially regional to cater increasing customer demands.
Organic strategies include new product development and extensive research and development for product portfolio expansion and gain a competitive edge over their rival companies.
Prominent players operating in the automotive plastics market are:-
- BASF SE
- Dow Inc.
- AkzoNobel N.V.
- Covestro AG
- Evonik Industries AG
- Borealis AG
- Royal DSM N.V.
- Magna International, Inc.
- Teijin Limited
More Insights on the Global Automotive plastics Market
In its latest report, FMI offers an unbiased analysis of the global automotive plastics market, providing historical data for the period of 2015-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of channel (OEMs and aftermarket), vehicle (passenger and commercial), application (interior, exterior, and under bonnet), and material (polypropylene (PP), polyurethane (PU), polycarbonates (PC), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), and others) across Brazil, Russia, India, and China.