The automotive plastic market in BRIC countries is on track for significant expansion, with sales anticipated to reach USD 75,188.30 million in 2024 and grow at a moderate compound annual growth rate (CAGR) of 6.9% from 2024 to 2034. By 2034, the market is expected to surpass USD 146,530.26 million.
The demand for automotive plastics is driven by the need for lightweight materials to enhance fuel efficiency and reduce emissions. As automakers increasingly focus on environmental sustainability, there is a growing shift toward recyclable and eco-friendly plastics. Additionally, advancements in polymer technology and rising consumer interest in vehicle aesthetics are expected to further boost the market.
However, challenges such as the higher cost of automotive plastics compared to metals like aluminum and insufficient infrastructure for plastic re-engineering could impact market growth. Consumer awareness of the environmental impact of plastics also poses a barrier to industry expansion.
Key Takeaways:
- Interior Components: Expected to capture 63.6% of the market share in 2024.
- Polypropylene: Projected to hold a 20.3% share of the industry in 2024.
- China: Anticipated to experience an 8% CAGR through 2034.
- Russia: Expected to grow at a 5.6% CAGR from 2024 to 2034.
- Brazil: Predicted to expand at a 6.2% CAGR through 2034.
- India: Expected to increase at a 6.1% CAGR between 2024 and 2034.
Competitive Landscape:
Leading automotive plastic manufacturers in BRIC countries are investing heavily in growth strategies. Key players are expanding production capacities and establishing new manufacturing facilities to meet rising demand. Additionally, many are enhancing their research and development efforts to advance production technologies and maintain a competitive edge.
Key Companies Profiled
- BASF SE
- Bayer AG
- Braskem
- Dow Chemical Co.
- Faurecia Pvt. Ltd.
- Johnson Controls, Inc.
- Lear Corporation
- Magna International Inc.
- Reliance Industries Limited
- Visteon Corporation
Key Segments
By Material Type:
- Polypropylene (PP)
- Polyurethane (PUR)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyvinyl Chloride (PVC)
- Polyethylene (PE)
- Polystyrene (PS)
- Polycarbonate (PC)
- Polyamide (PA)
- Acrylic (PMMA etc.)
- Plastic Composites
- Others
By Application:
- Interior Components
- Exterior Components and Frame
By End Use:
- Conventional Vehicles
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- Pure Electric
- Hybrid Electric
By Country:
- Brazil
- Russia
- India
- China
Report Preview: https://www.futuremarketinsights.com/reports/bric-automotive-plastics-market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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