Automotive plastics are used in passenger vehicles and commercial vehicles owing to benefits offered which includes extended shelf-life of the automotive components, enhanced safety, less corrosion, and makes vehicle fuel-efficient. Various type of plastics used for automotive components include Polypropylene (PP), Polyurethane (PU), Poly carbonates (PC), Polyvinyl chloride (PVC), Acrylonitrile butadiene styrene (ABS), and others. Automotive plastics find its application in manufacturing of interior, exterior, and under bonnet parts of the vehicle.
Market Dynamics
Automotive plastics make the vehicle lightweight, yet in addition add to the worth by supplanting ordinary metallic parts and parts with cutting edge lightweight materials. Owning to this these advantages, interest for automotive plastics is expected to ascend at a huge speed over the evaluation period. The increasing launch of bio-based plastics is expected to boost the market growth of BRIC.
Based on product type, BRIC automotive plastics market is segmented into polypropylene, polyurethane, poly carbonates, polyvinyl chloride, acrylonitrile butadiene styrene, and others. In 2021, polypropylene accounted for the largest revenue share and contributed for 32.6% in the same year, followed by polyurethane and acrylonitrile butadiene styrene.
On the basis of distribution channel, the market for automotive plastics is divided into OEM and aftermarket. Wherein, OEM (Original Equipment Manufacturer) segment accounted for the large chunk of the market and contributed for 90.5% in the BRIC automotive plastics market in 2021, followed by aftermarket.
BRIC automotive plastics market was valued at 23,642.09 Mn in terms of value in 2021. China held for the significant market share of 61.8% in terms of value in 2021, followed by Brazil and India. China automotive plastics market is predicted to expand attributing to flourishing automotive industry in the country during the forecast period (2022 to 2030).
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
Detailed Segmentation:
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