MOSCOW (MRC) -- The BRIC automotive plastics market was valued at USD 11244.4 mln in 2014, and is projected to register a CAGR of 15.4% during forecast period 2015 - 2020, as per Plastemart with reference to Future Market Insights.
Automotive plastics are used to manufacture various components such as lighting systems, seating systems, automotive carpets and upholstery, bumpers, etc. Manufacturers use plastics for various components under these three applications including as a substitute for steel in vehicle doors, bumpers, fenders and other automotive components.
Interior application segment accounted for higher revenue as compared to exterior and under-bonnet component segments in the BRIC automotive plastics market in 2014. Among all plastic material types, polypropylene (PP) leads in terms of consumption with 31%, followed by polyurethanes (PU), acrylonitrile butadiene styrene (ABS) and polycarbonates (PC). This is attributed to the various properties exhibited such as easy forming and lightweight as compared to metals.
The PP segment is projected to dominate the BRIC automotive plastics market throughout the forecast period due to increasing penetration of premium cars in the region, whilst ABS is expected to register highest CAGR among all other plastic materials due to increasing usage in vehicle interiors. The passenger vehicle segment is expected to register a CAGR of 17%, making it the fastest growing segment when compared to the commercial vehicle segment. Growth of the aftermarket segment in the BRIC automotive plastics market is fuelled by replacement of old or damaged parts and increasing number of vehicle in operation due to increasing cab/rental car services across the globe.
Growth of BRIC automotive plastics market is driven by various factors such as growing demand for passenger vehicles, rising export of automotive plastics components and stringent government regulations to control vehicular emissions.
As MRC reported earlier, the global automotive plastic consumption is anticipated to grow from 7.1 mln tons in 2012 to 11.3 mln tons by 2018 at an expected CAGR of 8% from 2013 to 2018, as per RnRMarketResearch. The high growth rate of the industry is attributable to increasing passenger car production and initiatives by automobile manufacturers towards light-weighting of cars. The global market is mainly driven by passenger car production and increasing utilization of automotive plastics in vehicle designs. The report covers global consumption of seven major types of automotive plastics used in passenger cars such as polypropylene (PP), polyurethanes (PU), polycarbonates (PC), high density polyethylene (HDPE), polymethyl methacrylate (PMMA), acrylonitrile butadiene styrene (ABS), and composites.
MRC