The global Bric Automotive Plastics Market is estimated to be valued at Us$ 25,827.83 Mn in 2022 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2022 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive plastics are polymers used in automotive interior and exterior trim parts like engine components, instrument panels, bumpers and others. They help reduce vehicle weight and curb emission levels. Their durability and ability to be molded into complex designs makes them a preferred material for automakers.
Market key trends:
Acrylonitrile butadiene styrene (ABS) resins accounted for the largest market share in 2021 due to their extensive use in instrument panels, consoles, interior and exterior trims of vehicles. ABS provide benefits like scratch resistance, high impact strength and ability to be colored. Also, growing popularity of light-weighting solutions is propelling demand for engineering plastics like polycarbonate and polypropylene which help reduce vehicle weight and enhance fuel economy.
Segment Analysis
The BRIC automotive plastics market is segmented by vehicle type, product type, and region. By vehicle type, the passenger vehicles segment dominated the market in 2021 and accounted for around 60% of the total share due to high demand for passenger cars across BRIC nations. The passenger vehicles segment is further segmented into compact, mid-sized, premium, and luxury vehicles. Compact and mid-sized vehicles capture majority share under this segment owing to availability of varied options at affordable prices.
Key Takeaways
The BRIC Automotive Plastics Market size was valued at US$ 23,642.09 Mn in 2021 and is expected to reach US$ 44,178.01 Mn by 2030, expanding at a CAGR of 8.5% during the forecast period. Rising automotive production and sales in BRIC countries is fueling the growth of automotive plastics in the region.
Regional Analysis:
Brazil holds the highest share in the BRIC automotive plastics market and was valued at US$ 5,892.25 Mn in 2021. Growing automotive manufacturing along with supportive government policies for development of domestic auto-components industry are driving market growth in Brazil. China is the fastest growing region due to presence of large automotive production base in the country.
Key Players:
Key players operating in the BRIC automotive plastics market are Bayer Material Science, Lyondell Basell, Dow Chemicals Company, Polyplastics Group, Sibur, China XD Plastics Company Ltd., and Saudi Basic Industries Corporation (SABIC). Bayer Material Science accounted for the largest revenue share of around 20% in 2021 owing to its wide product portfolio and strong distribution network across BRIC nations.
