The demand for Automotive Plastic In BRIC Countries is expected to develop considerably, hitting USD 75,188.30 million by 2024. From 2024 to 2034, the sales of automotive plastic in BRIC countries are predicted to accelerate at a strong CAGR of 6.9%. The adoption of automotive plastic in BRIC countries is forecasted to be worth USD 146,530.26 million by 2034.
One of the main factors accelerating the automotive plastic industry expansion in BRIC countries is the rising demand for hybrid and electric automobiles. Due to growing concerns about climate change and air pollution, there is a greater focus on lowering greenhouse gas emissions.
Governments are encouraging the use of EVs by offering incentives and subsidies. The demand for automotive plastics in BRIC countries has increased due to the growing popularity of electric and hybrid cars, especially for lightweight parts.
| Attributes | Details |
|---|---|
| Demand Analysis (2024) | USD 75,188.30 million |
| Demand Forecast (2034) | USD 146,530.26 million |
| CAGR Estimation (2024 to 2034) | 6.9% |
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Lightweight materials, such as plastics, have significant opportunities in the automotive industry because of its continued focus on fuel economy and emission reduction. To replace conventional materials and lighten vehicles' overall weight, automotive plastic manufacturers are inclined to seek creative ways to use plastic.
The increasing adoption of autonomous driving and electric cars (EVs) expands automotive plastic's potential uses in BRIC countries. Lightweight and robust automotive polymers are likely to be utilized to develop components for electric powertrains and autonomous systems.
Sustainable development and environmental responsibility are becoming steadily more significant to the automotive sector. Opportunities in BRIC countries emerge for innovative recycling solutions for end-of-life automotive components and environmentally beneficial and recycled plastics.
Within the automotive plastic industry in BRIC countries, which varies based on material types, the polypropylene sector leads in the category due to extensive research and development. At the same time, the interior component segment leads the application category, highlighting its importance in the automobile plastic industry.
| Leading Segment | Polypropylene |
|---|---|
| Segment Share (2024) | 20.3% |
| Leading Segment | Interior Component |
|---|---|
| Segment Share (2024) | 63.6% |
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This section illustrates the automotive plastic industry for key BRIC economies such as Brazil, Russia, China, and India. According to a comprehensive evaluation, China presents significant opportunities, suggesting that the automotive polymer market is lucrative here.
To establish China as a key player with ample opportunities for automotive plastic producers in BRIC countries, this report highlights the potential for growth and investment in China's industry.
| Country | China |
|---|---|
| Forecasted CAGR (from 2024 to 2034) | 8.0% |
| Country | India |
|---|---|
| Forecasted CAGR (from 2024 to 2034) | 6.1% |
| Country | Brazil |
|---|---|
| Forecasted CAGR (from 2024 to 2034) | 6.2% |
| Country | Russia |
|---|---|
| Forecasted CAGR (from 2024 to 2034) | 5.6% |
Prominent automotive plastic manufacturers in BRIC countries significantly impact how the market is shaped, how technology is developed, and how quickly the economy is projected to expand overall. While SIBUR and GAZ Group contribute to the industry's resilience, Braskem and Grupo Plasutil bring plenty of experience to the field.
Reliance Industries Limited and Supreme Industries Limited are two automotive plastic vendors that demonstrate their skills in the industry. Yanfeng Automotive Interiors, Sinopec, and BASF SE all play significant roles in creating a competitive environment that is characterized by innovation, strategic alliances, and a dedication to advancing the automotive plastics sector in the BRIC nations.
Recent Developments Observed in Automotive Plastic in BRIC Countries
| Company | Details |
|---|---|
| BASF SE | Zhejiang REEF Technology and BASF SE teamed up in March 2023 to develop cutting-edge recycled formulations for the consumer, packaging, and automotive industries. BASF will provide technical support and IrgaCycle solutions for recycled polymer compositions, which will be tested at BASF's facilities. |
| BASF SE | Pyrum Innovations AG, WITTE Automotive, Mercedes-Benz, and BASF joined forces to develop automobile components from mass-balanced plastics in October 2022. |
| BASF SE | Citroën and BASF revealed the oli [all-ë], an all-electric concept automobile that aims to save as much weight and resources as possible, in September 2022. BASF has been implementing a comprehensive sustainability plan. Among the main tenets of this strategy are the biomass balancing approach and the ChemCyclingTM project, which substitutes renewable resources for fossil fuels in production. |
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| Attribute | Details |
|---|---|
| Estimated Valuation (2024) | USD 75,188.30 million |
| Projected Valuation (2034) | USD 146,530.26 million |
| Anticipated CAGR (2024 to 2034) | 6.9% |
| Historical Analysis of Automotive Plastic in BRIC Countries | 2019 to 2023 |
| Demand Forecast for Automotive Plastic in BRIC Countries | 2024 to 2034 |
| Quantitative Units | Revenue in USD million and CAGR from 2024 to 2034 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Key Countries Analyzed While Studying Opportunities in Automotive Plastic in BRIC Countries | Brazil, Russia, India, China |
| 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 |
The demand for car plastic in BRIC is set to secure a valuation of USD 75,188.30 million in 2024.
The BRIC automobile plastic industry is estimated to achieve USD 146,530.26 million by 2034.
Through 2034, the BRIC automotive plastic industry is anticipated to develop at a 6.9% CAGR.
From 2019 to 2023, the BRIC automobile plastic industry evolved at a 6.2% CAGR.
Through 2034, the Russia automotive plastic industry is anticipated to develop at a 5.6% CAGR.
From 2024 to 2034, automobile plastic sales in Brazil are likely to evolve at a 6.2% CAGR.
The polypropylene sector is set to achieve a segment share of 20.3% in 2024.
A 63.6% segment share is expected for the interior component sector.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material Type 5.1. Polypropylene (PP) 5.2. Polyurethane (PUR) 5.3. Acrylonitrile Butadiene Styrene (ABS) 5.4. Polyvinyl Chloride (PVC) 5.5. Polyethylene (PE) 5.6. Polystyrene (PS) 5.7. Polycarbonate (PC) 5.8. Polyamide (PA) 5.9. Acrylic (PMMA etc.) 5.10. Plastic Composites 5.11. Others 6. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Interior Components 6.2. Exterior Components and Frame 7. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-uses 7.1. Conventional Vehicles 7.2. Electric Vehicles 8. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Brazil 8.2. Russia 8.3. India 8.4. China 9. Brazil Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10. Russia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 11. India Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 12. China Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 13. Market Structure Analysis 14. Competition Analysis 14.1. General Plastic Industries 14.2. Multitek Auto Parts 14.3. Injectoplast Pvt Ltd. 14.4. BINSIT 14.5. Sakura Tech 14.6. Brazil Molding 14.7. BASF SE 14.8. The Dow Chemical Company 14.9. Saudi Basic Industries Corp (SABIC) 14.10. Covestro AG 14.11. DuPont de Nemours, Inc. 15. Assumptions & Acronyms Used 16. Research Methodology
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Industry Analysis of Automotive Plastic in BRIC Countries
