BRIC Automotive Plastics Market Forecast to Expand at a CAGR of 15.4% Between 2015 and 2020

Automotive plastics are used to manufacture various components such as lighting system, seating system, auto carpet and bumper. Versatile properties of plastics such as easy moldability, scratch resistance, thermal stability, impact strength and resistance to abrasion give it an edge over other materials, especially in manufacture of automobile components. Apart from this, reduction in manufacturing cost, durability and toughness of plastics have encouraged automotive manufacturers to increase its application in doors, bumpers, fenders and other automotive components. All these components are used in three major applications, namely, exterior, interior and under bonnet. The BRIC automotive plastics market was valued at US $ 11,244.4 Mn in 2014 and is projected to expand at a CAGR of 15.4% during the forecast period (2015–2020).

Drivers & Trends

The 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 regulation norms to control vehicular emission. For instance, in India, by the end of 2015, the Bharat stage-IV vehicle emission and fuel quality standards is expected to be implemented in 50 major cities. BS-IV+ is expected to be enforced by 2017. These norms are expected to push automotive manufacturers to produce lightweight vehicles with higher adoption of plastic components. Though the market is promising in terms of return on investment (ROI), patents and regulatory hurdles along with global shift towards bio-based plastic material might pose a challenge to the BRIC automotive plastics market. The BRIC automotive plastics market is highly fragmented with multiple domestic and global leader participants. Recently, the Indian government announced “Automotive Mission Plan (AMP) II, 2016-26” under the Make in India campaign, which is expected to be implemented by mid-2015. This plan focuses on development of auto parks, establishment of advanced automotive training institutes and auto design centres across the country. Additionally, by mid-2016 the proposed plastic park at Dahej, Gujarat is expected to become operational, which would offer tax benefits on exports and imports of plastic materials and capital goods. These factors are collectively driving growth of the BRIC automotive plastics market.

Request For Sample@ http://www.futuremarketinsights.com/reports/sample/rep-br-81

Market Segmentation

The BRIC automotive plastics market is categorically split under the following five segments: market analysis by distribution channel, vehicle type, application, product type and region. The distribution channel segment includes OEMs and aftermarket; vehicle type segment includes passenger vehicle and commercial vehicle; application type segment is classified into interior, exterior and under bonnet. Also, material types is further segmented into polypropylene (PP), polyurethane (PU), polycarbonates (PC), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS) and others (includes various plastics such as polyamide (PA), polyphenylene ether (PPE), polymethyl methacrylate (PMMA), polybutylene terephthalate (PBT). Furthermore, the mentioned segments are split under Brazil, Russia, India and China.

BRIC Automotive Plastics Market Analysis, By Application Type

Interior application was the largest segment in 2014 and accounted for revenue share greater than collective share of the exterior and under bonnet application segments.

BRIC Automotive Plastics Market Analysis, By Product Type

Among plastic material types, polypropylene (PP) held the largest share in terms of consumption, account for 31% market share, followed by polyurethanes (PU), acrylonitrile butadiene styrene (ABS), and polycarbonates (PC), due to their various properties such as easy moldabilty and lightweight as compared to metals. PP segment is projected to dominate the BRIC automotive plastics market throughout the forecast period due to increasing penetration of premium segment cars, whilst ABS is expected to register the highest CAGR among all other plastic material due to its increasing application in vehicle interiors.

BRIC Automotive Plastics Market Analysis, By Distribution Channel Type

By distribution channel type, original equipment manufacturers (OEMs) is anticipated to be the largest segment, while the aftermarket segment is expected to expand at a double-digit CAGR over the forecast period. Growth of the aftermarket segment in the BRIC automotive plastics market is fuelled by replacement of old and damaged parts and increasing number of vehicles in operation due to increasing cab/rental car services in the region.

Send An Enquiry@ http://www.futuremarketinsights.com/askus/rep-br-81

BRIC Automotive Plastics Market Analysis, By Region

The automotive plastics market is expected to expand significantly in BRIC region, with China projected to dominate the market during the forecast period. The Russia automotive plastics market is expected to account for US$ 2,888 Mn by the end of 2020, while the India automotive plastics market is anticipated to expand at a CAGR of 14% over the forecast period.

ABOUT US:
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

CONTACT:
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
Email: sales@futuremarketinsights.com
Website: www.futuremarketinsights.com

This release was published on openPR.