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Automotive Interior Plastic Components Market to Witness Exponential Growth by 2025
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On the other hand, attributing to the growing demand for fuel efficient vehicles, component manufacturers are continuously innovating lightweight automotive components with advanced plastic material since it helps improve the functionality, appearance and safety of automobiles while delivering superior value to consumers. The use of new and upgraded automotive components, such as navigation panel and rear vehicle infotainment system, is increasing significantly in the premium and mid-range passenger car segments. These components are generally made of advanced plastic materials and the aftermarket for such augmented products is increasing in Brazil with the increasing number of vehicles in operation (personal car and in-transit/cab-services). For instance, BMW’s i3 is an innovative electric car built with a lightweight carbon fiber and advanced plastic material.
Automotive Interior Plastic Components Market: Dynamics
By using plastic components, the overall kerb weight of a vehicle can be reduced as these components are lighter in weight as compared to aluminum and steel. The reduced weight of a vehicle improves its fuel efficiency, which further helps reduce CO2 emission. For instance, approximately 10% weight reduction in a vehicle results in 3–4% fuel savings. Furthermore, increasing vehicle production and high demand for lightweight automotive component by OEMs are providing better traction in the global automotive interior plastic component market across the globe. Government regulations to control vehicular emission and shifting consumer preferences are some of the factors encouraging OEMs to continue the use of advance plastic material. ‘Inovar Auto’ program by the Federal Government of Brazil is benefiting the automotive industry in the country, which is anticipated to benefit raw material industries, such as automotive plastics. Moreover, advance plastic material is highly preferred by OEMs due to its ease of operation, excellent mouldability and extended warranties as compared to other materials, such as steel and aluminum.
The high cost of advanced plastic material as comparable to aluminum may hinder the global automotive interior plastic component market during the forecast period. There is also competition from other materials, such as high strength steel and aluminum. Steel has the edge when it comes to recycling as plastics are relatively difficult to recycle. Frequent new product launches by OEMs and increasing penetration of advanced technology systems, such as navigation panel, in-vehicle infotainment systems and on-board diagnosis system, are expected to fuel growth of the global automotive interior plastic component market. Consumer preference is increasingly shifting towards new designs, such as hatchback car with spoilers. Many manufacturers, such as Toyota, General Motors, Volkswagen AG and Daimler Chrysler, have set up their R&D centers in Brazil with the growing interest of expanding their technological capabilities. New raw material plastic products are entering the market, which are green, sustainable, and easy to install and have a long life. For example: advanced plastics, such as bio-based plastic and recycled plastic. These materials are comparatively less aesthetic and are mostly used in the interiors of vehicles.
Automotive Interior Plastic Components Market: Segmentation
The global automotive interior plastic component market can be segmented on the basis of vehicle type as:
Passenger vehicle
Commercial vehicle
The global automotive interior plastic component market can be segmented on the basis of product type as:
Polypropylene (PP)
Polyurethane (PU)
Polyvinyl Chloride (PVC)
Acrylonitrile Butadiene Styrene (ABS)
Poly Carbonates (PC)
Others
The global automotive interior plastic component market can be segmented on the basis of sales channel as:
OEMs
Aftermarket
As of 2013, Polypropylene dominated the market with 36.6% of the total Brazil automotive plastics market, followed by Polyurethane, Poly carbonates and Acrylonitrile butadiene styrene.
Automotive Interior Plastic Components Market: Market Participants
Examples of some of the market participants of the automotive interior plastic component market are:
Braskem SA
Bayer Group
BASF SE
Saudi Basic Industries Corporation (SABIC)
Smiths Plastics (PTY) Ltd
Plastikon Industries, Inc.
National Plastics Group
Grupo Antolin
MVC Holdings, LLC
Barkley Plastics Ltd
Plastic Molding Technology, Inc.
Productive Plastics, Inc.
Tata Sons Ltd
Nifco Inc.
Dipty Lal Judge Mal Pvt. Ltd
Covestro AG
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Automotive Interior Plastic Components Market: Region-wise Outlook:
It is anticipated that Europe may dominate the global automotive interior plastic components market, owing to the high consumer demand for passenger vehicles. North America, followed by Europe, is expected to show significant growth in the global automotive interior plastic component market. Furthermore, Asia-Pacific, owing to the presence of emerging markets, is pegged to register a high growth rate in the global automotive interior plastic component market. Countries, such as India, Vietnam, Indonesia and China, are anticipated to positively influence the global automotive interior plastic component market. On the other hand, other regions, such as Latin America, are slated to contribute a relatively small market share of the total revenue.
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