Future Market Insights has announced the addition of the "Automotive Plastics Market: BRIC Industry Analysis and Opportunity Assessment 2014 - 2020" report to their offering.
London, UK -- (SBWIRE) -- 04/22/2015 -- The automotive industry is flourishing and the plastics industry is guaranteed to play a major role in its rise. Automotive plastics are the plastics and polymers used in the manufacture of various components of a vehicle. Originally, plastics were recommended for use in automotives owing to the material's physical properties combined with look and low weight. The use of plastic components in the automotive industry has been increasing since the last decade. Currently, automotive plasticsare mainly used as the materials weigh around 50% less than other materials used in automotive manufacturing, provide sturdiness,are corrosion resistant, offer flexibility in design and deliver better performance.
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Plastics are used in the automotive industry for a wide range of applications. Plastics are considered the second-most common class of automotive materials, after ferrous metals and alloys,ferrous metals and alloys constitute 68% by weight. The plastic content of commercial cars comprise around 50% of all interior components, including seat assemblies, safety sub-systems etc.Plastics are used for both interior and exterior components of cars; these include headlights, doors, bumpers, safety components and windows etc.Plastics reduce the weight of a car by 20 to 30%, which makes the vehicle fuel-efficient.There are around 13 types of polymers used in automotive plastics, but 66% of the total plastic used in a car is made up of justthree polymers, which are Polypropylene (PP), Polyurethane (PUR) andAcrylonitrile bissulphate (ABS). These three plastics respectively account for around 35%, 17% and 12% respectively of the total plastics consumption in an automotive. Apart from PP, PUR and ABS, composites, High Density Polyethylene (HDPE), Poly Methyl Metha Acrylate (PMMA) and Polycarbonate are other prominently used automotive plastics.
The automotive plastics industry market is projected to reach US$18.9 billion by 2016. As the automotive industry is shifting its base to BRIC countries, the demand for automotive plastics is expected to increase steadilyin the coming years. With increasing foreign investments and new manufacturing facilities, BRIC countries have proved to be a high-growth market for automotive plastics. The automotive plastic market revenue in India is expected to double by 2017 as compared to 2012.
Brazil, India and Russia are amongst topper forming markets for automobiles. Majority of the global automobile giants are operating in these markets and have set up manufacturing units and established dealerships in these regions.Manufacturers of plastics have followed suit and set up plants in BRIC countriesas they are currently considered hot terminuses for growth of the automotive plastics market.
Amongst all the polymers,polypropylene is expected to be highest-selling plastic in the market due to abundant availability and low pricefollowed by polyurethane which will emerge the second-largest product segment.
As mentioned, plastic is widely used in interiors or exteriors of car and accounts to around 50% of the total material.Plastic have proven to be quite revolutionary asa material that offers comfort, durability and visuallyattractivevehicle interiors, while enhancing passenger protection, and reducing noise and vibration levels.
The major global players in the market include Akzonobel N.V., BASF SE, Bayer Material science AG and DOW Chemical Company.Manufacturers are focused towards invention and customization as per industry requirements.
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Volatile raw material cost and high capital investments are expected to act as a barrier for market participants. Plastics are non-biodegradable in nature and hence manufacturers are shifting focus towards biodegradable plastics for automotive application to overcome the harmful effects conventional plastics have on the environment.Growing concern regarding the environment is expected to hamper the industry growth.
Manufacturers are also focusing more on production of odour-free automotive plastics.
Following the European trend auto manufacturers in BRIC countries would also opt to reduce the weight of cars, by replacing metal components with plastics. However, the usage of plastics in cars in BRIC countries is considerably low as compared to European car manufacturers, but the trend will pace up in coming years. Urbanization has been a game changer for the industry, as rapid urbanization and increase in per capita income has catalysed the demand for cars, especially in urban spaces, which will replicate into the increasing demand for automotive plastics by car manufacturers. This will lead to a positive effecton the automotive plastics industry and promises high market growth.
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