BRIC Automotive Plastics Market to Witness Sharp Contraction as Manufacturing Activities Remain Suspended amid COVID-19 -Future Market Insights
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BRIC Automotive Plastics Market to Witness Sharp Contraction as Manufacturing Activities Remain Suspended amid COVID-19 -Future Market Insights

Wednesday, July 15, 2020 6:30 AM
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Automotive plastic manufacturers in the BRIC region are pushing for material development to keep up with changes in automotive production and emission regulations

DUBAI, UAE / ACCESSWIRE / July 15, 2020 / The BRIC automotive plastics market has been significantly impacted by the COVID-19 pandemic as production of vehicles and automotive components has been suspended in the short term, in an effort to contain the spread of the virus. However, increasing stringency of emission laws in BRIC countries and the requirement for lightweight vehicle parts will aid the steady recovery of the BRIC automotive plastics market in the near future.

"Automotive plastics are gaining massive demand supported by innovations in polymer production technologies that enable superior performance. Modern automotive plastic materials are finding roles in the production of exterior, interior and under the bonnet auto parts. Consequently, the prospects of the automotive plastics market are positive after the pandemic," says the FMI analyst.

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BRIC Automotive Plastics Market - Important Takeaways

  • Passenger vehicle applications of automotive plastics are key to revenue streams supported by demand for personal vehicles and higher disposable incomes.
  • Interior auto components remain a prominent end use, owing to rising importance given to furnishing applications.
  • Polypropylene is a highly sought-after material in the auto industry owing to flexible and rigid applications.
  • China is the major BRIC automotive plastics market, supported by massive production infrastructure.

BRIC Automotive Plastics Market - Driving Factors

  • Expansion of advanced plastics manufacturing facilities for automotive component production boosts market growth.
  • Rising number of government regulations on emissions and manufacturer bias towards lightweight vehicles supports adoption.
  • Introduction of biobased plastics in BRIC countries is generating key opportunities for market growth.

BRIC Automotive Plastics Market - Leading Constraints

  • Fluctuating costs of automotive plastic materials, arising from volatility in raw material supplies hinders market growth.
  • Lack of thermal conductivity characteristics hamper adoption of plastics in multiple auto applications.

Expected Impact on Market by Coronavirus Outbreak

The coronavirus outbreak has resulted in a sharp dip in manufacturing activities in BRIC countries. Lockdown measures have adversely impacted production and processing of automotive plastics. Shortage of labor and raw materials are key challenges in the short term. However, market prospects are likely to recover as the automotive industry transitions towards electric and hybrid vehicles.

Explore data on the BRIC automotive plastics market with 161 figures, 10 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/askus/rep-br-81

Competition Landscape

Some of the top players operating in the BRIC automotive plastic market are Bayer AG, BASF SE, Magna International, Dow Chemical Co., Visteon Corporation, and Reliance Industries Ltd. Market players are investing in development of material development for automotive plastics. For instance, Lanxess has revealed its research on high tech thermoplastic materials for auto applications.

More on the Report

FMI's provides in-depth insights on the BRIC automotive plastic market. The market is segmented in terms of channel (OEMs and aftermarket), vehicle type (passenger and commercial) applications (interior, exterior, and under bonnet) and material type (polypropylene, polyurethane, polycarbonates, polyvinyl chloride, acrylonitrile butadiene styrene, and others) across four countries (Brazil, Russia, India, and China).

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About FMI

FMI is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and BRIC. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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Report: https://www.futuremarketinsights.com/reports/bric-automotive-plastics-market
Press Release Source: https://www.futuremarketinsights.com/press-release/bric-automotive-plastics-market

SOURCE: Future Market Insights

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