Automotive Interior Plastic Components Market to Exhibit Impressive Growth During 2017-2027

Plastic is the most suitable material for use in the automotive industry due to its beneficial properties like scratch resistance, high volume to weight resistance, thermal stability and impact resistance. These properties in turn ease the operation for automotive component manufacturers by reducing the cycle time for moulding, and reducing the assembly time for OEMs. Furthermore, Shifting consumer preference for passenger cars with an attractive appearance and upgraded aerodynamic shape is pushing manufacturer to use materials like advanced plastic which are easier to mould to desired shape than other materials. On other hand, growing demand for fuel efficient vehicles, component manufacturers are continuously innovating lightweight automotive components with advanced plastic material owning until they help to improve the functionality, appearance, and safety of automobiles, while delivering the superior value to consumers. The use of new and upgraded automotive components, such as a navigation panel and rear vehicle infotainment system, is increasing significantly in the premium and mid-range passenger car segments. These components are generally made up 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 which is 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 to reduce the CO2 emission. For instance, approximately 10% weight reduction in a vehicle results in 3–4% fuel savings. Furthermore, increasing vehicle production, high demand for lightweight automotive component by OEMs are providing better traction in the global automotive interior plastic component market in the globe. Moreover, Government regulations to control vehicular emission and shifting consumer preferences are some of the factors which are encouraging OEMs to continue increasing uses of advance plastic material. ”INOVAR AUTO” programs by the Federal Government of Brazil is benefiting the automotive industry in Brazil, which is anticipated to benefit raw material industry such as automotive plastics. Moreover, advance plastic material is highly preferred by OEMs due to its ease of operation, excellent mouldability, extended warranties as compared to other materials such as steel and aluminum.

High cost of advance plastic material comparable to aluminum may hinder the global automotive interior plastic component market during the forecast period. There is competition from other materials like 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 like navigation panel, in-vehicle infotainment systems and on-board diagnosis system which in turn fuelling growth of the global automotive interior plastic component market. Consumer preference is shifting more towards the new designs, e.g. hatchback car with spoilers. Many manufacturers such as Toyota, General Motors, Volkswagen AG and Daimler Chrysler have set up their R&D center in Brazil with the growing interest of expanding technological capabilities. New raw material plastic products are entering into the market which are green, sustainable, and easy to install and have a long life.  Example: advanced plastics like bio-based plastic and recycled plastic. These materials are comparatively less aesthetic and are mostly used in the interiors of vehicles.As of 2013, Polypropylene dominates the market by capturing 36.6% of the total Brazil automotive plastics market, followed by Polyurethane, Poly carbonates and Acrylonitrile butadiene styrene respectively

Automotive Interior Plastic Components Market: Key Participants: The key Participants of automotive interior plastic component market are following: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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Ankush Nikam

Ankush Nikam is a seasoned digital marketing professional, having worked for numerous online firms in his distinguished career. He believes in continuous learning, considering that the digital marketing sector’s rapidly evolving nature. Ankush is an avid music listener and loves to travel.