Market Dynamics
Russia automotive plastic market outlook (2018-2032) is expected to remain in a strong growth trajectory over the review period. As the economic recovery following the financial crisis has taken place, the automotive sector has experienced a strong recovery with an increase in vehicle production and sales in the country. The increased demand of auto components and auto component materials has increased the demand for plastics in the automotive sector. This has helped the automotive plastics sector register steady growth. Recent technological advancements in enabled plastic components in cars have helped reduce manufacturing costs while creating strong demand for new components and materials such as shallow drawing for instance. Furthermore, as car makers focus on meeting new regulatory requirements as well as fuel efficiency, there is a growing need of light weight components with enhanced performance. This has driven the demand for plastic parts in the automotive industry. The development of polyrethanes, thermoplastics, polypropylene, polycarbonates, ABS, polyamides, and other advanced materials have enabled further opportunities of applications in the automotive sector. This has encouraged auto component manufacturers to source from various reliable domestic sources thereby reducing transportation costs and giving further inducement to invest in the sector.
Plastic components for vehicles are also manufactured incorporating advanced methods such as injection molding and processing joining techniques. Furthermore, the emergence of 3D printing technologies has enabled automotive manufacturing industry to use plastic components with new design capabilities. Therefore, the Russia automotive plastics market is forecast to witness steady growth over the next few years. Apart from advancements in technology, the demand for plastics in the automotive plastics sector will also depend on macroeconomic indicators, including an increase in disposable incomes, urbanization and global economic perspectives. Additionally, manufacturers are expected to closely monitor the emerging trends in consumer behaviour, designs, costs and pricing of fuel efficient cars in order to remain competitive. Therefore, the Russia automotive plastics market is expected to register strong growth in the years to come
