India Automotive Plastics Market to Grow with a CAGR of 4.08% through 2030
Growth in research and development activities is
expected to drive the India Automotive Plastics Market growth in the forecast
period, 2026-2030.
According to TechSci Research report, “India
Automotive Plastics Market- By Region, Competition, Forecast and
Opportunities, 2020-2030”, the India Automotive Plastics Market has reached reach USD 1.31 billion by 2024 and is anticipated to project robust growth in the forecast period to reach USD 1.66 billion with a CAGR of 4.08% through 2030.
Initiatives taken by government based on automotive plastics
has led to favorable market conditions for the India Automotive Plastics Market.
Several factors contribute to the growth of various automotive plastics products. On July 1, 2022, the Indian government took a
significant step by implementing a ban on single-use plastics. This bold move
is set to revolutionize the automotive industry, compelling manufacturers to
explore innovative and sustainable alternatives for single-use plastic
components. By doing so, the government aims to address the pressing issue of
plastic waste and promote a greener future for the automotive sector.
In line with their commitment to environmental
sustainability, the government has proposed an ambitious plan to achieve a 100
percent recycling and reuse rate of PET plastic by 2025. This forward-thinking
initiative not only encourages automotive manufacturers to embrace recycling
practices but also emphasizes the importance of responsibly managing PET
plastic components used in vehicles. By adopting these practices, the industry
can contribute significantly to reducing plastic waste and creating a circular
economy.
In recent years, remarkable technological advancements have revolutionized the field of plastics, giving rise to the development of high-performance variants with exceptional properties. These cutting-edge plastics exhibit remarkable heat resistance and outstanding noise reduction capabilities, making them ideal for a wide range of applications. These breakthrough innovations are the direct result of extensive research and development efforts, which have significantly expanded the possibilities for plastic utilization in various industries, particularly in automotive applications. As an example of the ongoing progress, nanotechnology-based plastics are currently being meticulously engineered for industrial use, including automotive applications, further fueling the growth of the market. With these continuous advancements, the potential for plastic materials in the automotive sector continues to expand, offering exciting opportunities for enhanced performance and efficiency
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The India Automotive Plastics Market is segmented into
type, application, regional distribution, and company.
Based on its type, the polypropylene
segment held the largest market share in the forecast period. The drive towards
lightweight vehicles for improved fuel efficiency has been a significant factor
in the increasing demand for polypropylene. When compared to traditional
materials like steel and aluminum, polypropylene offers a distinct advantage
due to its lighter weight. By incorporating polypropylene into vehicle
manufacturing, the overall weight of the vehicle can be significantly reduced,
resulting in enhanced fuel efficiency and a considerable decrease in emissions.
This not only benefits the environment but also contributes to cost savings for
consumers in the long run.
Based on region, West India segment is expected to
grow during the forecast period. The strategic location of the region, with its
proximity to major ports, plays a crucial role in facilitating the seamless
import and export of both raw materials and finished products in the automotive
plastics market. This advantageous geographical position ensures efficient
logistics and enhances the competitiveness of West India in the industry. By
leveraging this ease of transportation and accessibility to global markets,
West India is well-positioned to meet the demands of the automotive plastics sector
and drive further growth and success in the region.
Major companies operating in India Automotive Plastics
Market are:
- BASF India Ltd.
- Reliance Industries Limited
- Dow Chemical International Pvt. Ltd.
- SABIC India Pvt. Ltd.
- APPL Industries Limited
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The India Automotive Plastics Market has witnessed significant growth propelled by various factors. As the automotive industry in India continues to expand, there is a growing demand for lightweight materials to improve fuel efficiency and reduce emissions. Automotive plastics offer a compelling solution due to their lightweight nature, durability, and versatility. Moreover, stringent regulations aimed at reducing vehicle weight and enhancing safety have further driven the adoption of automotive plastics.
Also, the increasing focus on vehicle aesthetics, interior comfort, and design flexibility has spurred the utilization of plastics in automotive applications. With ongoing advancements in material technology and manufacturing processes, coupled with the expansion of the automotive sector in India, the Automotive Plastics Market is expected to continue its upward trajectory. Furthermore, the shift towards electric and hybrid vehicles is anticipated to create new opportunities for automotive plastics in the country's rapidly evolving automotive landscape,” said Mr. Karan Chechi,
Research Director, TechSci Research, a research-based management consulting
firm.
“India Automotive Plastics Market By Type (Polypropylene, Polyurethane, Acrylonitrile
Butadiene Styrene, Polyvinyl Chloride, High Density Polyethylene, Others), By Application (Interior,
Exterior, Under Bonet, Electrical Component, Others), By Region, By Competition Forecast & Opportunities, 2020-2030F”, has evaluated
the future growth potential of India Automotive Plastics Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Automotive Plastics Market.
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