India Engineering Plastics Market to Grow with a CAGR of 5.26% through 2029
Growth in research and development activities is
expected to drive the India Engineering Plastics Market growth in the forecast
period, 2025-2029
According to TechSci Research report, “India
Engineering Plastics Market- By Region, Competition, Forecast and
Opportunities, 2019-2029”, the India Engineering Plastics Market stood at USD 3.98
billion in 2023 and is anticipated to grow with a CAGR of 5.26% in the forecast
period, 2024-2029. Initiatives taken by government based on engineering
plastics has led to favorable market conditions for the India Engineering
Plastics Market. Several factors contribute to the growth of various engineering
plastics products. End Plastic
Pollution International Collaborative (EPPIC): This groundbreaking
public-private partnership, initiated by the U.S. Department of State, aims to
tackle the urgent issue of plastic pollution through innovative and sustainable
solutions. By bringing together governments, NGOs, and businesses, EPPIC
fosters collaboration and cooperation to address the global challenge of
plastic waste. With a shared commitment to environmental stewardship, EPPIC
strives to create a cleaner and healthier future for our planet and future
generations. Research and
development activities play a pivotal and indispensable role in driving the
growth of the engineering plastics market. These activities not only contribute
to technological advancements but also foster the development of innovative
products that cater to the ever-evolving demands of various industries. For
instance, in response to the increasing trend of lightweight vehicles, there is
a growing demand for engineering plastics that offer high strength and reduced
weight. In this context, research and development initiatives
are instrumental in exploring and developing new, lightweight plastic materials
that can meet the stringent requirements of the automotive industry while
ensuring optimal performance and sustainability. By investing in research and
development, the engineering plastics sector can continue to push boundaries,
introduce groundbreaking solutions, and stay at the forefront of innovation in
the dynamic market landscape. The India Engineering Plastics Market is
segmented into polymer type, end user, regional distribution, and company.
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Based on its polymer type, the ABS segment held the
largest market share in the forecast period. In addition to its strength and
durability, ABS is also reaping the benefits of the ongoing trend of metal
replacement in a wide range of applications. With its excellent mechanical
properties and resistance to impact, ABS has emerged as a versatile substitute
for metals in various industrial sectors. From automotive components to
consumer electronics, ABS offers a lightweight and cost-effective solution that
delivers the required performance without compromising on quality. This has
propelled its adoption in diverse applications, making it a popular choice for
manufacturers seeking efficient and reliable alternatives to traditional metal
materials. Based on region, West India segment is expected to grow during the
forecast period.
The government's unwavering focus on industrial
development in this region has yielded a wide array of favorable policies and
initiatives. These measures have not only succeeded in attracting significant
investments, but they have also fostered an environment that nurtures the
growth and expansion of the sector. As a result, this region has become a
thriving hub for businesses, driving economic progress and creating numerous
employment opportunities for the local population.
Major companies operating in India Engineering
Plastics Market are:
- Gujarat Fluorochemicals Limited
- BASF India Limited
- LG Polymers India Pvt. Ltd.
- Radici Plastics India Pvt. Ltd.
- APPL Industries Limited
- E.I. DuPont India Private Limited
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“Growing application of engineering plastics in
various end user industries are key drivers of the engineering plastics market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of engineering plastics
with every passing year are anticipated to register an impressive growth to India
Engineering Plastics Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“India Engineering Plastics Market By Polymer Type (ABS, Polycarbonate, SAN, Polyamide, PBT,
Others), By End
User (Automotive, Electrical & Electronics,
Consumer Goods, Others), By Region, By
Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of India Engineering 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 Engineering Plastics Market.
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