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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