India leaning toward automotive plastics

THE Indian automotive plastics market revenues have grown at the CAGR of around 25% during 2009-12, which is higher when compared with global growth rate, according to a new report.

“India Automotive Plastics Market Forecast & Opportunities, 2017”, which has been added to the offerings of Research and Markets, includes insights into the activities of BASF, Bayer Crop Sciences, SRF and Dow Chemicals in the country’s automotive plastics industry.

The Automotive Plastics industry is one of those sectors whose growth is exclusively dependent on automotive sector and this sector has attracted all the global auto makers, which has resulted into intense competition. The automotive manufacturers are inclining towards minimizing manufacturing cost, where they are opting for plastics over steel due to its cost-effectiveness.

Moreover, India is one of the major producers of automotive plastics, hence during last half a decade, demand for automotive plastics have reported an exponential growth. The properties of plastics such as easy mouldability, recyclability, scratch resistance, high volume to weight resistance, thermal stability, impact strength, and resistance to abrasion makes them suitable for use in automobiles and as it has many benefits over traditional steal based components, the plastics in automotive sector are being accepted at large scale in India.

The consumption of polypropylene (PP) and polyurethane (PUR) are forecasted to get doubled in terms of revenues in automotive plastics sector in India during the next five years. Western region of India is the highest revenue generator to the Indian automotive plastics market due to existence of automobile manufacturing hub in states, particularly Maharashtra and Gujarat.

The leading automotive plastics manufacturers in India are BASF, Bayer Crop Sciences, SRF and Dow Chemicals. Rising focus of automobile companies towards reduction of vehicle's mass and emission of carbon are driving the Indian automotive plastics market.Shop Women's Sneakers by Brand