India Automotive Plastics Market is anticipated to expand rapidly to reach US$ 4.51 billion by the end of 2032 | BASF SE, Sumitomo Chemical Co

India Automotive Plastics Market

The Indian market for automotive plastics was valued at US$ 1.64 billion at the end of 2021. The India automotive plastics market is estimated to reach a valuation of US$ 4.51 billion by 2032. From 2022 to 2032, the market is predicted to expand at a CAGR of 9.7%. 

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The India automotive plastics market has seen remarkable growth in the past few years. India is home to the world's second-largest auto industry and India is expected to be the third-largest vehicle producer by 2022. India has come up as a major player in the global automotive plastic market. The India automotive plastics market is driven by factors such as increased demand for better aesthetics, quality, weight reduction, and fuel efficiency in automobiles.

The Indian automotive plastics market is expected to grow significantly in the coming years. This growth is driven by the increasing demand for fuel-efficient vehicles and the government's efforts to promote the use of lightweight materials in the automotive industry.

One of the major drivers for the market is the increasing demand for lightweight vehicles. Automotive plastics, such as polypropylene and polycarbonate, are widely used in the production of lightweight components such as body panels, fuel tanks, and interiors. The use of these materials helps to reduce the weight of the vehicle, which in turn improves fuel efficiency and reduces emissions.

Another driver for the market is the government's efforts to promote the use of lightweight materials in the automotive industry. The Indian government has set a target to reduce the weight of vehicles by 10-15% by 2022. This has led to an increase in the use of plastic components in the production of vehicles.

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The Indian automotive plastics market can be segmented based on application and material. Based on application, the market can be segmented into powertrain, interior, exterior, and others. Powertrain is expected to be the largest segment of the market due to the increasing use of plastic components in engine and transmission systems. Based on material, the market can be segmented into polypropylene, polycarbonate, ABS, and others. Polypropylene is expected to be the largest segment of the market due to its wide use in the production of lightweight components.

Key Companies- 

• BASF SE
• Sumitomo Chemical Co., Ltd.
• Saudi Basic Industries Corp
• DuPont de Nemours, Inc.
• Prima Pvt. Ltd
• Solvay SA
• The Dow Chemical Company
• LG Chem Ltd
• Champion Plastics Pvt. Ltd
• PVG Automotive Pvt. Ltd
• G.V. INDUSTRIES
• I-TECH PLAST INDIA PRIVATE LIMITED
• Injecto Plast Pvt. Ltd.
• Omico Plastics, Inc.
• Prime Plast and more

These companies have a strong presence in the market and have a wide range of products catering to the needs of the Indian automotive industry.

Overall, the Indian automotive plastics market is expected to grow significantly in the coming years driven by the increasing demand for lightweight vehicles and the government's efforts to promote the use of lightweight materials in the automotive industry.

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Frequently Asked Questions -
• What size did the India automotive plastics market reach in 2021?
• What market valuation is expected for 2032?
• At what value CAGR did the market expand over the past 4 years?
• At what rate is the consumption of automotive plastics forecasted to increase going forward?
• Which type of automotive plastic accounts for a high market share?
• Which application of automotive plastics is expected to increase rapidly?
• Who are the top manufacturers of automotive plastics in India?
• What are the key trends being witnessed in the market in India? 

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