Indian Automotive Plastics Market Revenues Forecasted for Double Growth by End of 2017
As consumers are demanding fuel-efficient cars, the OEMs are focusing on mass reduction strategies, using plastics as a significant replacement for steel in the vehicles
The Indian automotive plastics market revenues are forecasted to get doubled by the end of 2017, according to the recent report “India Automotive Plastics Market Forecast and Opportunities, 2017”. Published by TechSci Research, the report mentions that the market for automotive plastics in India has grown at an exponential CAGR of around 25% during 2009-12.
According to the report the rising raw material costs and high capital requirement of the automotive market are the major challenges for the players in Indian market. The report also highlights the initiatives being taken by the government to promote the market. The growing demand for electric vehicles is anticipated to drive the automotive plastics market as Indian government has taken initiatives to boost the market for electric and hybrid cars in India. This can also be observed from the government’s planned incentive package of about USD 10 Billion on import of batteries during the financial year 2013-14.
“India Automotive Plastics Market Forecast & Opportunities, 2017” analyses the key drivers as well. As the prices of fuel in India are increasing on regular basis, customers are inclining towards fuel efficient cars, thus in order to sustain in the competitive Indian automotive market, automotive manufacturers have also adopted mass reduction strategy to increase fuel efficiency. For the reduction of vehicle’s weight, automotive companies are using plastics and polymer materials over traditional steel for vehicle’s body.
The use of plastics in automotive also helps in reducing carbon emissions because of aerodynamic shaping and parts integration. Approximately 60% of engine’s efficiency is used to overcome resistance caused by air. As a result, improved aerodynamics translates into substantial improvements in fuel efficiency and carbon emissions.
At a time when light weight passenger cars are the trend of global as well as Indian automotive market, plastics have a significant role to play. The automotive plastics market in India has grown at stupendous growth rate. The report reveals that during the last half-a-decade, India has also emerged as export hub for automotive plastics to European and West Asian countries. Indian automotive sales are growing at around 15% and are further anticipated to report similar trend during the next five years.
“More cars put a higher burden on the environment, making it necessary to tighten emission regulations and diminish CO2 releases. Rising oil prices and increasing environmental concerns are also the prominent factors to support the growth of automotive plastics market in India,” said Mr. Karan Chechi, Research Director, TechSci Research.
“India Automotive Plastics Market Forecast and Opportunities, 2017”has evaluated the future growth potential of India’s automotive plastics market and provides statistics and information on market structure and trends. The report includes automotive plastics market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in automotive plastics market in India.