India Automotive Plastics Market to Grow with a CAGR of 4.08% through 2030
Growth
in research and development activities is expected to drive the India
Automotive Plastics Market growth in the forecast period, 2026-2030.
According
to TechSci Research report, “India Automotive Plastics Market- By
Region, Competition, Forecast and Opportunities, 2020-2030F”, the India
Automotive Plastics Market was 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.
The
expansion of automotive plastics in emerging segments, particularly in the
growing middle-class market in India, is a significant trend in the automotive
industry. As the demand for compact and budget-friendly vehicles continues to
rise, automotive manufacturers are increasingly turning to plastics as a key
material for a variety of components. The middle-class segment in India is
rapidly expanding, with more consumers seeking affordable, efficient vehicles.
Plastics, with their affordability, versatility, and ease of manufacturing,
offer an ideal solution for automakers looking to meet these demands while
balancing cost and performance.
Plastics
are being widely adopted in small and affordable cars for a range of
applications. Instrument panels, seating components, door trims, and interior
panels are just a few examples of where plastics are being integrated. These
components, traditionally made from metal or other heavier materials, are now
being replaced with lightweight, durable plastics that not only reduce vehicle
weight but also lower manufacturing costs. This shift allows automakers to
offer vehicles at more competitive price points, appealing to budget-conscious
consumers in India. The versatility of plastics also enables automakers to
create components in various shapes, sizes, and finishes, catering to the
aesthetic and functional preferences of a diverse consumer base. For instance,
manufacturers can use plastics to create ergonomic, stylish interiors without
incurring the high costs associated with metal or other materials. The ease of manufacturing plastic components allows for faster
production timelines, enabling automakers to meet market demands more
efficiently.
As the
Indian automotive market continues to grow and diversify, the use of automotive
plastics is expected to expand even further. With more consumers demanding
affordable yet high-quality vehicles, plastics will play a crucial role in
meeting these needs, making them a key material for automakers aiming to
maintain both cost-effectiveness and performance in the competitive Indian
market.
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The
India Automotive Plastics Market is segmented into type, application, regional
distribution, and company.
Based on the category of type, the polypropylene segment emerged as the dominant player in the Indian market for automotive plastics in 2024. One of the primary reasons for polypropylene's supremacy in the automotive industry is its exceptional cost-effectiveness. Being a commodity plastic, polypropylene offers a significantly lower price point compared to other engineered plastics, making it an economically attractive choice for design engineers who are developing components for vehicles with tight budget constraints.
In addition to its affordability, polypropylene boasts a wide range of exceptional physical and chemical properties that contribute to its dominance in the automotive sector. Its high flexibility allows for better impact absorption, ensuring enhanced safety for both the vehicle and its occupants. Polypropylene exhibits remarkable chemical resistance, safeguarding automotive parts from degradation caused by exposure to various substances such as fuels, oils, and solvents.
The toughness and fatigue resistance of polypropylene are noteworthy attributes that make it an excellent material choice for automotive applications. Its durability enables automotive components, such as bumpers, interior trim, fenders, and door panels, to withstand harsh environmental conditions and daily wear and tear, ensuring long-lasting performance and aesthetic appeal..
Based on region, the North India region is anticipated to be the second-largest
dominating region in the India Automotive Plastics Market. This growth is
primarily driven by the presence of major automotive manufacturing hubs in
states like Haryana, Punjab, and Uttar Pradesh, which are home to several
global and domestic automotive manufacturers, including Maruti Suzuki, Honda,
and Toyota. North India has seen significant investments in both passenger and
commercial vehicle production, leading to increased demand for automotive
plastics in the region.
The
region's strategic location, well-developed infrastructure, and proximity to
key automotive suppliers further boost the demand for plastics used in vehicle
components such as dashboards, bumpers, seating, and exterior panels. The expansion of the electric vehicle (EV) market in North India,
particularly in cities like Delhi, is further propelling the need for
lightweight and durable automotive plastics for EV components. The rising
middle-class population and increasing vehicle ownership in North India also
contribute to the growing demand for affordable, fuel-efficient vehicles, which
often incorporate automotive plastics for weight reduction and cost efficiency.
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
rising demand for advanced safety features in vehicles is significantly
boosting the use of automotive plastics, particularly in applications such as
airbags, bumpers, and crash-resistant panels. As consumer expectations for
safety continue to increase, automakers are prioritizing the integration of
cutting-edge safety technologies to protect passengers and drivers. Plastics,
known for their high strength-to-weight ratios, are playing a crucial role in
this transformation, making them ideal for safety-critical applications in
modern vehicles. Plastics
are increasingly being used in the design and manufacture of various safety
components. Airbags, which require lightweight materials that can deploy
rapidly and effectively, benefit from the use of plastics due to their ability
to absorb impact and distribute force. The material’s flexibility and
durability ensure that airbags function properly in the event of a collision
while maintaining the overall weight efficiency of the vehicle. Bumpers,
another critical safety component, are also seeing the widespread adoption of
plastics. Plastics such as polypropylene and thermoplastic elastomers (TPE) are
commonly used to produce lightweight yet durable bumpers that can absorb impact
during low-speed collisions, minimizing damage to the vehicle and enhancing
passenger protection. Plastics in bumpers are also more easily molded into
complex shapes, providing both functional and aesthetic benefits.,” 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, 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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