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India ABS market for automotive POP application to procure massive returns by 2024, increasing product deployment in wheels & emblems to characterize the industry outlook
The ABS market for automotive plating on plastics application has, of late, been experiencing appreciable growth on account of the product utilization in manufacturing automotive grills. Essentially used in automotive systems including front grills, radiator and air conditioning, these grills form a pivotal component of the deployment spectrum of the ABS industry for automotive POP application, owing to the product’s durability and high corrosion resistance.
U.S. ABS Market Size for Automotive Plating on Plastics (POP) Application, By Application, 2017 & 2024, (Kilo Tons)
An influx in the implementation of quality standards in automobile manufacturing has been observed lately, in order to increase passenger safety. Owing to the beneficial attributes of ABS, which includes element rigors withstanding and chemical resistance, the demand for this product has only been increasing in automobile component manufacturing, which will gradually propel the growth of the ABS market for automotive plating on plastics application.
Moreover, supportive initiatives from the governments worldwide, pertaining to the utilization of ABS will further steer the growth of this industry in the years to come. Say for example, the FDI policies implemented by the Government of India have been helping several foreign automotive industry players in establishing manufacturing units in India, thereby boosting domestic production. Given the low labor and production costs, the manufacturing of automobiles in the region would gradually help boost the India automotive industry, the impact of which would be marginally felt across the regional ABS market for automotive plating on plastics application. As a matter of fact, the India ABS industry size for automotive plating on plastics application has been touted to register a CAGR of 7% over 2018-2024.
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The global ABS market trends for automotive plating on plastics application have been touted to thrive successfully in the years ahead, on account of the broad application spectrum of the product in automotive component manufacturing. The paragraphs below offer a precise gist of the application landscape of this industry, that would help justify the remuneration that the global ABS market for automotive plating on plastics application is estimated to garner by 2024.
Unveiling ABS market trends for automotive plating on plastics application from wheels:
The deployment of ABS in wheel production is expected to majorly propel this industry in the years to come – indeed, wheels are anticipated to emerge as one of the most lucrative application avenues for the ABS market for automotive plating on plastics application. Citing a regional instance, driven by heavy investments, the tire industry in India contributed to around 3% of the manufacturing GDP, while the whole automotive sector accounted for 7.1% of the GDP and about 49% of the country’s manufacturing GDP in FY 2015-16. This inherently proves that tire manufacturers in India are on the verge of modernizing their production methods, powered by the demand and supply graph, which has been found to have a direct impact on automobile sales. The trend has indeed been found to have a global presence, indicating that the demand for ABS to be used in wheels will only serve to increase in the years ahead, majorly driving the overall ABS industry for automotive POP application from wheels.
The latest trends in the automotive space also include an extended focus on better traction and low rolling resistance to increase on road performance and fuel efficiency, and inclusion of more radials that consume less fuel. This has necessitated the incorporation of several advancements in tire manufacturing, driving the ABS market size for automotive plating on plastics application from wheels.
Unveiling ABS market trends for automotive plating on plastics application from emblems:
As per reliable reports, the demand for ABS in emblem manufacturing is forecast to consistently increase in the years ahead. Quite overtly, this growth could be accredited to the massive expansion of the automotive industry that has been demanding enhanced emblems of late, pertaining to changing consumer demands. Given that these components are basically deployed by automobile manufacturers to showcase the brand logo and attract a wider consumer base, it has become vital to ensure high-grade aesthetics and advancements in product design and development.
Several global emblem manufacturers like Elektroplate, Billet Badges, and more, are found to have been engaged in designing and manufacturing custom badges and emblems. This has consequently surged the demand for ABS for POP application given the attributes of ABS such as a glossy finesse, light weight, and easy adherence to metal. As per estimates, the global ABS industry share for automotive POP application is anticipated to register a CAGR of 6% over 2018-2024.
Endorsed by a broad application terrain, the ABS market for automotive plating on plastics application is estimated to showcase a highly profitable remuneration graph in the upcoming years. As per estimates, the valuation of ABS market for automotive plating on plastics application would cross US$2 billion by the end of 2024.
Author Name : Saurav Kumar