Pluss Advanced Technologies Pvt Ltd, specialty additives manufacturer for automobile and white goods industry, estimates the use of plastics in vehicles to increase from 16 % to 25 %. The company put forward this estimate during an announcement stating a 40 % growth in sales for its indigenously-developed polymer additives.
Business across industries have seen large opportunity in metal replacement, in uses including oil and gas exploration, manufacturing equipment, automotive parts, extraction rigs, mobile phones and tablets, the company noted. The demand for polymers is driven by growth in end use markets, such as automotive, building and construction, packaging, consumer goods, horticulture, rail transport, electronics and telecommunications. Pluss Advanced Technologies said the basic benefit plastics give to manufacturers is more liberty in product design, including greater range in material selection and being capable to produce more difficult geometries.
Samit Jain, Managing Director, Pluss Advanced Technologies, said the global polymer industry is estimated to grow at a CAGR of 3.9 % from 2015 to 2020. About 16 % of weight in vehicle is made up of plastics, and with increasing innovations it is assumed that it will possibly reach to 25 % within the next five years, he added.
The Plastic industry is claimed to be one of the fastest growing industries across the globe. The growth has picked up in the last few decades as people developed substitute materials to metals, with modified plastics being a natural choice.