Page 47 - Plastics News April 2023

BUSINESS NEWS

Automotive Plastics Will Be $43 Billion Market by SIG to open a second
2030
plant in Palghar
High-performance plastics replacing conventional metals and rubber will drive
growth, according to new market report.

he new production plant, lo-
Tcated 90-km north of Mumbai
and a short drive from our first
plant in Palghar, houses produc-
tion assets used to manufacture
components and finished packag-
ing, including blown film extruders,
injection molding cells, bag-in-box
manufacturing machines, and a
mold-making facility for packaging
fitments and closures for both bag-
he global automotive plastics mar- cast period owing to rising usage in-box and spouted pouches.
Tket is expected to reach $43.44 of plastics in interior components
billion by 2030, expanding at a rate of including seat covers, steering Samuel Sigrist, CEO of SIG: “The
5.2% from 2023 to 2030, according wheels, and fascia systems. Indian market is a key growth
to a new report from Grand View Re- • The polyurethane product seg- market for SIG. Our expertise in
search Inc. A preference for high-per- ment is anticipated to witness sig- aseptic packaging and our ability to
formance plastics as a replacement nificant growth over the forecast provide sustainable solutions that
benefit customers, consumers and
for conventional metals and rubber is period because it combines char- the environment are making a dif-
expected to impel market growth.
acteristics of plastics and rubber ference and increasingly becom-
Key industry insights and findings from at a lower weight than metal and ing the focus of food and beverage
the report include: other plastic materials. Increasing manufacturers in India.”
• Increasing integration of in-car demand from the automotive in- Ross Bushnell, president of SIG’s
entertainment and communica- dustry for use in interior trim and bag-in-box and spouted pouch
tion systems, engine electronics, seat cushioning is expected. business: “We’re making an impor-
and advanced safety and driver- In September 2021, Adient, a pioneer tant statement. 15,000 m2 of verti-
assistance systems is boosting in automotive seating systems, con- cally integrated production capacity
demand for electrical compo- firmed a strategic alliance with Coves- puts us in a winning position for the
nent applications, which, in turn, tro to integrate cardyon, a polyol Indian market in aseptic processed
is fueling growth of the North made utilizing Covestro's CO2 tech- fruits, beverage concentrates, fruit
American market; nology as a self-sustaining material, puree, and aseptic dairy for food-
in the manufacture of polyurethane service channels. I am excited to
• The polypropylene segment ac- see our India team embrace the
counted for the largest revenue foam used as cushioning in automo- challenge of growing rapidly in
share of more than 32% in 2022 tive seating systems. Cardyon is also this very strategic market and I am
and is expected to maintain its used as a raw material by Swiss com- confident that we have the tools in
lead over the forecast period; pany FoamPartner to produce foams place to fully enable a locally pro-
for various areas in vehicle interiors. duced solution for both our India
• The interior segment is expected customers and throughout the
to be the largest over the fore- South Asia region.”

PLASTICS NEWS 47
April 2023