Page 50 - Plastics News Issue November - 2024

BUSINESS NEWS
Market Opportunities
The polypropylene segment is expected
to dominate the market, accounting for
over 30% of the total market share by 2031.
Polypropylene is highly preferred for use in
automotive components. This is owing to its
excellent chemical resistance, heat resistance,
and durability. It is widely used in bumpers,
instrument panels, door panels, and other
exterior and interior parts in vehicles.
The automotive application segment is expected
to hold the largest share of over 35% of the total
plastic component market in 2024. Lightweight
components are made using engineering
plastics. It helps in reducing the overall weight
of the vehicles and improving fuel efficiency.
Plastics are increasingly replacing traditional
materials like metal in various auto parts owing
to their superior properties.
The growing automotive production is supported
by rising vehicle ownership, especially in
developing economies. It is propelling the
demand for plastic components in the automotive
industry.
Presenting INGA: the next
generation of sustainable plastics made from CO2 emissions
ortum Recycling & Waste, a leading com-
pany in circular solutions and waste man-
Fagement, proudly presents INGA: the
world’s first biodegradable plastic born entirely
from CO2. INGA captures the value of CO2 emis-
sions to create raw materials that can revolution-
ise plastic production – fossil-free and without
microplastics.
“It is time to rethink plastic production and move
50 PLASTICS NEWS
Key Market Takeaways
The global plastic component market is
anticipated to witness a CAGR of 6.3% during
the forecast period 2024-2031. This is owing to
the rising application of plastics in various end-
use industries like automotive, consumer goods,
and healthcare.
On the basis of type of plastic, the polypropylene
segment is expected to hold a dominant position.
This is owing to widespread use of polypropylene
in automotive exterior and interior parts.
On the basis of application, the automotive
segment is expected to hold the largest share
over the forecast period. This is due to the
increasing use of plastics in lightweight vehicle
components to improve fuel efficiency.
North America is expected to hold a dominant
position over the forecast period. This is owing
to robust presence of automotive and packaging
industries in the region.
Source – GlobeNewswire
away from fossil feedstock. There is an ever-in-
creasing need for high-quality sustainable plas-
tics that can be used everywhere and that meet
the set requirements, whether it be hygiene, col-
our, haptic or barrier properties. Not only does
INGA answer all of those demands, but it is also
biodegradable and does not leave any micro-
plastics behind. In terms of quality, INGA has the
same properties as virgin plastics,” says Tony
November 2024