New Opportunities in the Automotive Plastic Market to Encourage Market Players to Invest in Plastic Production

Automotive Plastic Market

Lanxess Focusing on Tapping into High-tech Plastic Market in China: A speciality chemical manufacturer, German-based Company Lanxess is planning to construct new high-performance plastic plant in Changzhou, China.

The new plant is scheduled to begin production from second quarter of 2019 and is likely to have the capacity to manufacture 25,000 metric tonnes of Pocan and Durethan branded plastics for the automotive sector along with electrical and electronics industries. Owing to constant demand for high-performance plastics, the automotive industry is the key segment for Lanxess within the sector.

Lanxess regularly find solution to replace metal parts in vehicle with plastics so as to reduce fuel consumption, emissions and weight of the vehicle. The company is currently operating the Binjiang Chemical Park in Changzhou. It is also running a production plant for synthetic rubber and leather chemicals, which presently employ 350 people. Additionally, Lanexx even operates an existing high-performance plastic plant in Wuxi, China. The new plant of the company is likely to create opportunity for 35 new jobs and will further strengthen company’s presence in the region.

Michael Zobel, Lanexx high-performance material business unit head stated that they are increasing their global network of compounding plants with this new production factory and are continuing to constantly focus their portfolio of high-value plastics.

Karnataka’s First ‘Plastic Plant’ to Create 30 Thousand Job Opportunities

The procedure of setting up Karnataka’s 1st plastic park in Mangaluru has gained momentum with the State government identifying 96 acres of land for phase 1 of the project and Mangalore Refinery and Petrochemicals Ltd. (MRPL) ready to supply the raw material.

The government has prepared to provide 96 acres of land of Karnataka Industrial Areas Development Board (KIADB) at Ganjimutt, off Mangaluru, for the plastic park. Moreover, 32 entrepreneurs showed interest in opening units there, stated the Joint Director of the Industries and Commerce Department, Gokuldas nayak.

The managing director of MRPL, H. Kumar stated that the sole petroleum refinery in Karnataka has plentiful raw material to set in production. Further, Mr. Nayak stated that the department is trying to make the park a cluster so as to gain a grant from the Union government to make infrastructure, including a common testing facility, common effluent plant, roads and drainage. The common infrastructure will enable entrepreneurs to cut down their costs.

The proposed plastic park, which has the ability to create opportunity of employment for more than 30 thousand people, is also to get a unit of Central Institute of Plastic Engineering and Technology to provide training to youngsters and to test products manufactured by the units in the park, stated Anantkumar Hegde, Union Minister for Entrepreneurship and Skill Development.

Automotive Plastic Market to Gain Momentum: The BRIC automotive plastic market is estimated to witness expansion at impressive double-digit CAGR through 2020, according to a report offered by Future Market Insights (FMI), a market research company. China is likely to retain its dominance throughout the forecast period.

A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-br-81

About Nikhil Kaitwade 31 Articles
With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.