The automotive sector is the technological trendsetter among companies in the manufacturing industry. It is evolving rapidly and is a driver of the digitalization era. This industry is planning to invest more than $1 trillion globally by 2030 to help facilitate the transition to an electrified future and continue to innovate on the broad array of powertrain technologies to meet the broad and diverse needs of global market.
Widespread consumer and commercial adoption of EVs is facilitating long-term carbon neutrality goals of the transportation sector. Motor vehicle manufacturers are working toward greenhouse gas (GHG) reductions by increasing the number of EVs and alternative fuel vehicles on the road, creating massive opportunities for players in entire value chain including components, parts, coatings, resins, battery cells, and machinery.
Automotive industry is composed of a whole series of chemical specialties that are part of manufacturing auto parts such as seats, headrests, armrests, soundproofing, trays, carpets, sunroofs, fuel, oil and air filters, steering wheels, glass encapsulation, spare parts, and accessories.
This industry creates employment opportunities in both manufacturing and services industries and uses goods from many industries, including steel, iron, aluminum, glass, plastics, glass, carpeting, textiles, computer chips, and rubber.