Novel technologies and rise in usage of polymers in new areas of applications are likely to spur the growth of plastic manufacturing sector in the coming years.
Plastic industry makes significant contribution to the economic development and growth of various key sectors in the country such as automotive, construction, electronics, healthcare, textiles, and FMCG. Government initiatives such as Make in India, Skill India, Digital India, Swachh Bharat Abhiyan, etc are opening up opportunities for accelerated growth in the plastics industry, as the industry is contributing in a big way in the success of these programs. For example, for Digital India program, plastic is one of the major components required in the production of electronic gadgets, which are mostly imported at present in the country. In the next 5 to 10 years, most of the products in the electronics industry are proposed to be made in the country, thus reducing imports from China & other countries – making India an emerging sourcing hub.
“Smart cities, rapid urbanisation, increase in sale of packaged products through retail and e-commerce mode, low per capita consumption, shifting consumer lifestyles, large young population, majority of population of middle income group, many manufacturing segments adopting higher percentage of plastics, etc are contributing towards the growth of plastics industry. Indian plastics industry has geared itself to take up the challenges of quantitative and qualitative growth for serving the nation and its citizens and also to take the country to a higher growth path,” said K K Seksaria, President, Plastindia Foundation, during the formal launch of Plastindia 2018 – a mega trade fair for plastics industry to be held next month in Gandhinagar, Gujarat.
Indian plastics industry is emerging as one of the fastest growing global markets with 12% growth rate. By 2020, plastics consumption of the country is expected to increase from the current 12 million metric tonnes per annum (MMTPA) to 20 MMTPA.
The centre of gravity is rapidly shifting to India as the country offers huge opportunities for the global plastics industry. India is the world’s next plastic destination by virtue of both, its sheer size and tremendous growing domestic demand. The industry is likely to play a significant role in helping government to achieve its goal to raise exports to $900 billion by 2020. The export of plastics finished goods is expected to nearly double from $ 7.9 billion currently to $15 billion in next 5 years.
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