India’s booming progress in various fields has given a kick start to the growth spree of the Indian Polymer Industry. These have laid down a positive path for the polymer growth story in the country.
The Development in the Indian Polymer Packaging Products has brought in the revolution with more than 60% of the polymers consumed in India being consumed for packaging applications. With the polymer consumption in packaging being at 5.3 Mn Mt in 2011, it is slated to reach 10 Mn Mt by 2020.
The Indian automobile industry has also played a crucial role in the growth of the Indian Plastic Industry. With the growing middle class & rising income levels, the automobile markets are increasing. Plastic also plays a crucial role in the manufacturing process.
Another driving force behind the success of the plastic industry is the Indian appliance industry which is growing at 15% Y-o-Y. Other significant contributors to the progress of the industry are the healthcare domain, which is increasingly resorting to plastic in terms of syringes, IV fluid bottles, , Modern Medical Equipments & Implants, Artificial body parts etc.
The factors that have helped the Indian Polymer industry prosper can be put down as,
• New Developments in Packaging applications
• Infrastructure boom
• Modernization of Agriculture Sector
• Improvised medical and Healthcare facilities
• India becoming the Hub for Automobile manufacturing
• Improved Life Style and disposable income as well rural penetration to drive growth of Appliances
The plastic Industry in India is poised to grow multifold in the years to come. It took the industry more than five decades to reach 10 Mn Mt mark in terms of consumption but it would double in the next one decade.