The Indian polymer industry is one of the fastest growing industries in the country. It is expected to grow at a CAGR of 11.5% from 2018 to 2025. The industry is supported by the government's Make in India initiative, which aims to boost the manufacturing sector in the country.
The Indian polymer industry is divided into three segments: plastics, rubbers, and synthetic fibers. Plastics account for the largest share of the industry, followed by rubbers and synthetic fibers. Polymers are used in a wide range of applications, including packaging, construction, automotive, and healthcare.
The plastics segment is further divided into three sub-segments: thermoplastics, thermosets, and elastomers. Thermoplastics are the largest sub-segment, followed by thermosets and elastomers. The major types of plastics used in India are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and polystyrene (PS).
The Indian plastic industry market is one of the nation's most important industries. Polystyrene manufacture in India began in 1957, marking the beginning of the country's plastics sector. The industry has advanced significantly and expanded quickly since that time. With more than 2,000 exporters, the sector is widespread throughout the nation. There are 30,000 processing units and more than 4 million people employed by it in the nation; between 85 and 90 percent of these units are small and medium-sized businesses.
India produces a wide range of goods, including plastics and linoleum, home furnishings, cordage, fishnets, floor coverings, medical supplies, packaging, pipes, plastic films, and raw materials. The majority of the nation's exports are tarps, woven bags, textiles, films, and sheets made of plastic. In 4-5 years, the Indian government hopes to increase the economic activity in the plastic industry from its current level of Rs. 3 lakh crores (US$ 37.8 billion) to Rs. 10 lakh crores (US$ 126 billion).
Polymer production has developed into one of the fastest-growing businesses in India as a result of the steadily rising demand for them from several firms, including those in the electronics, healthcare, and packaging industries. With an increase in GDP, India has risen to the third-largest polymer market globally and is adjusting continually to emerging techniques for synthesizing polymers. PP, which is widely used in the automotive and mechanical industries due to its high mechanical strength and durability, would be one such factor contributing to the industry's boom.
With India's polymer industry is forecast to grow significantly in the coming years. Thanks to India's large and growing middle class, as well as its vast reserves of natural gas and petroleum, the country is well-positioned to become a major player in the global polymer market. In order to take advantage of this opportunity, however, Indian plasticsheet company will need to invest in new technologies and facilities that can meet international standards.
AKMY Polyplast
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