India Plastic Market

Synopsis
The above chart is India Plastic Market Outlook (2018 to 2032)

Market Dynamics

the india plastic market outlook for 2018 to 2032 looks to be a promising one for the industry. with the indian economy projected to grow at an impressive pace in the coming years, plastics manufacturers in india are likely to benefit from increased domestic consumption and external demand for their products. due to its raw material and product advantages, india is a preferred market for various downstream plastic products. as per industry reports, the production of different types of manufactured plastics increased from around 4 million tonnes in 2011-12 to 4.8 million tonnes in 2015-16. the corresponding compounded annual growth rate of plastic products in india was about 7 to 8 percent over this period. this growth is expected to be sustained over the forecast period, in part due to the indian government’s push for increased domestic manufacturing and its strong focus on promoting the plastic industry. in terms of end-use, transportation, packaging, electrical/electronic, and construction are the key sectors. currently, consumer goods, engineering products, and industrial goods constitute the largest share of plastics consumption in india. demand for plastics from the automotive sector has also been consistently increasing in india over the past few years. in the near future, plastics consumption is expected to grow in many other industries including healthcare, home furnishings, and furniture industries. the indian plastics industry is also expected to benefit from the country’s make in india initiative. the campaign has been launched to promote the nation’s manufacturing sector and boost job creation and investment in the economy. currently, india lacks polymer reserves, leading to substantial dependence on imports for the necessary raw materials. thus, in addition to stimulating domestic production, the make in india initiative may help reduce this dependence. overall, the outlook for india's plastics industry is set to remain positive between 2018 and 2032. with growing demand, supported by a demand for diversification in material usage and increasing imports for raw material, the sector will likely see strong growth in the coming years.