India Plastics Market: Industry Analysis and Forecast (2024-2030)

India Plastics Market was worth US$ 43.68 Bn in 2023 and total revenue is expected to grow at a rate of 6.6% CAGR from 2024 to 2030, reaching almost US $ 68.33 Bn in 2030.
India Plastics Market Overview:
Indian plastics industry has established & expanded expressively since its beginning in 1957. The plastics industry in India has now developed to become one of the prominent areas in the nation’s economy, containing of over 30,000 companies & paying more than 4 Mn people. India is also one of the world’s best exporters of plastics products. The productions & exports a range of raw materials, laminates, electronic equipment, medical ware, & consumer goods. These plastic products are exported to more than 150 nations, mostly in Europe, Africa, & Asia.

Indian plastics industry also delivers plastic materials to many other industry such as automotive, consumer packaging, & electronics. Over the past few decades, the demand for Plastic has developed by 8 percent yearly. A similar development rate is anticipated to continue during the forecast period. The progress rate of the plastics industry in India is among the top in the world, with plastics consumption rising at 16 percent per year. Considering a rising middle class with low per capita consumption of plastics. This high progress rate is expected to continue, as the per capita consumption of plastics will certainly increase. Although India’s plastics industry has been hit by the nation’s general economic emergency over the past 2 years, with the weakening rupee, underlying economic movement rests strong as the use of plastic is increasing in more & more segments, opening new markets & substituting traditional materials.

As local plastics demand & consumption in India endure to grow at about twice the rate of country’s total economy, polymers are one of the premier sectors with an anticipated growth rate of between 8-12 percent a year through 2021. India’s plastics Market will see more than double its polymer consumption by the year 2022, reaching 20 Mn metric tons.To know about the Research Methodology :- Request Free Sample Report
Main Polymer based Raw Material:
A range of plastic raw materials are made to meet the necessity of various areas. The polymeric materials segmented as commodity, engineering & specialty plastics. Commodity plastics include of PE, PP, PVC & Polystyrene while engineering show higher mechanical & thermal characteristics, which contains styrene derivatives PS/EPS, polycarbonate, etc.
Potential of Indian Plastics Market:
Despite country having a populace of approximately 1.2 Bn & a workforce of 467 Mn, many local plastics businesses have reported issues with labor shortages. This has steered to an increased amount of investment in industrial technology like automation & conveyor belt systems. Apart from the lack of an expert manufacturing labor, the plastics industry in India is also fronting the issue of a countrywide power shortage. The electricity demand shortage is about 13 percent. This offers excellent opportunities for companies proposing energy saving solutions, green industrial technology, & ancillary equipment.

Faster globalization, fast change in technology, & rising consumerism have brought about innovative changes & abundant chances for petrochemical firms in the Indian plastics industry to raise domestically & globally. Meanwhile, major investments are also estimated in the Indian plastics industry during the forecast period, owing to its rapidly expanding market size. The plastic industry in India is one of the fastest rising segments which is estimated to rise further owing to increasing demand for inexpensive packaging.

Plastic goods producers urge the PM to start a Petrochem regulator:

The plastic good producers have urged Prime Minister Narendra Modi to establish the Petrochemical Controlling Authority to make a fair rating mechanism & guarantee that PSUs such as IOCL, GAIL, BPCL help local plastic processing units. The administration’s anti-dumping duty & compulsory BIS standards were creating a non-tariff barrier & the Indian plastic processing industry being import-dependent has to see a huge issue.

The plastic good producers has claimed an instant prohibition on the export of the raw material, polymer, from country to ease supplies in the nation & check the cost rise striking zero duty on polymer imports. With China, establishes of more than 50,000 PPU of which 90 percent are MSME. The segment openly employs more than fifty lakh people & pays more than `three lakh crore to the nation’s GDP.

Values of the raw materials such as PVC, ABS, etc. have improved reaching between 30 percent & 140 percent over the past 5 months. The petrochemical businesses are captivating benefit of the flow in polymer values by limiting the supplies to local processing units & liberating the material after the value increase in consistent intervals. The polymer processing units have also associated with private companies thus impressive unjustified polymer costs in the local market as compared to costs. Polymer costs are 10-15 percent lower in the market & Indian petrochemical manufacturers do not enter into promoting contracts as foreign manufacturers do.

Indian raw material producers export in huge quantities & make scarcity causing in an exponential rise in value in the last 5 months. This is together with a simple drop in demand owing to the pandemic, which has down the line caused in a working capital crisis. The increasing imports of plastic goods from China are also creating the Indian plastic market uncompetitive in the local market & higher raw material costs are making exports of plastic goods uncompetitive. If polymer costs in country are carried at par with the world-wide costs, presence of thousands of PPU in India are at stake.

2023 is considered as a base year to forecast the market from 2024 to 2030. 2023’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2030. 2023 is a year of exception and analyzed specially with the impact of lockdown by region.

The objective of the report is to present a comprehensive analysis of the India Plastics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the India Plastics Market dynamics, structure by analyzing the market segments and project the India Plastics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the India Plastics Market make the report investor’s guide.
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India Plastics Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 43.68 Bn.


Forecast Period 2024 to 2030 CAGR:
6.6%
Market Size in 2030:
US $ 68.33 Bn.


 Segments Covered:
by Product
Polyethylene (PE)
Polypropylene (PP)
Polyvinyl chloride (PVC)
Polyethylene terephthalate (PET)
Others.


by Application
Injection Molding
Casting
Thermoforming
Extrusion
Others


by End-use
Packaging
Construction
Electrical & Electronics
Automotive
Medical Devices
Agriculture
Consumer Goods
Others



India Plastics Market key Player
1. Reliance Industries
2. Tipco Industries Ltd.
3. Rajiv Plastics Ltd
4. Milacron India Pvt. Ltd.
5. Borouge (India) Pvt Ltd.
6. Haldia Petrochemicals
7. Milacron India Pvt. Ltd.
8. LG Polymers India
9. Ineos Styrolution
10. Bhramaputra Cracker & Polymer Ltd
11. DCM Shriram
12. Others

Frequently Asked Questions:

1) What was the market size of India Plastics Market markets in 2023?
Ans - India Plastics Market was worth US $ 43.68 Bn in 2023.

2) What is the market segment of India Plastics Market markets?

Ans -The market segments are based on Product, Application, and End User.
3) What is forecast period consider for India Plastics Market?

Ans -The forecast period for India Plastics Market is 2024 to 2030.

4) Which are the worldwide major key players covered for India Plastics Market report?
Ans – Reliance Industries, Tipco Industries Ltd., Rajiv Plastics Ltd, Milacron India Pvt. Ltd., Borouge (India) Pvt Ltd., Haldia Petrochemicals, Milacron India Pvt. Ltd., LG Polymers India , Ineos Styrolution, Bhramaputra Cracker & Polymer Ltd, DCM Shriram, Others.

5) Which region is dominated in India Plastics Market?
Ans -In 2023, North India region dominated the India Plastics Market