The Indian plastics market will see a considerable growth of 5.2% during the forecast period. India is the fastest-growing country in the Asia-Pacific plastics market. The market players are gradually expanding their production base in India. The packaging sector has seen a rapid penetration of plastics in India in the last decade, backed by the rise in the e-commerce sector.
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Moreover, the growth in the food & beverage sector is further augmenting the demand for plastics in packaging, as it ensures food safety, quality, and long shelf life. Since packaged food is one of the fastest-growing industries, it is expected to fuel the demand for plastic packaging in India and turn, will drive the plastics industry growth in the country.
The ease of FDI is primarily encouraging the investors to invest in India, setting up manufacturing facilities across the Indian region. The 100.0% FDI was allowed in food processing and single-brand retail, and 51.0% in multi-brand retail. The ease of doing business in India has boosted the entry of foreign firms in India, which in turn, will leverage the production of personal care and food & beverage products in the country, and thereby will increase the adoption of plastic material.
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The plastic is composed of tough resin that can withstand extreme temperatures and pressure. Therefore, it offers versatility compared to steel and stainless steel which is expected to support its applications in a range of areas, including cosmetics, food and beverage, and pharmaceutical, in the country.
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
India Plastics Market – Segmentation
- Building & Construction
- Electrical & Electronics
- Household, Leisure & Sports
- Arkema Group
- Axel Polymers Ltd.
- BASF SE
- Hexcel Corp.
- INEOS AG
- Reliance Industries Ltd.
- Roechling Group
- RTP Co.
- Sumitomo Chemical Co., Ltd.
- Tipco Group
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