Plastic Industry is taking a very significant part in the contribution of the progress of our country. It has contributed greatly to different sectors in the country such as Automotive, Construction, Electronics, Healthcare, Textiles, and FMCG etc. The plastic industry contributes to almost every daily requirement which is clothing, housing, construction, furniture, automobiles, household items, agriculture, horticulture, irrigation, packaging, medical appliances, electronics and electrical items Plastic Industry grows in the huge regional diversification of India, Western India accounts for 47%, Northern India for 23% and Southern India for 21%. Per capita consumption of the plastic Industry is increasing heavily.
India’s plastic has grown 13% annually in the last 5 years and similar growth is expected even in the future. There are over 30,000 registered plastic processing units. Number of plastic processing units in India is as high as 30,000. Growth of the Plastic industry is at a CAGR of 10% in volume from 8.3 MMTPA in financial year 2010 and in Financial year 2015 it was 13.4 MMTPA, and looking at the growing potential in future it is estimated to bloom at a CAGR of around 10.5% to gain 22 MMPTA from financial year 2015-2020. However, for a long time, India’s plastic Industry is facing a huge domestic demand crunch which is affecting over 4 million people employed under it. Per capita consumption of plastic at 11 kg is much lower than the per capita consumption of plastic in China and many other countries.
Even though Plastic Industry has an enormous growth potential, it still faces immense challenges in terms of environmental myths, behind in modern tech, restricted infrastructure, and significant instability in feedstock prices. Real growth can only be produced in the plastic Industry if the stakeholders want it. Over the next 3 years, the government of India is gonna take large steps to improve the railways and shipping infrastructure. Investments in water and sanitation management, irrigation, building & construction, power, transport, and retail is persuaded. Plastic plays a very important role in these sectors in a variety of products, as a result, higher investment in these sectors will drive the demand even for plastic Industry. Minister Hansraj Gangaram Ahir in an interview said “Technical upgradation fund is applicable at present in pharmaceutical and textile sector, which may also be considered and discussed for plastic and polymer sector. The basic problem with plastic is its management. We invite the industry to participate pro-actively in plastic waste management” There is a huge growth in the polymer use in all India, but as for now, it is far behind globally. In this age of globalization and our constant need to improve our standard of living the demand for plastic is bound to increase exponentially.