The trends in the growing plastic industry in India
The plastic industry is growing today and has reached almost all the fields. We see the use of plastic in our daily lives and also in manufacturing units. Plastic is important today and realizing their potential, many investors have readily invested in the plastic industry looking at the scope and the growth in India. Plastic exports are also steadily on the rise since their development, and they have a bright future as well. The use of plastic in the country is seen in an automobile, consumer packaging, daily use products, etc. the plastic industry is expected to grow double digit in 2016-17. The industry grew by 13 % in the past years and will grow double-digit next year. The market here is growing for plastics, and there are around 11 million tons of plastic is consumed in the country as compared to the 275 million tons per year worldwide. The consumption today is growing at the rate of 10 % and may touch 16.5millon tons by 2016. The total size of the Indian plastic industry will be around Rs. 1.7 lakh crore by 2015 due to the rising population, demand, and consumption.
Exports of plastics
Today, the country has a promising sector in the export industry and is also an aggressor in exports, among the developing countries. The exports are wide and range of plastic molded, extruded goods, laminates, leather, cloth and sheeting, consumer goods, travel ware, fishnets, electrical accessories and more. There is great scope here in the capacity to manufacture, infrastructure and also the labor is cheap and easily available. All these factors help grow and develop the plastic industry. The raw material that is easily available in the country is also its major strength and does not have to depend on imports.
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