Global Plastics Market: A Potential Goldmine for India

by Cora Windows uPVC Windows in India
Experts forecast that the exports of plastics from India will cross $8 billion by the end of FY2018. At present, the exports are figured at $7.5 billion approximately. The increase by the end of the year would be an increase of about 6% from the current figure. India exports its plastics to more than 180 countries, and countries like China, US, and Italy are major importers of plastic from China.

Having said that India still has to go a long way when it comes to exports of plastics to the global market. At present, the top 5 global exporters of plastic are China. Germany, US, Korea, Belgium, Japan, and the Netherlands.

But India is ranked among the top 5 consumers of polymers globally. The country has more than 30 thousand plastic processing units that employ a huge number of people in the country. The plastic industry in India is but dominated by sectors from MSME. These sectors require immense government support especially in the area of technology up-gradation. However, the issue is that since plastics are fragmented in nature, adaptation to newer technologies is much slower.

One of the plastic products that is picking up trade in India is UPVC in particular. Indian metropolitan cities have witnessed much demand in UPVC products especially for the purpose of fenestration. UPVC sliding doors in Delhi, Mumbai, and Bengaluru are in the trend among both home buyers and real estate developers in the current times. Although there are many UPVC window manufacturers in the country, trust in these manufacturers is still a concern because of the prevalent manufacture of substandard UPVC products. Genuine UPVC is still perceived to be manufactured only from countries like Germany and European manufacturers.

The Government of India has taken various policy initiatives to promote the plastic industry in the country. These include deregulation of the industry so to allow 100% FDI. Centers of Excellence (CoEs) have been set up to improve the existing environment of the petrochemical industry both in terms of technology and research. An autonomous training institute called Central Institute of Plastics Engineering & Technology (CIPET) has been set up under the Department of Chemicals and Petrochemicals. CIPET was set up in 1968 at Chennai with the assistance of UNDP. The International Labor Organization acts as the executing agency for this programme. What CIPET primarily does is provide technical support service in areas like plastic processing, design, testing, tooling, and quality assurance, both in India and abroad.

The plastic industry is a very lucrative market for India to capitalize on. Although the Make in India initiative is indeed a very progressive step towards development, it has not been able to deliver much as expected. Although 100% FDI has been permitted in the plastics industry, there is still a lot of groundwork that needs to be done in order to reap the benefit of all these progressive steps. Initiatives like the CIPET are a great move towards capitalizing the promising global market of plastics.

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About Cora Windows Freshman   uPVC Windows in India

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Joined APSense since, April 14th, 2017, From Delhi, India.

Created on May 22nd 2018 01:03. Viewed 866 times.


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