The Indian Plastic industry spans the country and hosts more than 2,000 exporters. It employs about 4 million people and comprises more than 30,000 processing units, 85-90 percent of which are small and medium-sized enterprises. The size of plastic manufacturing sector is pegged at 12 million tonnes.
Forecast for the Industry
Domestic consumption of plastic is expected to touch 20 million Metric Tonnes by 2020. Given the increasing consumption of plastic products, plastic manufacturers are bullish about the growth prospects of the sector in FY18. According to industry sources, the Rs 1.2 lakh-crore polymers sector will grow 10-12 per cent in FY18 and generate as many as 5 lakh new jobs.
Per capita Consumption of Plastic
Per capita plastic consumption in India is about 10 kg per person while it is about 90-100 kg in the US and 50 kg in Europe. As application of polymers is increasing in new products and sectors, the per capita consumption of plastic is set to rise spurring the growth of plastic manufacturing sector by at least 10 per cent.