INDIAN PLASTIC INDUSTRY AT A GLANCE IN 2022 - 2023
India's plastic exports were valued at US$ 11.96 billion in FY23. India has more than 2,000 exporters of Plastic and allied products . The Indian Plastic industry employs more than 4 million people and constitutes 30,000 processing units; among these, 85-90% belong to small and medium enterprises. The Government of India intends to take the plastic industry from a current level of Rs. 3 lakh crore (US$ 37.8 billion) of economic activity to Rs. 10 lakh crore (US$ 126 billion) in four-five years.
During April 2022-February 2023, India’s plastic exports stood at US$ 10.9 billion. During this time period, the exports of writing instruments and stationery, medical items, and plastic pipes and fittings increased by 25.0%, 19.1%, and 2.8% over the same time last year, respectively.
Indian Plastic ExportsThe exports of plastics and related materials during 2022 were valued at US$ 13.35 billion. This was a 35.4% increase from the 2021 exports valued at US$ 9.86 billion. Plastic raw materials were the largest exported category and constituted 31.7% of the total exports in 2021-22; it recorded a growth of 26.55% over the previous year. Plastic films and sheets were the second largest category, comprised 15.24% of the total exports, and grew 32.62% over the previous year.
Plastic Export CountriesIndia exports plastic to more than 200 countries in the world. The top five consumer and houseware product importing countries are USA, Germany Japan, the UK, and France. India largely exports plastic and related products to the USA, China, UAE, Germany, Italy, the UK, Bangladesh, Nepal, Turkey, France, Vietnam, Indonesia, etc.
The total value of exports to the US, the largest consumer of the Indian plastic industry, stood at US$ 2.43 billion in 2022, an increase of 63.6% YoY. China is the second largest consumer of plastic export products from India and the total value of exports stood at US$ 883.49 million. US and China constituted 18.21%, and 6.62%, of the total plastic exports in 2022.
Future ScopeThe Union Ministry of Commerce and Industry of India targets to increase the plastic exports of the country to US$ 25 billion by 2025.
