Plastic has brought immense benefits to the society in a number of ways. A number of industries have been benefitted by plastic. In actuality, plastic has helped aeronautics technology take massive steps forward over the past 50 years, including advancements in satellites, shuttles, aircraft, and missiles. In addition, pharmaceuticals industry, the building and construction, electronics, packaging, and transportation industries have all benefited greatly from plastic. Plastic is superior, light, sturdy and economical to produce. There are numerous benefits of using plastic. It does not decay but it can instead be recycled. Unlike aluminium cans, plastic bottles can be reused and stored for a longer period of time.

The plastics industry manufactures polymer materials commonly called plastics-and offers services in plastics important to a range of industries, including packaging, building and construction, electronics, aerospace, and transportation.

It is part of the chemical industry. In addition, as mineral oil is the major constituent of plastics, it is regarded a part of the petrochemical industry.

Besides plastics production, plastics engineering is an important part of the industrial sector. The latter field is dominated by engineering plastic as raw material because of its better mechanical and thermal properties than the more widely used commodity plastics.

Market Outlook

Indian plastics industry is set to buck the global trend of sluggish growth by emerging as one of the fastest growing markets with 12 percent growth rate this year. By 2020, plastics consumption of the country is expected to increase from the current 12 million metric tonnes per annum (MMTPA) to 20 MMTPA.

Export of plastic products from India stood at US$ 7.64 billion in FY 2015-16.

The export of plastics finished goods is expected to nearly double from $ 7.9 billion currently to $15 billion in next 5 years.

The growth rate of the Indian plastics industry is among the highest in the world, with plastics consumption growing at 16% per year (compared to 10% p.a. in China and around 2.5% p.a. in the UK). Considering a growing middle class (currently around 50 million) with low per capita consumption of plastics (currently 9.7kg per head), this high growing rate is likely to continue, as the per capita consumption of plastics will inevitably increase.

The exports of the Indian plastic industry have reached over USD 7.6 billion in 2014-2015, and aim to reach USD 10 billion by 2015-2016.

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