Business startup in India is emerging at a constant pace, and along with it ate increasing risks in starting a new manufacturing business. During these times, a planned report on the market and demand of the manufacturing business helps entrepreneurs in knowing why to invest in the business. Here we would talk about reasons to invest in the plastic manufacturing business.
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The plastics industry in India has developed and expanded meaningfully since its commencement in 1957. The Indian plastics industry market has now grown to become one of the leading segments in the country’s economy, consisting of over 30,000 companies and employing more than 4 million people. India is also one of the world’s top exporters of plastics products. The industry creators exports a variety of raw resources, covers, electronic accessories, medical ware, and consumer goods. These plastic products are transferred to more than 150 nations, mainly in Europe, Africa, and Asia.
NPCS’s detailed project report targets to provide you with all the evaluative information required. The following are the crucial points on why to invest in this business:
- The Growth of Indian Plastics Industry- The growth rate of the Indian plastics industry is among the highest in the world, with plastics consumption increasing at 16% per year. Seeing a growing intermediate class with low per capita intake of plastics (currently 9.7kg per head), this high growth rate is likely to last, as the per capita consumption of plastics will unavoidably increase. As domestic plastics demand and intake in India continue to raise at about twice the rate of India’s overall economy, polymers are one of the highest segments with an expected growth rate of between 8-12% a year through 2020. India’s plastics industry believes the marketplace will see more than double its polymer consumption by 2020, reaching 20 million metric tons.
- Indian Plastics Exports – According to the Plastics Export Promotion Council, the exports of the Indian plastic industry have touched over USD 7.6 billion in 2014-2015, and aim to reach USD 10 billion by 2015-2016, from only $16.5 million worth of exports in 1955-56. Plastics goods made in India are transferred to over 150 countries around the world, with the major exchange partners being the EU, USA, China, UAE, , Nigeria, Indonesia, and Egypt.
IMPORT-EXPORT SCENARIO OF PLASTIC IN INDIA IN CURRENT DECADE
|
S.No. |
Types Of Plastics |
Import
(Metric Ton) |
Export
(Metric Ton) |
| 1.) | PE | 1331.3 | 126.1 |
| 2.) | PP | 479.2 | 943.2 |
| 3.) | PVC | 1208 | 1.3 |
| 4.) | PS+EPS | 41.6 | 88 |
| 5.) | Others | 65.5 | 64.7 |
- Potential of Indian Plastics Industry- India having a population of nearly 1.2 billion and a staff of 467 million, many Indian plastics companies have described problems with labor shortages. This has led to an increased amount of asset in engineering technology such as automation and conveyor belt systems. The plastics industry in India also provides plastic resources to several other industries like motorized, consumer packaging, and electronics. the Indian plastic industry has developed by 13% yearly. A similar development rate is expected to continue in 2016-17, and the size of the industry is probable to reach around USD 25 billion by then.
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- Challenges Faced – the shortage of skilled industry labor, the plastics industry in India is also facing the problem of a nationwide power shortage. The electricity demand shortfall is around 13%. This provides excellent occasions for organizations offering energy-saving solutions, green manufacturing technology, and subsidiary equipment. Although India’s plastics manufacturing has been hit by the country’s general financial crisis over the last two years, including the fading rupee, essential economic activity remains strong as the usage of plastic is mounting in more and more sectors, starting new markets and replacing traditional resources.
- Future of Indian plastic business– Faster globalization, quick change in knowledge, and growing consumption have brought about new changes and plentiful opportunities for petrochemical corporations in the Indian plastics industry to grow nearby and globally. Meanwhile, significant funds are also expected in the Indian plastics industry over the next few years, due to its quickly increasing market size.
Finally, the plastic industry in India is one of the quickest-growing sectors which is predictable to increase additional due to the growing demand for reasonable packaging. Considering all these, it is clear that investing in the plastic manufacturing industry project is a profitable scheme. NPCS’s project consultancy and market research fields put forward the emergent scope for plastic production sectors.
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