The Plastic Industry has made a steady beginning in 1945 but the development took place from 1960 onwards. Since the liberalization of Indian Economy in 1991, this sector has shown tremendous growth and diversification. In today's scenario, Plastic is a major component, used in each and every Sector/Industry like Electronics, Computers, White Goods, to name a few!
Plastic is a synthetic material made from wide range of organic polymers that can be molded into any shape or form i.e. soft, rigid or slightly elastic. At present, their low cost, ease of manufacture, adaptability and opaque/impenetrable/impassable to water, makes it a finer, usable raw material than any other component. From paper clips to spacecraft, plastics are used in multitude of products of different scales.
The Plastic Industry contributes to almost every daily requirement of a human being whether it is Clothing, Construction, Housing, Automobiles, Household items, Furniture, Agriculture, Medical Appliances, Horticulture, Irrigation, Packaging, Electronics and Electrical items, etc. In the last five years, India’s Plastic Industry has grown tremendously by 13 percent annually and similar growth is expected even in the near future.
At present, there are over 30,000 registered plastic processing units. Growth of the sector is at a CAGR of 10 percent in volume from 8.3 MMTPA in the financial year 2010 and it was 13.4 MMTPA in 2015. Looking at such a tremendous growth, it is estimated to grow at a CAGR of around 10.5 percent to gain 22 MMPTA from 2015-2020. However, from a long time, India’s Plastic Industry is facing a huge crunch in demand in the domestic sector, which is affecting over fur million people employed in the Plastic Industry.
To cope up with the situation, several new trends have emerged which continue to be refined and amplified within the Plastic Industry. New Plastics which are introduced, are not only safe to dispose but also are energy-efficient and emits less toxic radiations. Technology and Innovative minds are shaping up the sector and it is important to understand the recent trends which are as follows: