Plastic is seeing an increased demand from all areas, be it industry or the end consumer. From being used by manufacturers from different industries to its application in packaging across industry segments, the sector is witnessing steady demand. The major factor that is increasing the demand for polymers market
in India is the financial conditions and suitable macroeconomic conditions. Adding to the growth are also the rural markets which are opening new found applications in rural life and business, thus creating a path for increasing adoption of polymer based products. The robustness and durability of products are being appreciated across areas and it is resulting in wide usage of polymer.
In the healthcare sector, we are seeing polymer based products proving their efficacy and are in fact replacing the traditionally used non-polymer tools. Ability and ease to the fabricated to precise requirements makes polymer’s application in this area even more welcome. A lot of investment is going into the R&D in this sector with the intent to improve existing technologies and methodologies through usage of polymer based products and equipment.
Application across sectors
Looking at the automobile sector, one can surmise
easily that manufacturers have a lot to gain from increased usage of polymer as it will have a direct impact on fuel consumption and efficiency. Several parts which traditionally used to be made in other materials are now being made with polymer to retain the durability but reduce the weight of the vehicle. Reports suggest that the demand for polymer in this segment is going to grow at the fastest rate in the coming five years or so and it is expected to outrun China and other markets of developing countries.
The major push received by the polymer market has been in the form of government’s policies to bolster and attract foreign direct investment, which is taking the Indian polymer market to the global stage. With global presence, the market is driving further investment in polymer production and plastic processing. With the rising urbanisation, the consumption pattern is changing and a wider adoption of polymer based products is bound to chauffeur Indian market on a path of global acceptance and competence.
The most considerable advancement in the polymer market has been in the area of sustainable polymer products. With the increasing need to focus on environmental concerns and develop products accordingly, the same has also been implemented in this area and we are seeing more and more production shifting towards a sustainable model.
“In 2019, the total production volume of bio-based polymers was 3.8 million tonnes, which is 1 per cent of the production volume of fossil-based polymers and about 3 per cent more than in 2018 – this CAGR is expected to continue until 2024,” says a report by German nova-Institute.
In the India market, starting from the usage of environment friendly ingredients through green chemistry initiatives to transforming the recycling set up, the need for biopolymers has never been so underscored. If we look at geographical usage, tier 1 cities make up 44.3 per cent of the market share when it comes to usage of biopolymer based products, while tier 2 cities have a share of 59.7 per cent. If the usage continues to grow at the current pace, the sector is set to flourish going forward.