Growing Automotive Plastic Industry in India

Growing Automotive Plastic Industry in India

11:56 PM, 24th November 2011
Growing Automotive Plastic Industry in India
Ashok Goel, president, Plastindia Foundation

MUMBAI, INDIA: Automotive industry is one of the leading consumers of plastics in India. The turnover of the Indian plastics industry is likely to grow to Rs 1,000 billion in 2012 from the current Rs 85,000. The apex forum of India's plastics industry has based its estimate on the expectation that the demand potential will grow from the current nine million metric tonnes (MMT) to to 12.5 MMT.

The per capita consumption of plastic products in the country is growing, according to the forum, and the government is trying economic reforms to boost the industry. The number of processing units is expected to increase by 33 percent to 40,000, which in turn will increase the employment potential of the sector, noted the report.

According to a report of global analytical firm CRISIL, the world trade in plastics is expected to reach 140 MMT in 2012, providing a lucrative opportunity to India. However, the report said, with just a 1.5 percent share in world export volumes, India is not in a position to cash in on the opportunity. What is more, the industry needs to enhance capacity, upgrade facilities, improve productivity and increase utilisation of critical plastic applications.

"The Indian plastic processing sector needs to consolidate, reap economies of scale and become competitive , the key to achieve this is modernising, improving labour productivity and enhancing exports."Said Ashok Goel, president, Plastindia Foundation. He said that the industry in India needed to pull up its socks with regard to recycling plastic products. 'Quality standards need to be laid down for the recycling sector and compliance needs to be ensured'.

© WOC News

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