LONDON, April 25, 2016 /PRNewswire/ -- The chemical and petrochemical industries play a vital role for the economic development of any country. Petrochemical products permeate a wide range of items and include almost every sphere of life such as clothing, construction, furniture, agriculture, automobiles, packaging and many more. With growing population, the demand for these sectors has seen an upsurge in the recent past. The increased consumption of plastic products from major developing applications with rapid industrialization is considered as the key driver for the rise of demand in Indian market. Polymers find their use in various applications such as packaging, building & construction, automobiles, consumer products and others. The India polymers market has been segmented by type of polymers and the application what they serve. Based on the types of polymers commercially available, the market is categorized in to various categories such as polyethylene, polypropylene, polyvinyl chloride, polystyrene, ABS Resin and others. Each type varies greatly and the composition is different with different technical specifications.
The main factor owing to the growth of this industry is favorable macroeconomic conditions like population growth and financial conditions like increasing FDI investments. Moreover, rural market is growth frontier for the polymers manufacturers in India providing a huge market to be tapped. Polymers industry in India is poised to experience double digit growth during the forecast period owing to the humongous growth in the application sectors such as packaging, building & construction, consumer products and more.
Packaging industry is the largest consumer of polymers in India. This industry is estimated to grow at a rate of 15% p.a. over the next few years to reach a size of $48 Billion by FY16
The growth of the plastics industry has a multiplier effect on numerous important sectors such as packaging, building & construction, automotive, consumer products and others. In terms of number of products and its application in the market, polyethylene had dominated the Indian market followed by polyvinyl chloride and polypropylene. The report also focuses on key regions within India in terms of changing trends in using polymers in various applications. Western region holds major share with a significant growth rate.
The report also includes overview of major companies' such as
Indian Oil Corporation Ltd,
Reliance Industries Limited (RIL),
Haldia Petrochemicals Limited (HPL)
GAIL (India) Limited.
Polymers market in India is expanding vigorously as many companies are taking initiatives for the developments that include business expansion, product launches, partnerships and many more. The largest business expansion was undertaken by Reliance industries Limited. It is the largest petrochemical player in India has all its cracking units in West and this facilitates the growth of downstream plastic processing industry in Western region. Petrochemical and refining are the two core business segments of Reliance industries.
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