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MUMBAI — Fueled by increasing plastics usage in automobiles, consumer packaging and government spending on infrastructure, India's plastics industry is set to double per capita consumption in next five years, according to a report from the Plastindia Foundation.
India's per capita plastics consumption — estimated at 9.7 kilograms in 2012-13 — is far below the 109 kg. level in the United States and 45 kg. in China.
But the plastics industry is poised to benefit from increasing per capita income, rising consumerism and modernization, particularly in urban areas.
The Plastindia Foundation estimates that the demand for polymers to jump to 16.5 million metric tonnes by 2016-17 from 11 million tonnes during 2012-13, resulting in consumption rising by 10.8 percent compound annual growth rate.
India is expected to be among top 10 packaging consumers in the world by 2016 with demand set to reach $24 billion, according to the report.