Chicago — Indian plastics processors are increasing their production of compounds, rigid products and biaxially oriented polypropylene film, according to an executive with that country's largest resin supplier.
"India still has low per-capita plastics consumption, even though it's becoming a big plastics supplier," said Kamal Nanavaty, president of strategy for Reliance Industries Ltd. of Mumbai. Nanavaty spoke recently at Global Plastics Summit 2017 in Chicago.
Reliance accounts for almost half of all Indian resin production and ranks as the world's sixth-largest PP maker. The firm operates almost 5 billion pounds of annual PP production and more than 2 billion pounds of annual polyethylene production, with large plastics works at its refinery in Jamnagar.
But India remains a net importer of all resins except PP, Nanavaty said, mostly from Saudi Arabia and United Arab Emirates.
Indian plastics consumption is benefiting from government upgrading of cities, roads and aviation facilities, he added.
"There's a change in lifestyle, with a growing number of consumers and a lot of foreign investment," added Nanavaty, who joined Reliance in 1989.
Reliance posted sales of almost $51 billion in 2016, spread among retail, refining and petrochemicals.