New Delhi — Demand for plastics processing machinery in India is expected to grow 34 percent in the next four years, yielding an estimated $14 billion in investments, according to interviews and a report presented at Plastindia 2023.
Plastics machinery executives at the show, held Feb. 1-5 in New Delhi, pointed to a number of factors, including a government focus on Make-in-India programs as well as free trade and comprehensive economic partnership agreements with other countries.
Tushar Parikh, vice chairman of the Plastic Machinery Manufacturers Association of India, also mentioned favorable developments in the government's recent budget.
"The government announced promotional schemes for exports and subsidies for acquiring new technology to upgrade production facilities for the MSME sector," he said, referring to micro, small and medium enterprises that account for 68 percent of machinery exhibitors at the trade fair.
Some major European companies are now scouting Indian partners in the MSME sector.
Austrian woven plastic packaging and PET recycling machinery supplier Starlinger & Co. GmbH announced its India foray in a low-key manner. "After four decades Starlinger is back in the Indian market stronger than ever with a production unit in Gujarat and with our expertise in sustainable packaging solutions in a partnership with our Indian partner Technology Plastomech Pvt Ltd.," the company said in a statement.
According to a report prepared by the show organizer Plastindia Foundation, injection molding machines dominate the Indian market with 10,000 installed in the 2021-22 fiscal year.
That represents a return to levels before the COVID-19 pandemic, which saw demand drop for two years, the report said. It added that the plastics machinery sector grew about 8.5 percent a year from 2017-18 to 2021-22.