07/24/2012 | Editor: Dominik Stephan
India, currently the third largest consumer of polymers, is abbout to become a global polymers powerhouse, market analysts believe. A recent study by Global Data expects the production output to rise by 9.4 percent annually.
According to recent Global Data figures, India is already the world’s third largest consumer of polymers, behind China and the US, with a share of 5.7% of the 2011 global total – an increase from it’s 2000 portion size of 3.5%. Most of this impressive grow comes from the booming Indian manufacturing industry, the analysts believe: Growth in the polymers industry really kicked off in India after the country’s economic liberalisation in 1991. The resulting deregulation and privatization sparked a boom in end-use sectors such as packaging, construction and automotive that has seen per capita consumption increase from 1kg in 1980 to 7.4kg in 2010.
This level, however, is still much lower than the world average and with surging industrialization and an increasingly powerful economy, the subcontinent still has massive as-yet largely untapped potential.
Now the domestic chemical industry expands its capacities to keep up with the speed of the boom: Production levels are soaring in order to keep up with India’s ravenous demand. In 2011, the manufacture of polymer products was 7.377 Million Metric ton per annum (MMtpa), and this will surge at a CAGR of 9.4% to reach 11.575 MMtpa by just 2016.
Global Data’s research indicates that the polymer demand in India is even outstripping the country’s strong GDP growth: in the period 2000 to 2011, India’s GDP climbed at a Compound Annual Growth Rate (CAGR) of 7.6%, whereas polymer consumption across all areas grew at a CAGR of 9.1%.
On page 2 you will discover why market insiders attribute India's government with a key role in the country's industrial development...
More Megatrends for India: Read also Mega Trends 2020: Profiting From a Single Integrated Asian Market
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