Indian plastic industry size to touch Rs 10 lakh crores in five years: AIPMA

The Indian plastic industry is expected to witness rapid growth and nearly triple in size to Rs10 lakh crores by 2027, with import substation offering a huge growth opportunity to the industry, according to the All India Plastics Manufacturers Association (AIPMA), the premier industry body representing the plastics industry in India.

AIPMA organized its 3rd Technology Conference for Growth of Plastic Industry in Ahmedabad on Friday. The conference, aimed at boosting Make in India and facilitating import substitution of plastic goods, witnessed participation from experts, industry representatives, researchers, government officials, and policymakers from all over the country.

Earlier, delivering the welcome address, Mayur D. Shah, president of AIPMA, said the plastic industry is well-positioned to cater to the domestic market but also emerge as a global plastic supply hub.

“The Indian Plastic Industry has proven capabilities. AIPMA has identified 553 plastic products for import substitution, totaling Rs37,500 crores worth of imports. The move towards import substitution will create 5 lakh additional jobs in the country. This import substitution offers a huge opportunity. India also has the potential to emerge as a global plastic supplier. The government and the industry are working together to further encourage growth and create a sustainable environment for the Indian plastics industry to become the global sourcing hub. We are also confident that the Indian plastic manufacturing industry will play a vital role in helping the country become a US$5 trillion economy,” Shah said.

Addressing the conference, Arvind Mehta, chairman of AIPMA’s Governing Council and AIPMA’s Arvind Mehta Technology and Entrepreneurship Centre (AMTEC) said, “The Indian plastic industry is poised for rapid growth. The size of the plastic industry is projected to grow from Rs.3.5 lakh crore in 2022-23 to Rs.10 lakh crore in 2027-28. The exports of plastic products are expected to grow from Rs40,000 crores to Rs1 lakh crore, reflecting the global acceptance of Indian products. This is an excellent opportunity for the Indian industry and we must make the most of it.”

The AIPMA conference served as a platform for direct dialogue between manufacturers and importers. It also showcased various technologies and innovations to facilitate import substitution. Speakers at the conference emphasized the plastic industry’s role in promoting initiatives like Atmanirbhar Bharat and Vocal for Local.

The conference also featured keynote addresses from noted speakers. Gurinder Singh, managing director of ONGC Petro additions, spoke about the evolving opportunities for petrochemical industries due to the import substitution of plastic goods. Jigish Doshi, president of PlastIndia Foundation and managing director of Vishakha Group, shared his insights on business opportunities for the Indian plastics industry as more companies pursue the 'China plus one' strategy to reduce their dependence on China. Mahendrabhai Patel, chairman of Mamata Machinery, addressed the conference on the business opportunities for the plastic machinery industry due to import substitution.

The conference featured sessions on Innovations in Raw Material & Supply Chain Requirements for Import Substitution, Requirement of Innovative Plastic Processing Technologies for Import Substitution, and Requirement of Tooling, Dies & Jigs Fixtures for Import Substitution. These sessions stressed exploring avenues for reducing import dependence and enhancing the domestic manufacturing of plastic products, ultimately contributing to the country’s growth and job creation.

In his address, prof (Doctor) Sanjay K Nayak, vice-chancellor of Ravenshaw University, and chief guest on the occasion, discussed how policies can enable the growth of the plastic industry in India. He also emphasized the importance of aligning policies with the industry’s needs to promote sustainable development.

LK Singh, vice president of AIPMA North Zone, presented the vote of thanks.

The conference also showcased exhibits and samples of imported plastic products, offering a technical and business roadmap to the plastic processing industry for manufacturing these products in India. The upcoming editions of the conference are scheduled in Bangalore on 10 August, Chennai on 18 August, and Kolkata on 28 August.