Indian plastics market expected to reach Rs 10 lakh crore by 2027-28: AIPMA
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Chennai: India has the potential to emerge as a global plastics supplier and the domestic plastics market is expected to more than triple to Rs 10 lakh crore by 2027-28. Officials gave this information on Sunday. According to the All India Plastic Manufacturers Association (AIPMA), the market size of plastics in India is Rs 3.5 lakh crore.
Apart from the growth of plastics in the domestic market, the export of the products to foreign countries was also expected to reach Rs 1 lakh crore from the current Rs 40,000 crore. Association President Mayur D Shah said that the Indian plastics industry has potential. AIPMA has identified 553 plastic products for import substitution with a total import value of Rs 37,500 crore.
Shah said, “India also has the potential to emerge as a global plastic supplier. Government and industry are working together to ensure a sustainable environment to drive growth and make the Indian plastics industry a global sourcing hub. Arvind Mehta, Chairman, AIPMA Governing Council, said, “The Indian plastics industry is poised for rapid growth.
The size of the plastic industry is estimated to be Rs 10 lakh crore in 2027-28 as compared to Rs 3.50 lakh crore in 2022-23. crore, which shows the global acceptability of Indian products. This is an excellent opportunity for Indian industry and we must make the most of it.
Industry officials are here to participate in the fifth edition of the Technology Summit organized by AIPMA. We are also confident that the Indian plastics manufacturing industry will play an important role in making the country a USD 5 trillion economy, Shah said.
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