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India is a vast untapped market for plastics: Industry

India Blooms News Service | | Sep 07, 2014, at 08:26 pm

Kolkata, Sept 7 (IBNS): India has a rather mini consumption of plastics and therefore there is a big potential for the application of downstream industries, said experts and industry honchos at PolyCon INDIA 2014 here on Saturday.

"Innovations in Plastics and Polymer Industry – Opportunities for Business Development" was the theme of Polycon INIDA 2014, hosted by the Indian Chamber of Commerce, where industry people discussed the innovation in plastics and polymer industry and its opportunities for business development.

Four large companies represented the sector were by Sumit Basu, Senior Manager, Indian Oil Corporation Limited, Shivaji Basu, GM – Petrochemical Marketing, GAIL Polymer Technology Center, Sanath Kumar, Head Polymer-ONGC Petro Additions Ltd and M S Battu of HPCL-Mittal Energy Limited.

The seminar discussed global plastic industry scenario where the speakers said India has mini consumption of plastics and therefore there is a big potential for the application of downstream industries.

The eastern zone of India has a considerable amount of market and has the scope of development, said the speakers.

Indian Oil envisaged the growth areas and invested around Rs.15000 crore already, said its representative Sumit Basu.

HDPE (High Density Polythene) market in India is 1800 KTA (kilo tons per annum) and are mostly used in fertilizers packaging, gas, OFC, lube oil.

Railway coaches’ pillows have been changed into polypropylene, reducing the cost of its maintenance. Use of propylene has been made mandatory in hospitals replacing the sterilized cotton.

“Per capita consumption [of plastic] in Europe and western country is 3 to 3.5 kg while in India it is 0.8 kg, we are just in the tip of ice berg,“ said Sumit Basu.

(Reporting by Prashanti Banerjee)

#India is a vast untapped market for plastics: Industry

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