India Plastic Additives Market to grow with a CAGR of 5.44% through 2028
Initiatives taken by
government to support the production of plastic additives are the major drivers
for the India Plastic Additives Market.
According to TechSci Research
report, “India Plastic Additives Market – Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028”, the India
Plastic Additives Market stood at USD 580.56 Million and is anticipated to
register impressive growth with a CAGR of 5.44% during the forecast period. This
can be ascribed to collaborations and partnerships among leading companies with
a diverse approach to merge the expertise of individual companies and to strengthen
their position in the market.
Rising disposable income
levels and changing lifestyles have led to increased consumer spending on
consumer goods, electronics, and appliances. As per the Ministry of
Statistics and Programme Implementation, Disposable Personal Income in India
increased to USD 3320.41 Billion in 2022. This surge in consumerism has
directly influenced the demand for plastic additives in the manufacturing of
these products. Plastic additives help enhance the durability, aesthetics, and
functionality of consumer goods, meeting the evolving expectations of Indian
consumers. Increased disposable income often leads to changes in consumer
preferences, such as a preference for convenience, aesthetics, and
better-quality products. This shift drives industries to innovate and
incorporate plastic additives to meet these evolving demands. From stylish
consumer goods to advanced medical devices, the demand for plastic additives is
interwoven with consumers' desire for enhanced lifestyles. To further bolster
this sector and enhance its competitiveness on the global stage, the Indian
government has taken proactive steps by introducing a range of initiatives and
policies aimed at supporting the production of plastic additives.
Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on "India
Plastic Additives Market”
The India Plastic Additives Market segmentation is based on Type, Application, By Company, and Region.
These strategic measures
not only promote innovation and sustainability but also position India as a key
player in the global plastics industry. "Make in India" initiative
has positively impacted the plastic additives sector by encouraging domestic
production, attracting foreign direct investment (FDI), and facilitating
technology transfer. By reducing import dependence and fostering local
manufacturing capabilities, the campaign has incentivized the establishment of
new facilities for producing plastic additives, thereby stimulating market
growth. The government has established plastic parks and industrial clusters
dedicated to the plastics and polymers sector. These parks provide a conducive
environment for research, development, and manufacturing of plastic additives.
They offer modern infrastructure, shared facilities, and a collaborative
ecosystem that promotes innovation and technology adoption. The government's
export promotion schemes, such as the Merchandise Exports from India Scheme
(MEIS) and the Export Promotion Capital Goods (EPCG) scheme, provide benefits
to plastic additives manufacturers who focus on exports. These schemes enhance
the global reach of Indian plastic additives, promote competitiveness, and
contribute to foreign exchange earnings. As the demand for high-performance
plastics and tailored solutions surges across industries, the power of
strategic alliances is becoming increasingly evident.
Collaborative efforts
between plastic additives manufacturers, research institutions, end-users, and
other stakeholders are propelling innovation, enhancing product quality, and
unlocking new avenues for growth in this thriving market. Partnerships between
manufacturers and technology providers are driving the integration of
cutting-edge additives that address emerging industry trends. Collaborations in
areas such as flame retardancy, antimicrobial properties, and UV resistance are
resulting in plastics with enhanced functionalities, thus expanding the market
potential of plastic additives. Manufacturers of plastic products and plastic
additives suppliers might collaborate to develop customized additive solutions
that cater to specific application requirements. For instance, a packaging
company could partner with an additive manufacturer to create more sustainable
and eco-friendly plastic packaging solutions.
However, the increasing
cost of raw materials and lack of consumer awareness and education are expected
to slow down the growth of the market in the coming years.
Some of the major companies operating in the India Plastic
Additives Market include:
- BASF SE
- The Dow Chemical Company
- Akzo Nobel N.V.
- Clariant AG
- Synergy Poly Additives Pvt.
Ltd.
- Nabaltec AG
- Flamingo Additives &
Colourants LLP.
- Lanxess AG
- Songwon Industrial Co.,
Ltd.
- Albemarle Corporation
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“Certain
regions of India, particularly the western region, are projected to exert
significant demand for plastic additives in the country. The growth in the
competitive landscape and the presence of well-established companies in the
market, committed to enhancing their productivity of plastic additives each
year, are expected to contribute to a remarkable growth of the India Plastic
Additives Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
India
Plastic Additives Market, By Type (Plasticizers, Stabilizers, Flame
Retardant’s, Impact Modifiers), By Application (Packaging, Automotive,
Construction, Electrical, Others), By Region, Competition, Forecast & Opportunities,
2018-2028F has evaluated the future
growth potential of India Plastic Additives Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide innovative market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India Plastic Additives Market.
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