Plastic additives revenues in India spurred by automotive sector
Plastic additives market in India is reporting growth fuelled by high performance plastics demand in packaging, automotive, consumer appliances and construction business. Plastic additives in polymers enhances physical properties for improving usability in varied businesses.
Major growth for for plastic additives is fuelled by demand in packaging, construction and automotive industries. Automotive and consumer appliance sectors are harping on safety thereby fuelling use of flame retardants, and additives to improve durability and damage resistance.
As per a TechSci Research report, plastic additives market revenues in India are estimated to report 14% CAGR during 2014-19. Though India’s plastic additives market is fragmented with business domination from 30-35 major players alongside small and medium-sized players who account for a majority market share. Purchasing power growth of Indian consumers is helping boost quality and growth in the industry, especially in automotive and consumer appliance industries.
“Increasing penetration and acceptability of plastics in almost all sectors of the Indian economy like transportation, automotive, consumer appliances, packaging and construction has significantly increased the demand for high performance plastic materials, which can be produced by the using plastic additives. Usage of plastics in agriculture sector is also expanding, owing to various benefits of using plastics in this industry. Consequently, the future of plastic additives market in India appears to be bright,” said Mr. Karan Chechi, Research Director with TechSci Research.