What is the Polymer industry all about?
The polymer industry is a subfield of material science that encompasses not only the basics of physics and chemistry but also grabs a whole lot of engineering to be manufactured as an end product. It is a leading manufacturer of a wide range of premium extrusion and compression-molded rubber components for most of the noted automotive giants. Not only does it constitute a segregated sector altogether but also acts as a prime component in the petrochemical industry.
What are the emerging trends of the Polymer industry in India?
India ranked third in polymer consumption, after China and the USA. Due to economic slowdown, it lagged behind miserably, but in no time, India’s plastic has expanded by 13% annually in the last 5 years and predictively will show similar boosting up trends in the upcoming era. As stated by an industry expert, “Polymer Industrial growth in India was at a CAGR of 10% in volume from 8.3 MMTPA in FY 2009-10 and in FY 2014-15 it was 13.4 MMTPA, and accounting to its potential, it bloomed at a CAGR of around 10.5% to gain 22 MMPTA for FY 2019-2020”.
What is the future of the Polymer industry in India and factors leading to its growth?
This is certainly a never-ending field, finding scope in health care, clothing, housing, construction, furniture, electronics etc. The polymer market is segregated on the basis of application, region, type of process and type of polymer. Rapid industrialisation, demographic dividend, altering lifestyle, escalated per capita income and upsurged consumption of polymer products is propelling the market. Its dominant product is polyethylene, followed by polyvinyl chloride and polypropylene. The major factor aiding its vastly increased production is the financial conditions and favorable macroeconomic conditions in India. Also, the rural market is one of the great frontiers for a wholesome of companies that provides a humongous market to be tapped. Although India experiences a power deficit of 12-13%, it is overcome by the developed countries which offer energy-saving solutions, power-efficient machines and ancillary equipment.
What role does sustainability play in growth of the Polymer industry?
In addition, it is a considerably great substitute for many traditional materials such as wood, paper, metal, glass, ceramic etc. Earlier, the struggle dealing with plastic was its waste management and disposal. Newly refined plastics are not only safe but also less toxic and energy-efficient. Technology and innovative minds all together are taking the plastic industry to a level beyond imagination. Plasticulture will, sooner or later, bring an unpredictable boon to the polymer demand in the next few years. The packaging sector and the automotive sector will, undoubtedly, be the emerging polymer end-use sectors, with a considerable hike. Already, with the introduction of biopolymers using green chemistry methodologies, India’s future in the polymer sector is expanding exponentially till it ablazes at zenith.
AKMY is aptly positioned to cater to this growth in India. With its large manufacturing capacity, smooth operation, and supply chain, we are one of the largest polymer producers and marketers. Expanding our reach to other countries aswell.