Market Trends of india engineering plastics Industry
Regulatory support by the government to play key role in industry growth
- India witnessed an increase in electrical and electronics revenue by 19.6% from 2020 to 2021. The electronics manufacturing industry's production grew from a value of USD 37.1 billion in 2015-16 to USD 67.3 billion in 2020-21. However, COVID-19-related disruptions impacted the growth trajectory in 2020-21 and led to a decline in output.
- India's export of electronic goods stood at USD 2,009.07 million in September 2022, an increase of 71.99% Y-o-Y. Mobile phones, IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, and auto electronics are key export products in this sector. The Ministry of Electronics & IT estimates that India's electronics industry exports are expected to reach a value of USD 120 billion by 2026. The United States is the largest importer of India's electronic exports, followed by the United Arab Emirates, accounting for 18% and 17% of the overall exports, respectively. Mobile phone exports from India find significant markets in South Asia, Africa, and the Middle East, making them key importing regions for these products.
- With the growing need for electronic goods, the government launched production-linked incentives (PLI), Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronic Manufacturing Clusters (EMC 2.0), etc., to promote the country's electronic goods industry. The country's electronics industry is expected to reach a value of USD 300 billion by 2025-26 from USD 75 billion in 2020-21. India's electronics sector has the potential to become one of the top exporting sectors of India in the next 3-5 years due to the development and increase in the market share of the Indian business process outsourcing (BPO) industry.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rapid growth in civil aviation to drive aerospace component production
- Steady growth in domestic and foreign investments to propel growth
- India to remain import-dependent due to low domestic resin manufacturing capacity
- India waste management rises from 18% in 2014 to 70% in2021 with growth in polyamide recycling rate
- India had a recycling rate of 90% in 2020 with total PET waste accounting for 4.35 million tons
- Supportive government policies for electric vehicles to boost automotive production
- Evolving packaging trends to create demand for plastic packaging solutions
- Resin prices to remain influenced by crude oil prices in the international market
- The demand for PC resin is expected to reach 0.36 million tons by 2029, producing more recycled polycarbonate in the upcoming years
- India is expected to generate over 161 million tons of WEEE by 2050 which could be an opportunity for manufacturers to produce R-ABS
