Plexconcil unveils India's plastic export dynamics

Steady growth amid fluctuating markets

In December 2023, India's plastic exports reached a noteworthy USD 1,115 million, marking a robust 12.7% increase compared to the previous year. This momentum continued into January 2024, with exports totaling USD 916 million, reflecting a commendable 5.0% growth year-on-year. These figures underscore India's growing significance as a key player in the global plastics market.

Diverse product categories driving expansion

A closer look at the export trends shows a diverse array of product categories contributing to India's export surge. Consumer and houseware products witnessed a staggering 139% year-on-year increase, indicating a rising demand for Indian-made plastic goods in international markets. Additionally, fibre reinforced plastics (FRP) and composites experienced a notable 40% surge, highlighting the evolving preferences of global consumers.

Challenges and opportunities

While certain sectors faced challenges in achieving growth, including cordage, fishnets, and monofilaments, India's plastic industry remains resilient, adapting to changing market dynamics. 

Hemant Minocha, chairman, Plexconcil said that there is a need for a multi-pronged strategy to sustain export momentum, with a keen focus on exploring emerging markets in Latin America, the Commonwealth of Independent States (CIS), and Africa.

Strategic initiatives driving expansion

Plexconcil, in collaboration with Indian embassies and high commissions, has been spearheading initiatives to promote India as the preferred sourcing hub for plastics. Strategic engagements such as buyer-seller meetings and delegations to key markets like Russia underscore India's proactive approach to expanding its global footprint. Also, Plexconcil eyes at USD 100 million plastics export across Central America in the coming three to four years.

Anticipating future growth

WhatPackaging? readers can recall that Plexconcil aims to grow its overall exports to USD 25 billion by 2027. 

Looking ahead, the plastics industry is poised for growth, buoyed by trade agreements and ongoing efforts to penetrate new markets. 

Sribash Dasmohapatra, executive director, Plexconcil, emphasised the potential of free trade agreements with the UAE and anticipates future agreements with the European Union, the United Kingdom, and other strategic partners.

India's plastic exports continue to defy expectations, showcasing resilience and adaptability in the face of evolving global dynamics. With strategic initiatives and a steadfast commitment to innovation, the Indian plastics industry is well-positioned to capitalise on emerging opportunities and solidify its position as a global leader in the years to come.