Published on July 28, 2014

India is one of the leading consumers of polymer in the global industry. China is one of the leading consumers of polymer in the world. Year over year consumption of polymer has been increasing in India as well and is now the third largest consumer of polymer in the global market. Growth in the Indian polymer industry has been attributed to liberalization in economic policies along with spreading out of chemical industry. With exception growth in the chemical sector the industry has been booming in domestic market.

Government approvals for full FDI in chemical industry along with focusing on the development of Petrochemical Investment Regions (PCPIRS) have been some of the affirmative steps taken in this direction. Further growth of Polymer industry is solely dependent on growth of Petchem industry in the country. With increasing number of refineries and installation of new plans the polymer world is getting a new definition for its growth and development.

Polymer has got innumerable array of applications. Automobile, interior furniture, packaging, construction and irrigation activities are some of the sector which makes heavy usage of polymer. In last few years industry has been going through tough times. Depreciation of Indian currency along with increasing cost of raw material has affected the operation of the industry. Styrene, MEG, ABS, PE, ACN, Polyamides, Ethylene etc. are some of the major chemicals used in this industry. All these chemicals at present are floating in their regular margins with no major upset in their cost for this week. But impact of crude prices had an adverse impact on the chemical industry. Industry experts believe that with government support and increasing awareness related to polymer application will further boost the growth of this industry.