Published on October 28, 2013

Indian petroleum industry is one of the fastest growing sectors of Indian economy, although we are very much dependent on other countries for its raw material. Polymer industry is largely dependent on growth of the Petrochem industry. New plants and refinery installation and upcoming units has boosted the other associated polymer industries .Thus, Polymer industry has been able to capitalize the development of petroleum sector in India.

Polymer has got wide variety of uses. It is used in packaging, automobile, construction, irrigation activities and many more. Growth in packaging sector will incur an immediate demand for polymers. The industry expected a positive growth for the year 2013. But constant depreciation of rupee in the last few months had an adverse effect on the industry. The plunging raw material cost added to the woes. Indian government had played a key role in boosting the importance of polymers, from consumer’s point of view as well as production industry. Indian government has deployed several duties on the imports of polymers in order to support domestic production.

Polymer is a conglomerate of several products like polyethylene, PVC, Polypropylene, ABS, PE, SAN (Styrene Acrylonitrile), Polyamides etc… Each one of this product has got its own applications and further consumption. Expansion in the industries associated to their applications will enhance the consumption. For example packaging industry, it is expected to grow at the rate of 17% over next few years. Overall Polymer industry is expected to grow at the rate of 10% every year. With the government support and improvement in domestic production the industry will gain more popularity and opportunity.