Published on March 10, 2014

The resin market in India is perched to grow significantly in the next five years. Acrylic resins find an abundant utilization in several industries ranging from paints and coatings to automotive and construction.

Growth of economy is the lifeline of every industry. Here also demand of acrylic resins completely depends on the health of economy and the wide variety of its end-usage. Downstream market for acrylics includes pains, coatings, textiles, paper and adhesives and many more. All these factors and usage contribute to the growing acrylic market in India. The other major factors supporting this growth are favorable economic reforms, favorable monsoon, stability of Indian currency against dollar in last few months, increased usage in electronics and automotive sector.

According to a recent research report on Acrylic Resins, Asia has been regarded as the growing markets all over the world. Asian countries are the leading consumer of acrylic as most of them are regarded as developing countries. Increased usage of acrylic in the automotive and construction sector has boosted the growth of resin sector all over the world.

In the month of February PET resin demand has remained slow. Due to continuous decline in the prices for MEG the industry has remained slow and steady. Prices for Resins have declined in the market due to reduction in upstream cost of raw materials. Heavy inventory of PET in last few months has led the domestic manufacturers like Reliance to decline their prices.

Demand is expected to gain momentum in the coming months. As March remains to be the end of financial year the companies try to achieve their targets in the stipulated time period and material rather than going for procurement of new stock.