There is hardly any facet left of daily activities of human beings that is not introduced to plastics today. The one application of plastics that all the humankind is familiar with is carry bags. Plastics have come into existence and stayed there because of the value proposition attached to them.
Indian plastics industry is emerging as one of the fastest growing global markets with 12% growth rate. By 2020, plastics consumption of the country is expected to increase from the current 12 million metric tonnes per annum (MMTPA) to 20 MMTPA. The centre of gravity is rapidly shifting to India as the country offers huge opportunities for the global plastics industry. India is the world’s next plastic destination by virtue of its sheer size and tremendously growing domestic demand. The industry is likely to play a significant role in helping government to achieve its goal to raise exports to $900 billion by 2020. The export of plastic finished goods is expected to nearly double from $ 7.9 billion currently to $15 billion in next 5 years.
Lately there have been increasing concerns over the use of plastics resulting into the demand for eco-friendly alternatives. The ever-increasing dependence on plastics has created problems for its disposal. Plastics take millions of years to degrade, thereby affecting the whole ecosystem. Animals and humans suffer from the ill effects of plastics. Most of the human beings are unaware of the ill effects of the plastic waste generated and the consequences it is likely to cause in the near future. The Government of India has been constantly making efforts to curb the use of plastics by way of imposing fines and banning plastic bags.
There are many opportunities in the bio plastic market that can be identified and utilized commercially in India. Packaging, Fashion, FMCG provide immense scope for the development of alternatives to plastics.