According to recent news from Mumbai, industry executives said the plastics industry in India is hoping to expand its share of global polymer export markets through capacity expansion and technology upgrades, with the goal of at least 20% 3% share of global polymer export market.
Ashok Basak, chairman of the Plastics Export Promotion Council (PLEXCONCIL), said the global polymer export market is currently estimated at more than 850 billion U.S. dollars and the Indian plastics industry currently accounts for only 1% of the global polymer export market.
According to PLEXCONCIL, India currently exports plastic raw materials and finished products to over 200 countries around the world.
Basak said: 'The plastics industry is one of the fastest growing sectors in India with great potential for capacity, infrastructure and skilled labor.'
Basak said: 'For 2017-2017 fiscal year, we have set our export target at 8.31 billion U.S. dollars, of which the U.S. market will exceed 1 billion U.S. dollars.'