India's plastics industry is likely to touch an all-time high value of Rs 1,700bn (£17.3bn) by 2015 from the current level of Rs 1,020bn (£10.4bn), according to the Associated Chambers of Commerce and Industry of India (Assocham).
 
The plastics industry in India is currently growing at a compounded annual growth rate (CAGR) of about 20% on the back of a multiple factors like growing economy, rising middle-class with high disposable incomes, according to a study titled released by The Associated Chambers of Commerce and Industry of India (Assocham).
 
''Demand potential for plastics in India is likely to double from current level of about 10 million metric tonnes (MMT) to about 20 MMT by 2015,'' said DS Rawat, national secretary general of Assocham.
 
Packaging represents largest single sector of plastics and accounts for about 35% of plastic consumption, highlighted the Assocham study, which also predicted that polymer demand in 2018 will be over 26,000 kilo tonnes and will reach to about 40,000 kilo tonnes by 2021-a CAGR of some 14%.
 
The micro, small and medium enterprises (MSMEs) sector accounts for about 75% of the total number of 26,000 registered plastic processors in India. However, the MSME sector accounts for just about 25% of polymer consumption.