Polymer consumption in India, currently pegged at 8 mln tpa, is poised to more than double to 15 mln tons in 5 years, maximum 7 years time, as per Mr Ajay Shah, Senior VP Polymers, Reliance Industries Ltd., at his keynote address at IPI Mumbai Chapter's Two Day International Conference on Advances in Injection Molding- What the Future Holds.
In view of the current per capita consumption of 36 kg in China and 32 kg in Brazil, per capita polymer consumption is poised to grow from its current 8 kg in India. Processing capacity is expected to see a corresponding increase in the next 5-7 years to match this growth in polymer consumption. The highest growth will be seen in the injection molding sector-2.6 mln tons of the 10 mln tons will be consumed by the injection molders of India in the time period, as per Mr Shah. An investment of Rs 3000 crore will be required in the machinery sector to sustain this growth over the next 5-7 years. The injection molding sector in India witnessed a more than 50% growth year on year, in H1 of financial year 2010-2011. Growth will be driven by the automobile and cell phone manufacturers. Polymer consumption pegged at 260,000 tons in the automotive sector is poised to triple to over 750,000 tons. The molds and dies sector, however needs to catch up to keep up with global standards, as per Mr Shah.
Mr Venugopal, President & CEO, Sabic Innovative Plastics and Mr NK Balgi, President & Director - Ferromatik Milacron India Ltd, were the other guests at the opening session of the conference. The two day conference in Mumbai will offer presentations by experts on latest trends and technologies and machines developed worldwide for injection moulding. The program will focus on energy management, sustainability, green moulding and innovations in injection moulding manufacturing technologies to enable intelligent manufactures to stay ahead and prosper. Topics of the conference will provide a valuable update on the latest development in machines, energy management, injection moulding processes and controls. Technical specialists will share information on latest research and developments worldwide injection moulding and applications.