Plastic, due to its lightweight has become a replacement for almost every other material including metals, stones, wood, glass and fabrics. Utilising the uses and benefits brought upon by plastic innovation provides a massive opportunity to companies that intend to expand on a global scale.
India’s plastic industry
India’s plastic industry is highly fragmented and is made up of small-sized operations. Despite this circumstance, plastic businesses are earning profitably. 95 percent of Indian plastic businesses operate as partnerships, proprietorships or private limited companies. Appropriate market research could find you the best option in India’s bustling plastic industry.
The growth of India’s plastic industry relies heavily on the macro economy. Studies show that polymer consumption is linked to the economic development of the country. In this way, plastics impact India’s economy and foreign investment opportunities alike.
Below are the effects, opportunities and benefits of India’s plastic industry on the global business arena.
- Industrial businesses and automotive the world over have a huge demand for plastics.
- The growing income of the country leads to large plastic consumption. India’s small-scale players cannot handle this huge demand, which calls for international cooperation from foreign companies.
- The Indian government is proactive in supporting plastic innovations, new trends and overall development of plastic. They are open to new environments and additional assistance from other countries.
- Significant opportunities have emerged in packaging for food and beverage. India has a huge population which means a big demand for packaged goods.
- Processing machinery for plastics would also prove to be profitable. Machines that could provide faster and better plastic processing are needed.
Success factors for manufacturers
Industry trends can guide you to business strategies that would help outdo other foreign plastic companies. Here are the few success points:
- Product mixing is one good factor to be considered in business strategizing. As an entrepreneur, one should utilise the demand of varied user segments, to devise appropriate business plans
- An established brand creates assurance for the consumers. Branding should be taken seriously to survive the heavy competition in the Indian plastic industry.
- Improve your productivity and at the same time reduce waste, a problem prevalent within India’s plastic sector. In doing so, you will gain an upper hand against competitors and earn respect from clients, associates and the government.
- Mass production by large sized organisations is required to decrease costs in production.
- Just like the rubber industry, fluctuations in the plastic market require flexible and quick responses.
Apart from researching wider benefits and opportunities in India’s plastic industry, thorough market research would be required to identify specific opportunities towards wide-scale profits.