Rapid Urbanization drives demand
India extruded plastic Market is projected to expand at a CAGR of 8.23% over to reach US$26.528 billion by 2024 from US$16.503 billion in 2018, says ResearchAndMarkets.
Extruded plastic market is growing at a fast rate in the country on account of rapid urbanization and expanding middle class group, said the report “India Extruded Plastic Market – Forecasts from 2019 to 2024”.
Government initiatives to boost rural infrastructure is fueling the demand for PVC extrusions in the construction sector. Burgeoning demand for flexible packaging is fueling the growth of PE, PET, and PP extrusions.
Positive outlook of automotive industry and its growing incorporation of plastics in vehicle design are providing growth opportunities for extruded plastic market to flourish in the forecast period.
Thus, the market is poised to grow at a good rate on account of evolving healthcare sector and burgeoning trend of plasticulture in the country, said the report on 17 June 2019.
The market’s key players include NCL Veka, Deciuninck India, Xtruline, Amber Group India, Plasopan Engrs (India), and S.M. Extrusions. fiinews.com
