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Follow on Google News | India Masterbatch Market to Surpass US$ 1.1 billion by 2020 Says TechSci ResearchGrowing automotive sector and expanding packaging industry to drive India masterbatch market
By: TechSci Research Increase in number of plastic processing facilities in India coupled with growing demand from end use sectors is forecast to propel growth in the country’s masterbatch market over the next five years. Moreover, increasing demand for colorful and innovative solutions from packaging industry and growing preference of plastic and polymers for manufacturing light weight vehicles in automotive industry are forecast to boost demand for masterbatch in India through 2020.Few of the major masterbatch companies operating in the country include Plastiblends, Poddar Pigments and Clariant, among others. “Due to increasing demand for plastic from various end use industries, Indian Government announced to invest US$ 64 million for settingup new plastic parks across the country in 2013.Moreover, market players are investing heavily in R&D for introducing technologically advanced masterbatch products and to increase product quality, and operational and energy efficiency of existing products. All these factors are anticipated to augment the demand for masterbatch, thereby boosting the masterbatch market in India.”,said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. End
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