From 2013 to 2023, the export value of plastics and articles thereof from India exhibited fluctuating trends. The value stood at $8.8752 billion USD in 2023. The annual variation showed significant growth spikes in 2013 and 2018, with respective year-on-year increases of 26.64% and 38.71%. Meanwhile, the period witnessed drops, prominently in 2020 with a decline of 13.39%. The year-on-year growth rate in 2023 was a moderate 3.63%. Over the last five years, the compound annual growth rate (CAGR) from 2018-2023 was 2.42%, indicating a moderate upward trajectory.
For future trends, between 2024 and 2028, the forecast indicates continuous growth, with the export value expected to reach $10.473 billion USD by 2028. The forecasted 5-year CAGR is 2.66%, reflecting a steady but modest increase. Growth rates are anticipated to stabilize, showing a 14% increase over the 5-year horizon.
Future trends to watch for:
• Increasing global demand for sustainable and recyclable plastics.
• Adoption of advanced manufacturing technologies to boost efficiency and quality.
• Potential impact of regulatory changes and trade policies on export dynamics.
• Economic developments and market access expansions in key export destinations.
• Innovations and shifts in consumer preferences influencing export volumes.
