The import of machinery for the rubber and plastics industry in India has shown a notable increase from $678.19 million in 2013 to $1203.9 million in 2023. Year-on-year variations reveal a mixture of significant growth periods and contractions, particularly in 2020, where imports decreased by 13.92%, followed by a strong recovery in 2021 with a 24.7% increase. Over the last five years, the compound annual growth rate (CAGR) stands at 3.27%, indicating moderate growth overall.
Forecast projections indicate continued growth, with imports expected to reach $1395.9 million by 2028, reflecting a forecasted 5-year CAGR of 2.33% and a forecasted 5-year growth rate of 12.18%. This suggests steady but slowing growth in the near future.
Future trends to watch for:
- Advancements in rubber and plastic technology driving the need for more sophisticated machinery
- Potential impacts of global trade policies and economic conditions on import levels
- Increased focus on sustainability and recycling in the rubber and plastics industry, which may influence machinery specifications and import volumes