The import of rubber or plastic vacuum moulders and thermoformers to India has seen significant fluctuations over the past decade. The year-on-year variation peaked at 123.64% in 2015, followed by notable growth years like 2016 and stabilization phases like 2019. Recently, the import value stood at 23.944 million USD in 2023, showing a modest growth of 3.52% over the previous year. A compound annual growth rate (CAGR) of 3.73% over the last five years indicates a steady upward trend.
Future trends to watch for include:
- Advancements in automation and material innovation, driving demand for new machinery.
- Shifting economic policies and trade agreements influencing import dynamics.
- Resilience in manufacturing sectors post-COVID-19, spurring gradual growth in machinery imports, as reflected in the forecasted 2.57% CAGR and overall 13.54% growth over the next five years.