29 January 2007 07:01 [Source: ICIS news]
SHANGHAI (ICIS news)--India's polymer demand is poised to chalk "double-digit" growth over the next four to five years on the back of strong economic performance and low per capita consumption, a senior official from Reliance Industries said on Monday.
"Polymer demand is expected to grow at a fast pace in India. Double-digit growth rate of polymer demand in India looks sustainable," said Kishore Jhalaria, president of olefins and cracker business at Reliance.
He said that India's consumption market will still be a growth driver and benefit demand despite capacity expansions in polymers in the region.
"Indian polymer capacity needs huge investment," Jhalaria said at a two-day olefins conference organised by ICIS. The conference ends on Tuesday.
India's infrastructure, retail and agriculture sectors would be some of the key growth drivers necessary in sustaining demand for polymers in the country, Jhalaria said.
India’s per capita consumption of polymer was last estimated at 4kg/year in 2006 compared with 90kg/year in North America and the global average of 24kg/year.
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