APIC 10: India polymer demand to grow 10-12% in 2010 - producer

14 May 2010 14:50  [Source: ICIS news]

MUMBAI (ICIS news)--India's polymer demand will grow by 10-12% in 2010 on the back of continued strength in the automotive and packaging sectors, a producer said on Friday.

The increase will extend a strong performance in 2009, when polyethylene (PE) consumption in India rose by 8% and polypropylene (PP) demand soared by 27%, said Bhaskar Sen, chief export manager at Haldia Petrochemicals.

In 2010, PP consumption will climb by 10-12% and PE demand will grow by 10%, the producer said on the sidelines of the APIC conference in Mumbai.

The projections reflect expectations of strong economic growth in India this year.

The Indian economy is forecast to grow by 8.5% in 2010-2011, from a low of 6.5% in 2008-2009, said KG Ramanathan, president of the Chemicals and Petrochemical Manufacturers' Association (CPMA) of India.

“It is estimated that in the next three years corporate India will invest $250bn and over the next year close to 1m new jobs could be added,” Ramanathan said during a presentation.

The 2010 Asia Petrochemical Industry Conference (APIC) takes place in Mumbai, India, from 13-14 May.

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By: William Lemos
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