Digital Transformation in Plastics

Automation in the plastics industry is becoming more complex, the pace of innovation is accelerating, and competitive pressure is increasing. Open and safe automation makes it possible to combine traditional mechanical engineering with the latest Industry 4.0 technologies – Lets take a look at how Industry 4.0 is transforming the plastics sector

- Kruti Bharadva

The plastic industry in India is believed to have come to international recognition in 1957, with the production of polystyrene. Today, the industry has greatly diversified, spans the country and hosts more than 2,000 exporters. It employs about 4 million people and comprises more than 30,000 processing units, 85-90 per cent of which are small and medium-sized enterprises.

According to an industry report by McKinsey, the engineering plastics market in Asia-Pacific is expected to achieve a growth rate at a CAGR of 5.7 per cent over the forecast period of 2018-2023. The study further estimates that polyethylene terephthalate (PET) resins are projected to stand out in the segment, with a 51 per cent share in the engineering plastics’ product share and a growth of 6.6 per cent over the next five years.

Plastics will be the fastest-growing part of the chemical industry through 2030 while considering factors such as economic recovery, the end of the pandemic and other variables. Demand for plastic, in part, could also be attributed to public perception of it as being COVID-19 repellent. The reason may be that masks, gloves and other protective equipment are made from plastics, as are products like delivery packages and soda bottles. I

In FY20 (till January 2020), plastic exports stood at US$ 7.045 billion with the highest contribution from plastic raw materials at US$ 2.91 billion; plastic sheets, films, and plates at US$ 1.22 billion; and packaging materials at US$ 722.47 million. (Source: Directorate General of Commercial Intelligence and Statistics (DGCIS)