The plastics processing industry is expected to grow at a compound annual growth rate (CAGR) of 10. 5 per cent from financial year 2014 - 15 to 2019 - 20 to reach 22 million metric tonne per annum (mmtpa), according to a report released on Thursday.
The knowledge and strategy paper on 'Sustainable Infrastructure with Plastics' prepared by Ficci said industry has grown at a CAGR of 10 per cent in volume terms from 8. 3 mmtpa in FY10 (2009 - 10) to 13. 4 mmtpa in FY15 (2014 - 15).
In value terms, the plastic processing industry grew at a CAGR of 11 percent from Rs 35, 000 crore in FY '05 to Rs 100, 000 crore in FY15.
"The current low levels of per capita consumption (11 kg), increased growth in end use industries, higher penetration of plastics in various existing applications and ever growing range of new applications could further propel the growth of plastics in India, " the report said.
Presently, the plastic processing sector comprises over 30, 000 units involved in producing a variety of items, gaining notable importance in different spheres of activity with per capita consumption increasing, it added.