Mumbai, Feb 19 (ANI/Business Wire India): Although the Indian Bioplastics market is beset by challenges such as low awareness that are typical to emerging markets, the inadequate market response signifies huge potential for companies wishing to enter this market. Participants can overcome the awareness barrier by creating greater environmental awareness and promoting the long-term environmental benefits of using Bioplastics over petroleum-based plastics.
New analysis from Frost and Sullivan (http://www.chemicals.frost.com), Bioplastics in India, finds that the market grew at 30 percent in 2008 and will grow at a compound annual growth rate (CAGR) of 44.8 percent between 2009 and 2015. Frost and Sullivan expects the market to be a high-growth one due to current low volumes but high existing potential.
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"The need of certain end-user segments, such as the hospitality industry, to project themselves as eco friendly and for packagers to meet the requirements of export-oriented markets is currently the key driver for Bioplastics demand in India," says Frost and Sullivan Principal Consultant Dominic Britto. "However, new applications and products have to be identified and developed as the Indian bioplastics market has far fewer applications than the global market."
Manufacturers can make further inroads into the market by lobbying with the government for favorable laws and manufacturing incentives. Although there is currently no legislation supporting the use of bioplastics in India, market participants can request tax exemptions and regulations that mandate the use of bioplastics for certain applications.
Apart from possible government backing, Bioplastics manufacturers will feel encouraged by the availability of abundant feedstock in India and the country's potential to become a major feedstock supplier for biopolymers. This could ensure their constant accessibility to Bioplastics resins, making the country a hot destination for Bioplastics companies.
"Meanwhile, it has become important for suppliers to have long-term contracts with the customers in order to increase the usage of Bioplastics," notes Britto. "Until Bioplastics are available for prices at par with conventional plastics, suppliers need to focus on strengthening customer relations by providing additional support in terms of tailor-made products, technical support, shorter delivery times, and larger product offerings."
Bioplastics in India is part of the Chemicals and Materials Growth Partnership Services program, which also includes research in the following markets: Indian paints and coatings market, Indian flexible packaging market, and Indian construction chemicals market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
Frost and Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost and Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents. (ANI)