Burnaby, British Columbia, Canada, September 19, 2015 --(PR.com
)-- According to a recently released TechSci Research report, “India Masterbatch Market Forecast & Opportunities, 2020,” the masterbatch market in India is projected to surpass US$ 1.1 billion by 2020. Masterbatch is a solid or liquid mixture of pigments or additives used as a raw material in plastic processing in order to impart color or other special characteristics to processed goods. They are broadly classified into four categories, namely, white, black, color and additive. Out of these, white masterbatch dominated the Indian market in 2014. The segment is forecast to maintain its dominance during 2015 - 20 as well on account of its ability to provide opacity and base colour to plastic used extensively in food & beverage and pharmaceutical industries. The packaging industry is forecast to remain the largest end user for masterbatch in India over the next five years.
An increase in number of plastic processing facilities in India coupled with growing demand from end use sectors is forecast to propel growth in the country’s masterbatch market over the next five years. Moreover, increasing demand for colorful and innovative solutions from packaging industry and growing preference of plastic and polymers for manufacturing light weight vehicles in automotive industry are forecast to boost demand for masterbatch in India through 2020. A few of the major masterbatch companies operating in the country include Plastiblends, Poddar Pigments and Clariant, among others. “Due to increasing demand for plastic from various end use industries, Indian Government announced to invest US$ 64 million for setting up new plastic parks across the country in 2013. Moreover, market players are investing heavily in R&D for introducing technologically advanced masterbatch products and to increase product quality, and operational and energy efficiency of existing products. All these factors are anticipated to augment the demand for masterbatch, thereby boosting the masterbatch market in India,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.