Spotlight on Emerging Markets for Plastics Exports

Plastic exports are witnessing exponential growth worldwide. The main reasons are international industrial growth and the high demand for versatile and cheap materials in various industries. Governments are also taking active initiatives to enhance plastic exports and simultaneously promote sustainable plastic manufacturing technologies. 

Thus, several other emerging markets, such as Latin America, Africa, and the Commonwealth of Independent States (CIS), are stealing the spotlight along with the established plastic export markets. If you want to know why, read along and visit an intriguing plastic exhibition, PLEXCONNECT 2024, in Mumbai.

Top 3 Emerging Markets for Plastic Exports

Plastic’s global market size in 2023 was estimated at 712 billion U.S. dollars, hinting at its potential export growth. However, here are the top 3 emerging markets for plastic exports:

• Africa

Reports suggest that plastic usage in Africa has grown by a surprising rate of 150% in the last six years, and it is expected to grow even further. Such data statistics suggest that Africa is expected to be a major emerging market for plastic exports for countries worldwide. Many African countries are undergoing rapid urbanisation and industrial development, leading to an increase in demand for plastic. Also, the ongoing trade agreement developments are expected to prove fruitful, especially for Indian plastic exporters. It can help them enhance their reach in the African plastic markets.

• Latin America

According to the data, Mexico, a country in Latin America, is one of the largest importers of plastic in the region. The trade flows with the United States-Mexico-Canada Agreement (USMCA) are another reason Latin America is one of the emerging markets for plastic trade. Industries like packaging, automotive, construction, and textiles are generating the maximum demand for plastic, creating opportunities for Indian plastic exporters. Thus, Indian companies can capitalise on this opportunity and enter joint investments and ventures for enhanced plastic exports to Latin American countries.

• Commonwealth of Independent States(CIS)

The CIS presents an intriguing opportunity for Indian plastic exporters. PLEXCONCIL’s 68th Annual Report shows that Plexconcil products exported to the CIS are valued at around USD 129.37 million. The CIS region includes countries like Russia, Belarus, Uzbekistan, etc., currently expressing high demand for premium-quality and competitively priced plastic products. India has the technology and versatility to meet this demand with innovative plastic products, from basic polymers to sophisticated, high-end plastic products. Furthermore, the geopolitical shifts can be crucial in enhancing the tie with CIS over plastic exports.

PLEXCONCIL: Enhancing Ties with Emerging Plastic Export Markets

Established in 1955, the PLEXCONCIL is a non-profit organisation sponsored by the Indian Ministry of Commerce and Industry. It promotes Indian plastic exports at the global level, collaborates with international trade associations, and encourages Indian exporters to participate in international trade fairs. So, if you want to enhance your plastic export reach in emerging international markets, visit PLEXCONNECT 2024, a unique plastic trade show organised by the council. For detailed information, visit https://www.plexconcil.org/plexconnect/ today.