Growing Potential
The world is changing even more rapidly today, than ever before. Diversity has become the new normal with people of varying traits in all walks of life. Hyper-connectivity is another dimension in which has changed the world – people now communicate in real time in rich multimedia. There’s a health revolution that has been spurred on by the much-dreaded Covid 19. And with so much economic activity, the deteriorating environment has become a huge concern.
India’s economy took a huge beating in 2020 plummeting an unprecedented 23.9%, but it has bounced back much faster than expected. India is well on its way to becoming a 5 trillion-dollar economy by 2025 with infrastructure, manufacturing, healthcare, education and insurance as its key drivers.
In this highly dynamic economy, the PVC industry has a promising future. There are growing opportunities that have emerged from Industry 4.0, Smart Cities, emerging middle class and the wellness revolution. Globally, the PVC market is expected to touch 54.5 MMT, while PVC demand in India is expected to be 4.3 MMT by 2025. With an installed capacity of 1.6 MMT India is heavily dependent on imports to bridge the demand-supply gap. India has a per capita consumption of PVC of just 2.2 kgs, which could improve when capacities increase and costs drop.
Sustainability IVC believes that sustainability will play a pivotal role in the advancement of the PVC industry. Sustained initiatives and efforts are needed to break the linear process of make >use >dispose >pollute. It needs to be replaced with the more sensible circular process which involves make >use >re-use >refurbish >recycle. The key to sustainability is collaboration across the entire vinyl chain with government bodies, NGOs, financial institutions…To add greater impetus to sustainability, a strong policy should be in place with clearly defined incentives. A financing system needs to be devised, in tandem with financial institutions, private equity participants…There needs to be a strong awareness campaign at the grass root level coupled with welfare schemes and government support. Moving ahead there would need to be a concerted collection system which segregates the waste, technology to facilitate recycling, recycling parks and scientific landfills.
