Polymerupdate goes beyond legacies
Founded in 1999 at the height of the dot-com boom, Polymerupdate, Asia’s largest petrochemical market intelligence company, daily provides real-time, international news and price alerts, which are critical for all polymers and solvents, to India, South Asia, Far East Asia and the Middle East. These proprietary daily and weekly reports serve as benchmarks for leading companies in these countries, helping them determine their raw material purchase contracts.
And, how does that work? These sample reports deliver critical news, proprietary price assessments and market analysis for polymer and petrochemical products, thus enabling manufacturers, traders and end users to navigate complex markets.
The man behind this enterprise, Sajjid Mitha, founder & CEO, Polymerupdate, has been recognised by Forbes as one of India’s select 200 entrepreneurs (2024). An industry trailblazer, Mitha’s journey into petrochemicals was far from conventional. But that did not stop Mitha from devising a plan to inform the petrochemical industry landscape with his knowledgeable inputs.
“I started as an indenting agent for a company called Samsung Corporation, where the GM Jung Tai Ho gave me my first opportunity of bringing in three difficult-to-sell chemical products (lysine, monosodium glutamate and potassium carbonate) and said that, if I succeeded in doing that, I would have earned myself a place as a proper agent of the company,” says Mitha, recalling his journey and citing his humble beginnings. Mitha’s first significant success was selling a container load of potassium carbonate to Kodak in 1993 – a move that catalysed his career as an indenting agent for Samsung.
Impressed, Samsung introduced him to polymer trading and allowed him to sell its polymers into the Indian subcontinent. Though a literature graduate with dreams of becoming a writer, Mitha cleverly wove storytelling into his early market reports, crafting daily faxes that were informative narratives, anticipating what clients needed before they asked. That storytelling evolved into a structured system, laying the foundation for what would become Polymerupdate. Their digital platform services today consist of WhatsApp alerts/adverts, newsletter advertising, social media promotions and other related services.
A game-changing suggestion
One of the early product segments Mitha worked with was polypropylene, a versatile material used widely across industries. His clients included notable names like Exide Batteries, Asian Paints, Caprihans, Marico and Bright Brothers. However, it was the launch of a one-million-tonne polypropylene plant by Reliance Industries that reshaped his journey. With the market suddenly flooded with domestically produced PP, Mitha found himself edged out of business for nearly two years, as local companies did not need to import their raw material requirements.
It was during this challenging phase that his wife, Laveena, an educator by profession, offered a game-changing suggestion: “Why not take your market reports online?” Acting on her insight, he transitioned the business to a digital platform and, on 9 November 1999, Polymerupdate was born. This made them the first in India and South Asia to launch an online market intelligence platform for the petrochemical industry.
Mitha firmly believes that his business thrives on associations. The premier association for the plastic processors is called the OPPI (Organisers of Plastic Processors of India). They are the top 200 and companies like Supreme Industries, Neelkamal and Cello are part of the organisation.
The global polymer pricing market is dynamic and volatile, influenced by a multitude of factors from geopolitical shifts, petrochemical plant shutdowns for annual maintenance, unplanned outages and weather-related issues like Gulf Coast hurricanes. “When you’re a company using 1,000 tonnes of HDPE or even 50 tonnes of ABS, a price spike of just a few cents per kg can significantly impact your bottom line,” Mitha explains. Reliable benchmarking, therefore, is not a luxury – it’s essential. While global giants like Platts and ICIS dominate internationally, Polymerupdate remains the go-to-platform across Asia. Its influence extends into Europe and the West, where clients continue to value its deep insight into the Indian and Asian markets.
“Our company provides modern products and services in different parts of the world,” explains Evgeny Pervunin, a marketing analyst from Russia-based ORGKHIM BCH Management Co, JSC. “Therefore, we must receive the most up-to-date market information. For many years, Polymerupdate has been providing us with the most up-to-date information on polymer prices for all regions of the world. In addition, also offers online information on the most significant events in the industry.”
Valuable insights
“Their insights are so valuable that they support our daily decision-making,” concurs Karine Dragnet from the UAE-based Emeraude Polymers DMCC (Ravago), a marketing analyst. Indian companies are not far behind in acknowledgement. “They deliver timely and actionable insights,” adds Rushikesh Jethava Mundra, deputy for Strategy & BD, Petrochem Ltd (Adani Group). “We are delighted with the quality of data, the consistency of updates and the intuitive, user-friendly interface they offer.”
India, with a current per capita plastic resin consumption of just 11-12 kg (compared to 100-120 kg in the US), is poised for explosive growth. “You simply cannot compare the two,” Mitha asserts. “The gap reveals just how much potential remains untapped in India concerning an increase in polymer consumption.” According to projections, polymer demand is expected to cross 20 million tonnes annually – driven by rural development, an increase in need for technology, electronics, sustainable packaging, electric vehicles, aviation and space exploration.
“Plastics, due to their durability, will play an integral role in India’s growth story,” he adds. With the growth and demand of EVs in India, it is symbolic of the shifts underway. “Whether it’s an EV or a smartphone, chip-plastics are foundational. Can we do without them?” Plastics have wormed their way into being the most essential part of our lives and we cannot ignore specific facts. That’s where Polymerupdate comes in and has a strong presence in this part of the region, Mitha notes.
Expansion, new frontiers
With 65 employees and a successful ongoing business that does not include trading (being the publisher of benchmark prices), the company aims to remain neutral and free from any vested interests in the information that it publishes. And, 25 years later, the old Indian company remains unchanged, doing what it does and has become indispensable to many.
Of course, it has added some more to its already stacked portfolio. In 2019, it launched Polymerupdate Academy (www.polymerupdateacademy.com), a dedicated professional training and development vertical. The academy offers a robust range of programmes – from self-paced e-learning courses and expert-led Masterclasses to onsite and customised corporate training – all designed to equip professionals in the polymer and petrochemical industries with relevant, actionable skills. Over 4,000 individuals have been certified to date, reinforcing the academy’s role as a cornerstone in global workforce development and capability building.
Not only that, but the company has also introduced the RACE (Recycling and Circular Economy) conference series, which focusses on the growing importance of sustainability. It has already completed seven such influential RACE conferences, with a special focus on CSO (chief sustainability officer) roundtables at prestigious venues all over India. RACE has brought together policy influencers, scientists and industrialists for high-level dialogues held at iconic venues across India. This time, along with a strategic partnership with the AMI, Polymerupdate will be scheduling a seminal event in Mumbai (September 2025). A landmark exhibition that will bring together industry leaders with cutting-edge recycling technologies, sustainable compounding solutions and advancements driving the future of the circular economy.
Innovation also takes shape through The Polymerupdate Club (TPC), a unique digital networking tool introduced at industry events. As participants register onsite, real-time push notifications alert them to buyers or sellers in the same room, facilitating instant, contextual business connections. With instant meeting requests, deals can be made within minutes. Its digital platform services today consist of WhatsApp alerts/adverts, newsletter advertising, social media promotions and other related services. It offers coverage for exhibitions and conferences, as also plant visits, corporate shoots – and even conducts exclusive interviews.
A life beyond the desk
Sitting behind his desk at the Lodha Supremus, Worli, Mumbai, his walls adorned by art from well-known artists, Mitha is a man of eclectic tastes, owning well-known artists like MF Hussain, Ram Kumar, Gurcharan, Krishen Khanna and Padamsee, to name a few. But, is Mitha a traditional CEO tethered to his desk? Far from it. “The notion that founders must be constantly ‘present’ in the office is outdated,” he says. “I’m a traveller at heart. I trust my team, who work across the world. Businesses have evolved. Today, with the assistance of evolving tech and AI, you can build, run and grow from anywhere.” For him, success isn’t about billion-dollar valuations – it’s about owning your time. “True wealth is freedom, not just money.”
With no children of his own and no relatives in the business either, the goals of Polymerupdate go well beyond individual legacies. Mitha has built a company that empowers people, with strong leadership founded on experts, who are committed to advancing the company. Planning for succession has already started and competent leaders have been given essential responsibilities. The business itself has created a structure that guarantees continuity, creativity, and adaptability, regardless of individual presence. It was never intended to be a one-generation business. It is a developing institution that will support the petrochemical and polymer industries for many more years to come.