New Delhi, Jan 4 (IANS): The third edition of CapIndia 2018 -- a joint exhibition by four industry export promotion councils for chemicals and allied products (Chemexil and Capexil), plastics (Plexconcil) and for shellac and forest products (Shefaxil) - will be held in Mumbai from March 22 to 24, the government announced on Thursday.

Over 700 exhibitors would showcase a range of chemicals, plastics, plastics machineries, consumer items, shellac and forest products as well as construction and mining materials, Commerce Ministry Joint Secretary Shyamal Misra told the media.

The Gujarat government is the partner state and sponsor of the event designed to reach out to foreign buyers, Misra said.

"India's exports in these industries last year at $36 billion and growing at around 10 per cent is actually less than 2 per cent of an estimated global potential of $2 trillion... There is much scope to expand," he said.

Noting that India was among the top five consumers of polymers globally, the official said the Indian chemicals market was the 7th largest in the world.

"In agro-chemicals we're the third largest producer and half our output is exported."

The Bombay Exhibition Centre in Mumbai will be the venue for the expo organised by the Chemical Export Promotion Council (Chemexil), Plastics Export Promotion Council (Plexconcil), Chemical and Allied Export Promotion Council of India (Capexil) and Shellac and Forest Products Export Promotion Council (Shefaxil).