Driving Sustainability - India Plastic Recycling Market

Posted in Materials by Adolf on Jul 15,2023 483

Increasing usage of plastics due to their lightweight nature, durability, and other favourable properties led to high demand for plastics thereby adversely affecting the environment. Growing awareness about the benefits of energy-saving and the growing need to reduce the carbon footprint is likely to play a positive role to increase the demand for the global plastic recycling market. 

Plastic can contribute to environmental pollution and litter. These impacts may endanger both people and the environment. Additionally, if plastic is used correctly, it might be a good use of resources instead of manufacturing new ones. Therefore, it makes sense to recycle and reuse plastic to reduce waste. Recycling plastic involves collecting used plastic waste and turning it into functional plastic items. Approximately trillion pounds of plastic are produced and used globally. This huge volume of plastic is recycled to guarantee that it is not wasted. As an alternative, you might reprocess the raw materials to create new goods.

Action must be taken to minimize plastic manufacturing, primarily through innovation, better product design, and the creation of ecologically friendly alternatives, as well as initiatives to enhance waste management and boost recycling. Reducing pollution will require international cooperation by recycling plastic.

The India Plastic Recycling market stood at approximately 5700 thousand tonnes in FY2023 and is likely to grow at a steady CAGR of 5.84% in the forecast period by FY2030. The plastic recycling industry in India is rapidly growing owing to the rise in the number of small-scale processing plants in the country and the increasing focus of non-governmental entities on the secondary use economy. Plastic recycling has various benefits such as financial benefits, reducing the need for the production of fresh plastics, creating employment opportunities, and reducing energy consumption.

Recycled plastics are the plastics that made from post-consumer or post-industrial plastics instead of the virgin resin. The process of recycling used plastic from consumable products is an efficient means to reprocess the material into useful products. Many different products make great sources of recyclable material, including: soda bottles, plastic packaging, sheets and pellets. Recycled plastic is used to make many different types of products. The type of product that is made out of recycled plastic depends on the type of plastic resin. There are several different types of plastic resin used to make different products, such as PET, PP, HDPE and LDPE. Recycled plastics can be used in various fields, like packaging, consumer goods, construction, textile fiber / clothing, landscaping / street furniture, etc.

Additionally, the growing packaging industry is spurring the demand for PET and HDPE for packaging applications, which is likely to enhance the plastic recycling market. One of the key strategies to reduce waste output and make the nation more environmentally friendly is through the recent initiative of several fashion firms, which have started recycling PET plastic bottles into clothing.

In FY2022, the government called for an end to using single-use plastics by eliminating single-use plastics which were used to make items like disposable food plates, forks, earbuds, etc. One of the key strategies to reduce waste output and make the nation more environmentally friendly is through the recent initiative of using recycled PET bottles for packaging. All these factors are anticipated to positively augment the Plastic Recycling market in the forecast period and reach nearly 8500 thousand tonnes in FY2030.

Based on region, the India Plastic Recycling Market is segregated into North, South, East, and West. Among these, West India has been the key player. In FY2023, West India accounted for approximately 38% of the market and is likely to dominate the market in the forthcoming years.
Based on type, the Plastic Recycling market is segregated into Polyethylene Terepthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others. Among these, Polyethylene Terepthalate (PET) is the most widely used one in the nation with a market share of 35%. PET is a versatile chemical with various uses like water bottle and carbonated soft drink packaging applications, blister, and packaging trays. PET bottles can be easily recycled and converted into recycled PET with major application in packaging.

Based on end-use, the India Plastic Recycling market is segregated into Packaging, Building and Construction, Textile, Automotive, Electrical and Electronics, and Others. Although, the Packaging industry is dominating the Plastic Recycling market with about 37% of the market share in FY2023 and is anticipated to dominate the market even in the forecast period. Plastic sachets enable low-income consumers to purchase tiny quantities of goods that they otherwise would not be able to afford, frequently goods that offer hygiene or nutrition benefits like toothpaste, cream, and shampoo. Yet, it is particularly challenging to enhance flexible packaging, such as sachets and pouches.

Domestic players in the India Plastic Recycling market are Pashupati Polytex Pvt. Ltd., Jairam Plastic Industries, Jayachandran (JCG) Plastics Private limited, Luckystar International Pvt. Ltd., Al Mehtab Industries Pvt. Ltd, AGL Polyfil Private Limited, Archieve Eco Tech Private Limited, Halifax Greentech LLP, Shakti Corporation Pvt. Ltd., UFlex Limited, and Others.

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