According to ChemAnalyst report, “India Plastic Recycling Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand, FY2015-FY2030”, The India Plastic Recycling Market is likely to grow at a CAGR of 5.84% during the forecasted period by FY2030. The end-use industries into Packaging, Building and Construction, Textile, Automotive, Electrical and Electronics, are anticipated to boost the demand for Plastic Recycling in India in the forthcoming years.
Due to the country’s developing small-scale processing facilities and non-governmental organizations’ growing emphasis on the secondary use economy, the plastic recycling sector in India is expanding quickly. Many advantages come from recycled plastic, including financial gains, a decrease in the demand for new plastics, the creation of new job opportunities, and a decrease in energy use. The need for PET and HDPE for packaging applications is also being fueled by the expanding packaging industry, which is projected to benefit the plastic recycling market. 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. Government initiatives such as Swachh Bharat Mission and Make in India are further leading toward the development of plastic recycling in India. 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 items. All these factors are anticipated to propel Plastic Recycling practices across India.
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The India Plastic Recycling Market is segmented based on type, end-use, sales channel, and region. 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 film for use with tape, microwaveable containers, cosmetic jars, mesh fabrics for printing, filtration of oil, etc.
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 packagings, such as sachets and pouches.
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.
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“India Plastic Recycling Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand, FY2015-FY2030” 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.
“Growing demand of plastics from packaging industry along with rising environmental concerns due to excessive use of plastic products has encouraged manufacturers to ramp up plastic recycling practices across India. Rapidly increasing concern of government on reducing plastic waste are favouring the Plastic Recycling market the potential for growth in the forecast period until FY2030. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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