India Plastic Recycling Market to Register a CAGR of 7.58% During the Forecast Period
Increasing
demand from various industries and, changing lifestyles & improving dietary
patterns are driving the India Plastic Recycling Market in the forecast period
2023-2028.
According to TechSci Research report, “India Plastic Recycling Market – By Region, Competition, Forecast and Opportunities, 2018-2028”, the India Plastic
Recycling market stood at USD 520.68 million in 2022 and is expected to grow at
a CAGR of 7.58% during the forecast period. Because of the country's growing
small-scale processing facilities and the increased attention that
non-governmental organizations are giving to the secondary use economy, India's
plastic recycling industry is booming. In addition, the government has outlawed
ultra-thin polyethylene bags in selected towns, likely as a stand-in for more
comprehensive measures to promote economic sustainability and advancement and
reduce plastic pollution. Furthermore, the expanding packaging sector is
driving demand for PET and HDPE for packaging applications, which is projected
to benefit the plastic recycling market. Technological advancements and
increasing awareness regarding littering of the environment are driving the
market. The government of India has enforced plastic waste management rules which
prohibit the use of single-use plastics which have low utility and high
littering potential. Nowadays, environmental protection has become India’s
topmost priority which paves the path to design and implement methods to manage
plastic waste effectively to minimize the pollution generated through
non-decomposable plastics, Government programs like Make in India and the
Swachh Bharat Mission (SBM) are constantly promoting circular economy
principles, which is fostering the growth of plastic recycling in India. Due to
the widespread usage of plastic in the healthcare, pharmaceutical, and food and
beverage industries during the COVID-19 pandemic, there was significant demand
for it. However, improper and illegal disposal of plastic trash severely impacted
the plastic recycling industry.
Browse over 32 market
data Figures spread through 70 Pages and an in-depth TOC on " India Plastic Recycling Market "
The India Plastic Recycling
Market is segmented by type, source, method, end user, region, and company.
Based on type, the market is
divided into Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl
Chloride, Polystyrene and Others. Polyethylene dominated the market because of
their widespread applications in various industries, with a share of 24.17% in
the year 2022. Based on source, the market is divided into Bottles,
Films, Fibers, Foams and Others. Bottles have found several applications in the
various sectors of food industry including dairy, baking, food processing and
packaging, animal feed, fruit and vegetable juice, beverage, oil refinery, and
confectionery and hence bottle are easily available for recycling. Based on
method, market is divided into Mechanical, Thermal, Chemical and Landfill. Based
on end user, the market is divided into Packaging, Building & Construction,
Textile, Electrical & Electronics, Automotive and others. Packaging exhibits
a significant increase, registering a CAGR of 7.81%.
Major companies operating in
India Plastic Recycling Market are:
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“The India Plastic Recycling Market is
expected to witness steady growth during the forecast period due to the
emerging technology and switch toward renewable sources. The demand for
sustainable development by recycling synthetic polymers further increases the
application of Plastic Recycling as an alternative to fossil fuels. Moreover,
the rising demand for recycled polymer with Make in India campaign to boost the
dominance of highest quality local products has become a widespread trend among
consumers nowadays. These factors will create lucrative opportunities for
market growth during the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“India Plastic
Recycling Market, By Type (Polyethylene, Polyethylene Terephthalate, Polypropylene,
Polyvinyl Chloride, Polystyrene and Others), By Source (Bottles, Films, Fibers,
Foams and Others), By Method (Mechanical, Thermal, Chemical, and Landfill), By
End User (Packaging, Building & Construction, Textile, Electrical &
Electronics and Automotive and Others), By Region, Competition Forecast &
Opportunities, 2028”, has evaluated the future growth
potential of India Plastic Recycling Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India Plastic Recycling Market.
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