According to the latest report by IMARC Group, titled "India Waste Plastic Recycling Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India waste plastic recycling market reached a volume of 7.78 Million Tons in 2021. Plastic recycling refers to the method of recovering waste or scrap plastic and reprocessing the material into various usable and functional products. It involves sorting, washing, shredding, identification, classification and extruding as the five different stages of recycling. At present, some of the commonly recycled plastics include polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and polyvinyl chloride (PVC). Plastic recycling aids in reducing the amount of waste disposed at landfills, protecting the environment from pollution and conserving energy through diminishing reliance on fossil fuels. As a result, recycled plastic materials are more energy-efficient, and exhibit high-tensile strength and corrosion-resistant properties, due to which, they are further extensively used in multiple applications across several industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Waste Plastic Recycling Market Trends:
The growing concerns regarding environmental degradation, rising energy consumption, and the increasing awareness regarding the hazardous effects of plastic waste on health and environment are primarily driving the India waste plastic recycling market growth. In line with this, the increasing need for plastic in the automotive, packaging, electronics, and food and beverage (F&B) industries is further facilitating the product demand across the country. Besides this, the Government of India (GoI) is introducing numerous recycling programs and undertaking favorable initiatives to encourage the uptake of recycled plastic, while promoting effective waste management. These regulations will further assist in reducing greenhouse gas (GHG) emissions and limiting plastic waste production, which is positively influencing the market growth. Additionally, rapid industrialization, along with significant technological advancements, including the introduction of multiple sustainable plastic disposable solutions and the deployment of artificial intelligence (AI)-integrated sorting machines are acting as other major growth-inducing factors. Moreover, the shifting inclination of key players toward recycled plastics for manufacturing different consumer goods, including kitchen appliances, electronic devices, fabric hangers and personal care products, are contributing to the market growth. Other factors, such as the establishment of advanced waste treatment facilities and continuous investments in research and development (R&D) activities to enhance the performance of recycled plastics, are creating a positive outlook for the market across the country. On account of the aforementioned factors, the market is anticipated to reach a volume of 16.58 million tons by 2027, growing at a CAGR of 11.80% during 2022-2027.
- Based on the treatment, the market has been classified into co-processing, heat compression, pyrolysis, landfill, incineration, and others.
- On the basis of the material, the market has been divided into poly vinyl chloride (PVC), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), acrylonitrile butadiene styrene (ABS), and others.
- Based on the application, the market has been segregated into packaging, construction, textile, automotive, and others.
- On the basis of the recycling process, the market has been bifurcated into mechanical and others.
- On a regional basis, the market has been?segmented into North, West, Central, South, and East India.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being A1 Impex, Addonn Polycomponds Private Limited, GD Plast, Gravita India Limited, Jairam Plastic Industries, Key Exports, Luckystar International Pvt. Ltd., Manjushree Technopack Limited (AI Lenarco Midco Limited), Parkash Plastic, Polyraw Enterprises, R.B. Polymers, and Yadav Infrapolymers Private Limited.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800