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India Waste Plastic Recycling Market to Reach 23.7 Million Tons by 2032, Supported by Rising Environmental Consciousness

April 19, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled "India Waste Plastic Recycling Market Report by Treatment (Co-Processing, Heat Compression, Pyrolysis, Landfill, Incineration, and Others), Material (Poly Vinyl Chloride (PVC), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), and Others), Application (Packaging, Construction, Textile, Automotive, and Others), Recycling Process (Mechanical, and Others), and Region 2024-2032," the India waste plastic recycling market reached a volume of 9.9 Million Tons in 2023. 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.

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 23.7 Million Tons by 2032, growing at a CAGR of 9.86% during 2024-2032.

Market Summary:

  • 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.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units INR Billion, Million Tons
Segment Coverage Treatment, Material, Application, Recycling Process, Region
Region Covered North India, West and Central India, South India, East India
Companies Covered 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.
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India Waste Plastic Recycling Market to Reach 23.7 Million Tons by 2032, Supported by Rising Environmental Consciousness
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