According to the latest report by IMARC Group, titled "India Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India recycled plastics market size reached US$ 3,784 Million in 2022. Recycled plastics include materials derived from the process of recycling plastic waste, which involves collecting used plastic products and converting them into new, usable forms. Plastic recycling tries to alleviate these environmental issues by lowering the need for virgin plastic and minimizing the detrimental effects on ecosystems. The collection and classification of plastic garbage according to its kind and content is the first step in the recycling process, which consists of numerous steps. After being separated, the plastic trash is cleaned and destroyed to get rid of pollutants like dirt, labels, and adhesives. The melted plastic is then used to create little pellets or flakes that are known as nurdles. These needles complete the recycling process by serving as the raw material to produce new plastic goods.
India Recycled Plastics Market Trends:
The escalating environmental consciousness among the masses majorly drives the market in India. This can be supported by the growing awareness about the environmental impact of plastic wastes. Along with this, the widespread adoption of recycled plastics across various industries, including packaging, automotive, construction, and consumer goods, is significantly supporting the market. For instance, the automotive sector is utilizing recycled plastics for interior components, while the construction industry is incorporating recycled plastics in building materials, thereby propelling the market. In addition, governments of numerous countries are implementing stringent regulations and policies to tackle plastic waste and promote the use of recycled plastics, such as single-use plastics, by extended producer responsibility (EPR) programs and providing incentives for companies to use recycled materials. Apart from this, the increasing collaborations and partnerships among stakeholders across the value chain, including recyclers, manufacturers, retailers, and consumers to develop efficient collection and recycling systems, are also impacting the market. Furthermore, continual advancements in recycling sorting, cleaning, and processing techniques to produce high-quality recycled plastics that can be used in a wide range of applications are creating a positive market outlook. Some of the other factors driving the market include volatile raw material prices and changing consumer preferences. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 5,277 Million by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.
- On the basis of the plastic type, the market has been divided into polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP), low density polyethylene (LDPE), and others. Among these, polyethylene terephthalate (PET) represents the largest market segment.
- Based on the raw material, the market has been segmented into plastic bottles, plastic films, rigid plastic and foam, fibres, and others. At present, plastic bottles account for the largest segment.
- On the basis of the application, the market has been classified into non-food contact packaging, food contact packaging, construction, automotive, and others. Among these, non-food contact packaging represents the largest market segment.
- Region-wise, the market has been segmented into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
|Base Year of the Analysis
||Plastic Type, Raw Material, Application, Region
||North India, West and Central India, South India, East India
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