India $520+ Mn Plastic Recycling Markets, Competition Forecast & Opportunities, 2028F

DUBLIN, July 6, 2023 /PRNewswire/ -- The "India Plastic Recycling Market By Type (Polyethylene, Polyethylene Terephthalate, Polypropylene, Polyvinyl Chloride, Polystyrene and Others), By Source, By Method, By End User, By Region, By Top 3 States, Competition Forecast & Opportunities, 2028" report has been added to  ResearchAndMarkets.com's offering.

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.

Development in various industries such as packaging, automotive and policies regulations by the government are driving the market. This can be attributed to the increasing environmental awareness and viable applicability of the products derived from plastic waste.

Although this sector is mostly managed by unorganized local players, 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 the non-decomposable plastics. To curb the negative impact of plastics on the environment, several major steps have been taken by the government and local players who are putting their efforts into making this country and planet Earth pollution free.

Additionally, many fashion brands have recently taken charge of the situation and begun recycling PET plastic bottles into garments which makes this one of the significant ways to reduce waste generation making the country more environmentally friendly. Government initiatives, public awareness, and emerging ventures across the regions of India are collectively expected to foster market growth during the forecast period.

Growing Environmental Consciousness

Growing environmental awareness and public concern over the negative consequences of plastic waste are the main factors propelling the recycled plastic industry in India. Plastic is widely used in many end-use sectors, further fueling market growth in the nation due to fast industrialization, a rising population, and ongoing product advancements.

Additionally, the Government of India (GoI) is enacting laws and launching recycling initiatives to reduce trash production and promote environmentally friendly plastic disposables. Additionally, technological advancements like artificial intelligence (AI) to sort plastic trash and improve the quality of recycled goods are favorably impacting the market's expansion.

Demand From Packaging Industry

Plastics used in packaging industry are polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), and low-density polyethylene (LDPE). Plastic recycling refers to the procedure of collecting and reprocessing post-industrial plastic into useful products.

Some of the common types of plastics include polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), and low-density polyethylene (LDPE). The generated waste goes through five stages, namely, sorting, washing, shredding, identification and classification, and extruding.

Plastic recycling aims to reduce plastic pollution, minimize landfill dependence, conserve resources, and prevent greenhouse gas emissions. Recycled plastic can be used again for packaging of consumer goods.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India Plastic Recycling market

• Suez India Private Limited
• The Shakti Plastic Industries
• Gravita India Limited
• Pashupati Group
• Jagriti Polymers
• Mittal Polygrains LLP
• Parkash Plastic
• Shakti Corporation

Report Scope:

India Plastic Recycling Market, By Type:

• Polyethylene (PE)
• Polyethylene Terephthalate (PET)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Others

India Plastic Recycling Market, By Source:

• Bottles
• Films
• Fibers
• Foams
• Others

India Plastic Recycling Market, By Method:

• Mechanical
• Thermal
• Chemical
• Landfill

For more information about this report visit https://www.researchandmarkets.com/r/sqj5ll

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