India: Plastic Recycling Programmed for Growth

The “India Plastic Recycling Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030” report has been added to ResearchAndMarkets.com‘s offering.

According to the information, India‘s plastic recycling market stood at 6.06 million tons in 2021 and is forecasted to reach 12.43 million tons by 2030. That is equivalent to 6.98 percent growth until the financial year 2030. “The plastic recycling industry in India is booming on account of the rise in the number of small-scale processing plants in the country and the increasing focus of non-governmental entities on secondary use economy,” the market research firm stated. “Besides, the government has enforced a ban on ultra-thin polyethylene bags in some cities of India, presumably a surrogate measure for economic sustainability and advancement and curb plastic pollution.” Additionally, the growing packaging industry was spurring the demand for PET and HDPE for packaging applications, “which is likely to enhance the plastic recycling market”.

Government initiatives such as Swachh Bharat Mission (SBM) and Make in India were continuously working towards circular economy policies, the information says. The Covid-19 pandemic resulted in a huge demand for plastic due to its extensive use in the healthcare, pharmaceutical, and food & beverage sector. But, the illegal and inappropriate disposal of plastic waste negatively affected the plastic recycling market.

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(Published in GLOBAL RECYCLING Magazine 1/2023, Page 11, Photo: O. Kürth)