India Plastic Recycling Market Size Set to Boom at Significant CAGR to Touch USD 6.1 Billion by 2030

Published | 16 July 2024

India Plastic Recycling Market is flourishing due to growing awareness about environment, stringent regulations on controlling plastic pollution, and proactive government policies and incentives for recycling plastic.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Plastic Recycling Market size by value at USD 4.2 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Plastic Recycling Market size to expand at a CAGR of 6.5% reaching a value of USD 6.1 billion by 2030. The Plastic Recycling Market in India is propelled by the growing awareness about the detrimental effects of plastic waste on environment and health. Rapid industrialization, population growth, and continuous product innovations have led to extensive plastic usage across various industries, further bolstering market expansion. Also, the Government of India is actively implementing policies and recycling programs to manage waste production and promote sustainable plastic disposal solutions. Technological advancements, such as the use of artificial intelligence (AI) in sorting plastic waste and improving the quality of recycled products, are also significantly contributing to market growth.

By volume, BlueWeave estimated India Plastic Recycling Market size at 3.8 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Plastic Recycling Market size by volume is projected to grow at a CAGR of 6.4% reaching the volume of 5.5 million tons by 2030. India, as one of the world's largest producers of plastic waste, plays a pivotal role in various manufacturing sectors. The emphasis on creating a circular economy involves repurposing waste into essential raw materials for industries, such as packaging and automotive manufacturing. Despite India generating a staggering 26,000 tons of plastic waste daily, only 8% was recycled in 2019, placing it second globally after the United States and the European Union. To address this mounting plastic waste challenge, an Indian-Australian consortium has devised a strategic roadmap aimed at achieving a 67% recycling rate by 2035. The ambitious target hinges on crucial reforms in policies, substantial infrastructure development, and the integration of digital technologies. The objective is to ramp up recycling capacity, aligning with international standards, while also phasing out the use of single-use plastics.

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Opportunity – Growing demand for sustainable products

The escalating global demand for sustainable products underscores a pivotal opportunity for the expansion of India Plastic Recycling Market. As one of the major contributors to plastic waste, India faces challenges from inadequate infrastructure to mixed waste handling. However, amidst these challenges, sustainable business models, including innovative approaches like plastic-to-fuel conversion, recycled plastic manufacturing, and eco-brick production, are emerging. Such initiatives not only address environmental concerns but also cater to the rising consumer preference for sustainable products. By fostering public-private partnerships and promoting extended producer responsibility, India can leverage sustainable models to establish a robust recycling ecosystem. The strategic shift not only mitigates plastic pollution but also catalyzes economic growth through environmentally conscious practices. It, in turn, is projected to drive India Plastic Recycling Market over the forecast period.

Impact of Escalating Geopolitical Tensions on India Plastic Recycling Market

Intensifying geopolitical tensions can have a multifaceted impact on India Plastic Recycling Market. Uncertainties stemming from geopolitical instability can disrupt supply chains, leading to potential shortages of critical components and materials. This disruption may lead to fluctuating prices for recycled plastics and essential recycling equipment, influencing operational costs and market stability. Furthermore, geopolitical uncertainties might discourage foreign investments in India's plastic recycling infrastructure, essential for facility modernization and capacity expansion. These factors collectively hinder market growth and sustainability efforts, underscoring the necessity for resilient strategies and domestic resource development. These measures are crucial to mitigate external disruptions and ensure the continuity of plastic recycling initiatives in India.

Mechanical Process Dominates India Plastic Recycling Market

India Plastic Recycling Market by process comprises Mechanical and Chemical segments. The mechanical process segment holds a higher share in India Plastic Recycling Market, primarily driven by innovative advancements, exemplified by the indigenous single screw extruder for melt-mixing waste thermoplastic polymers and fillers. The technology produces polymer composites for applications like paver blocks and tiles. Current equipment struggles with contaminants, addressed by IIT Bombay's GolDN instrument, enabling efficient melt mixing. GolDN, backed by the Department of Science and Technology, optimizes parameters for real-world conditions, set for commercialization at a reduced cost of INR 0.5 million. Additionally, the TGeosA setup allows thermogravimetric analyses of polymer composites, accommodating material heterogeneity. The advancements highlight mechanical recycling's vital role in enhancing sustainability in India Plastic Recycling Market.

Competitive Landscape

India Plastic Recycling Market is fragmented, with numerous players serving the market. The key players dominating India Plastic Recycling Market include Replast, Uhnder, Banyan Nation, Tridi Pack Limited, Jakson Eco Solutions, Suez India Private Limited, Gravita India Limited, Pashupati Group, Jagriti Polymers, Mittal Polygrains LLP, Parkash Plastic, and Shakti Corporation. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of India Plastic Recycling Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and India Plastic Recycling Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Plastic Recycling Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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