Report Overview

India Plastic Recycling Market – Industry Trends & Forecast Report, 2030

India Plastic Recycling Market size by value was estimated at USD 4.2 billion in 2023. During the forecast period between 2024 and 2030, India Plastic Recycling Market size is projected to grow at a CAGR of 6.5% reaching a value of USD 6.1 billion by 2030. Prominent drivers of the market include increasing environmental consciousness and growing awareness about the detrimental effects of plastic waste. 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 projected to significantly contribute to the growth of India Plastic Recycling Market in the coming years.

By volume, India Plastic Recycling Market size was estimated at 3.8 million tons in 2023. During the forecast period between 2024 and 2030, India Plastic Recycling Market size is projected to grow at a CAGR of 6.4% reaching the volume of 5.5 million tons by 2030. Among the world's largest, India's industry manages significant plastic waste, crucial for manufacturing sectors. Emphasizing the circular economy, it transforms waste into raw materials for packaging and automotive parts. Despite generating 26,000 tons of daily plastic waste, India recycled only 8% of its plastic waste in 2019, ranking second globally after the US and EU. To tackle this mounting problem, an Indian-Australian consortium has laid out a strategic roadmap aiming to recycle 67% of the plastic by 2035.

Plastic Recycling – Overview

Plastic recycling is the process of collecting and transforming post-industrial plastics into new, usable products. Common plastics involved include polyethylene terephthalate (PET), high-density polyethylene (HDPE), polypropylene (PP), and low-density polyethylene (LDPE). This process typically involves five key stages: sorting, washing, shredding, identification and classification, and extruding. The primary goals of plastic recycling are to reduce plastic pollution, lessen reliance on landfills, conserve natural resources, and lower greenhouse gas emissions.

India Plastic Recycling Market

Growth Drivers

Supportive Government Initiatives

India Plastic Recycling Market thrives primarily due to robust government initiatives designed to manage waste and promote sustainability. Programs like the Swachh Bharat Abhiyaan focus on waste segregation and offer incentives such as subsidies and tax breaks to encourage recycling efforts. Policies like extended producer responsibility (EPR) require manufacturers to participate in recycling their products, ensuring a consistent supply of recyclable materials. These measures not only strengthen the recycling sector but also drive innovation and growth, allowing the industry to meet increasing demand. By transforming waste into valuable resources, these initiatives play a crucial role in advancing the circular economy and supporting various industrial sectors. It, in turn, is projected to boost the growth of India Plastic Recycling Market in the coming years.

Increasing Environmental Concerns

Amid growing environmental awareness, India Plastic Recycling Market addresses the nation’s substantial plastic waste challenge. With a significant portion of waste remaining unrecycled, the industry’s role in converting scrap into valuable raw materials is vital. Sectors such as packaging, automotive, and construction drive the demand for recycled plastics, underscoring the plastic recycling industry's significant positive impact on the country’s environment. Rising consumer demand for sustainable products and regulatory pressures for eco-friendly practices are pushing the sector forward. By integrating recycling into the circular economy, the industry not only reduces environmental impact but also supports sustainability across diverse applications.

Challenges

Limited Collection and Sorting Infrastructure

The growth of India Plastic Recycling Market can be hampered by insufficient infrastructure and outdated technology for effective waste collection, segregation, and processing. Despite regulatory efforts to promote recycling, inadequate facilities and outdated systems in many areas hinder large scale operations. The infrastructure gap results in inefficient recycling processes, lower-quality materials, and higher operational expenses. The Central Pollution Control Board in India reports that just 60% of plastic waste is collected for recycling across the country, underscoring the urgent requirement for substantial investments in the development of infrastructure to enhance waste management practices and support sustainable recycling initiatives across the country. Thus, India Plastic Recycling Market players together with the government need to play a crucial role in setting up infrastructure for plastic waste collection, segregation, and processing. 

Impact of Escalating Geopolitical Tensions on India Plastic Recycling Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of India Plastic Recycling Market. Uncertainties stemming from geopolitical instability can affect international trade routes, supply chains, and the availability of raw materials and innovative technologies. These uncertainties could lead to fluctuating prices for recycled plastics and essential recycling equipment, impacting operational costs and market stability. Moreover, geopolitical instability may deter foreign investments in India's recycling infrastructure, which is crucial for modernizing facilities and expanding capacity. These factors collectively pose challenges to the growth of India Plastic Recycling Market and sustainability efforts, emphasizing the need for resilient strategies and domestic resource development to mitigate external disruptions and ensure continuity in plastic recycling initiatives.

India Plastic Recycling Market

Segmental Coverage

India Plastic Recycling Market – By Source

On the basis of source, India Plastic Recycling Market is divided into Bottles, Films, Foams, and Fibers segments. The bottles segment holds the highest share in India Plastic Recycling Market by source, growing rapidly due to its low cost and convenience, particularly in packaging beverages. Despite their popularity, plastic bottles contribute significantly to environmental pollution. Consequently, there is a concerted global effort by governments and organizations to enhance plastic bottle recycling. Recycling these bottles yields numerous benefits: reducing landfill and oceanic plastic waste, conserving resources by lowering the need for new plastic production and saving energy due to the reduced energy requirements in recycling compared to manufacturing new materials.

India Plastic Recycling Market – By Plastic Type

Based on plastic type, India Plastic Recycling Market is segmented into Polyethylene Terephthalate, Polyethylene, Polypropylene, Polyvinyl Chloride, and Polystyrene segments. The polyethylene terephthalate (PET) segment holds the highest share in India Plastic Recycling Market by plastic type. In 2020, PET consumption in India reached 1.1 million tons annually, primarily driven by its extensive use in bottles, constituting 94% of its applications. The PET recycling industry has demonstrated robust growth, with its turnover increasing significantly from INR 3,500 crore (approximately USD 500 million) in 2015 to over INR 5,000 crore (approximately USD 700 million) in 2020, reflecting an average annual growth of 10%. Projections suggest further growth to INR 13,500 crore (approximately USD 1,700 million) over the next 4-5 years, underpinned by a minimum 20% year-on-year growth rate. India boasts a high PET recycling rate of 90%, supported by a network of both organized and unorganized recyclers. The segment is pivotal in producing recycled PET (RPET), which finds applications in various value-added products. Future prospects include expanding RPET use into direct food contact applications, bolstered by initiatives in digitization and supply chain management. Regulatory frameworks from bodies like the Bureau of Indian Standards (BIS) and the Food Safety and Standards Authority of India (FSSAI) are also shaping the landscape, particularly in facilitating RPET's broader adoption, including in food packaging

India Plastic Recycling Market – By Process

By process, India Plastic Recycling Market is bifurcated into Mechanical and Chemical segments. The mechanical segment holds a larger market share in India Plastic Recycling Market by process, driven by innovative advancements in equipment and processes. A notable example is the indigenous single screw extruder developed for mechanical recycling, specifically designed for melt-mixing waste thermoplastic polymers and inorganic particulate fillers to produce polymer composites used in applications like paver blocks, tiles, and bricks. Existing commercial melt-mixing equipment often struggle with contaminants adhering to thermoplastic polymers due to inadequate barrel and screw system robustness. Addressing this challenge, IIT Bombay's GolDN instrument, supported by the Department of Science and Technology, enables continuous and efficient melt mixing under laboratory conditions, mimicking real-world scenarios with optimized parameters such as compression ratio and clearance depth. Set for commercialization at a significantly reduced cost of INR 5 lakhs, GolDN streamlines complex designs and operational tools, making it accessible for widespread adoption. Also, the developed TGeosA setup facilitates thermogravimetric analyses of resulting polymer composites, accommodating material heterogeneity with sample sizes up to 200 g. These advancements underscore the mechanical segment's pivotal role in advancing sustainable practices and resource efficiency in India Plastic Recycling Market.

India Plastic Recycling Market – By End Use Industry

Based on end use industry, India Plastic Recycling Market is divided into Packaging, Building & Construction, Textiles, Automotive, and Electrical & Electronics segments. The packaging segment holds the highest share in India Plastic Recycling Market by end use industry, reflecting its substantial utilization of plastics and consequent generation of plastic waste. Consequently, recycling efforts in the packaging sector are emphasized to manage this volume effectively.

India Plastic Recycling Market – By Region

The in-depth research report on India Plastic Recycling Market covers the market in the country’s major regions: North India, South India, East India, and West India regions. Regionally, West India holds the highest share in India Plastic Recycling Market and is expected to maintain its dominance over the forecast period. Maharashtra, especially Mumbai, holds the leadership position in West India region, with strong policies supporting formal recycling units and industry partnerships. Gujarat also plays a significant role due to its large industrial base.

Competitive Landscape

Major players operating in 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In July 2024 - The All-India Plastic Manufacturers’ Association (AIPMA) and the Chemicals and Petrochemicals Association (CPMA) held the Global Conclave on Plastics Recycling and Sustainability (GCPRS) during July 04–07 at Bharat Mandapam, Pragati Maidan, Delhi. The event aimed to address the plastic recycling industry. Key discussions focused on plastic waste management, sustainable alternatives, and innovative recycling technologies.

• In April 2024 - Novoloop, a leader in plastic circular economy technology, launched its pilot plant in Surat, India, in partnership with Aether Industries. The facility marks the transition to Novoloop's innovative Lifecycling technology, which converts post-consumer polyethylene waste into high-quality monomers with a significantly lower carbon footprint. The plant aims to validate key equipment performance and produce high-purity products, with plans to expand to a full-scale 70 metric tons per year demonstration. Supported by Rolex's Perpetual Planet Initiative, the venture is reportedly a major step toward scalable recycling solutions for difficult-to-recycle plastics.

• In April 2024 - SIBUR, Russia's largest plastics producer, partnered with Indian companies to advance plastic waste recycling. EcoPartners opened Russia's largest plastic packaging waste recycling plant, Total Cycle, in the Tver region. The facility processes waste into PET flakes, which SIBUR purchases to create green PET granules for eco-friendly packaging. The initiative recycles up to 1.7 billion plastic bottles annually. Russia, similar to India, is focusing on stringent environmental regulations, including mandates for plastic packaging recycling and potential restrictions on hard-to-recycle plastics.

• In December 2023 - Reliance Industries became the first Indian company to use chemical recycling to transform plastic waste into International Sustainability and Carbon Certification (ISCC)-Plus certified circular polymers. Reliance stated that its new products, CircuRepol (Polypropylene) and CircuRelene (Polyethylene), highlight the company’s commitment to the circular economy and sustainable practices. The new products involve converting diverse plastic wastes into high-quality pyrolysis oil, which can be used to produce new plastic materials suitable for food packaging.

Scope of the Report

By Plastic Type

• Polyethylene Terephthalate

• Polyethylene

• Polypropylene

• Polyvinyl Chloride

• Polystyrene

By Process

• Mechanical

• Chemical

By End Use Industry

• Packaging

• Building & Construction

• Textiles

• Automotive

• Electrical & Electronics

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Plastic Recycling Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing environmental concerns
         2. Stricter regulations on plastic waste
         3. Supportive government initiatives
      2. Restraints
         1. Limited Collection and Sorting Infrastructure
         2. Cost Competition with Virgin Plastics
      3. Opportunities
         1. Rising investments in R&D
         2. Growing demand for sustainable products
      4. Challenges
         1. Downcycling and Quality Issues
         2. Lack of Standardization and Regulations
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Plastic Recycling Market: Marketing Strategies
5. India Plastic Recycling Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Source
         1. Bottles
         2. Films
         3. Foams
         4. Fibers
         5. Others
      2. By Plastic Type
         1. Polyethylene Terephthalate (PET)
         2. Polyethylene
         3. Polypropylene
         4. Polyvinyl Chloride (PVC)
         5. Polystyrene
         6. Others
      3. By Process
         1. Mechanical
         2. Chemical
      4. By End Use Industry
         1. Packaging
         2. Building & Construction
         3. Textiles
         4. Automotive
         5. Electrical & Electronics
         6. Others
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
6. North India Plastic Recycling Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Source
      2. By Plastic Type
      3. By Process
      4. By End Use Industry
7. South India Plastic Recycling Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Source
      2. By Plastic Type
      3. By Process
      4. By End Use Industry
8. East India Plastic Recycling Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Source
      2. By Plastic Type
      3. By Process
      4. By End Use Industry
9. West India Plastic Recycling Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Source
      2. By Plastic Type
      3. By Process
      4. By End Use Industry
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Plastic Recycling Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Plastic Recycling Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Replast
    2. Uhnder
    3. Banyan Nation
    4. Tridi Pack Limited
    5. Jakson Eco Solutions
    6. Suez India Private Limited
    7. Gravita India Limited
    8. Pashupati Group
    9. Jagriti Polymers
    10. Mittal Polygrains LLP
    11. Parkash Plastic
    12. Shakti Corporation
    13. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Country
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Plastic Recycling Segmentation  

Figure 2       India Plastic Recycling Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Figure 5       India Plastic Recycling Market Share, By Source, By Value, 2019–2030

Figure 6       India Plastic Recycling Market Share, By Plastic Type, By Value, 2019–2030  

Figure 7       India Plastic Recycling Market Share, By Process, By Value, 2019–2030

Figure 8       India Plastic Recycling Market Share, By End Use Industry, By Value, 2019–2030          

Figure 9       North India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Figure 10     North India Plastic Recycling Market Share, By Source, By Value, 2019–2030

Figure 11     North India Plastic Recycling Market Share, By Plastic Type, By Value, 2019–2030          

Figure 12     North India Plastic Recycling Market Share, By Process, By Value, 2019–2030

Figure 13     North India Plastic Recycling Market Share, By End Use Industry, By Value, 2019–2030  

Figure 14     South India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Figure 15     South India Plastic Recycling Market Share, By Source, By Value, 2019–2030

Figure 16     South India Plastic Recycling Market Share, By Plastic Type, By Value, 2019–2030          

Figure 17     South India Plastic Recycling Market Share, By Process, By Value, 2019–2030

Figure 18     South India Plastic Recycling Market Share, By End Use Industry, By Value, 2019–2030  

Figure 19     East India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030 

Figure 20     East India Plastic Recycling Market Share, By Source, By Value, 2019–2030  

Figure 21     East India Plastic Recycling Market Share, By Plastic Type, By Value, 2019–2030          

Figure 22     East India Plastic Recycling Market Share, By Process, By Value, 2019–2030 

Figure 23     East India Plastic Recycling Market Share, By End Use Industry, By Value, 2019–2030  

Figure 24     West India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Figure 25     West India Plastic Recycling Market Share, By Source, By Value, 2019–2030 

Figure 26     West India Plastic Recycling Market Share, By Plastic Type, By Value, 2019–2030          

Figure 27     West India Plastic Recycling Market Share, By Process, By Value, 2019–2030

Figure 28     West India Plastic Recycling Market Share, By End Use Industry, By Value, 2019–2030  

List of Tables

Table 1 India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Table 2 India Plastic Recycling Market Size, By Source, By Value, 2019–2030

Table 3 India Plastic Recycling Market Size, By Plastic Type, By Value, 2019–2030

Table 4 India Plastic Recycling Market Size, By Process, By Value, 2019–2030

Table 5 India Plastic Recycling Market Size, By End Use Industry, By Value, 2019–2030

Table 6 North India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Table 7 North India Plastic Recycling Market Size, By Source, By Value, 2019–2030

Table 8 North India Plastic Recycling Market Size, By Plastic Type, By Value, 2019–2030

Table 9 North India Plastic Recycling Market Size, By Process, By Value, 2019–2030

Table 10      North India Plastic Recycling Market Size, By End Use Industry, By Value, 2019–2030

Table 11      South India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Table 12      South India Plastic Recycling Market Size, By Source, By Value, 2019–2030

Table 13      South India Plastic Recycling Market Size, By Plastic Type, By Value, 2019–2030

Table 14      South India Plastic Recycling Market Size, By Process, By Value, 2019–2030

Table 15      South India Plastic Recycling Market Size, By End Use Industry, By Value, 2019–2030

Table 16      East India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Table 17      East India Plastic Recycling Market Size, By Source, By Value, 2019–2030

Table 18      East India Plastic Recycling Market Size, By Plastic Type, By Value, 2019–2030

Table 19      East India Plastic Recycling Market Size, By Process, By Value, 2019–2030

Table 20      East India Plastic Recycling Market Size, By End Use Industry, By Value, 2019–2030

Table 21      West India Plastic Recycling Market Size, By Value (USD Billion), 2019–2030

Table 22      West India Plastic Recycling Market Size, By Source, By Value, 2019–2030

Table 23      West India Plastic Recycling Market Size, By Plastic Type, By Value, 2019–2030

Table 24      West India Plastic Recycling Market Size, By Process, By Value, 2019–2030

Table 25      West India Plastic Recycling Market Size, By End Use Industry, By Value, 2019–2030

Table 26      Replast Company Overview

Table 27      Replast Financial Overview

Table 28      Uhnder Company Overview

Table 29      Uhnder Financial Overview

Table 30      Banyan Nation Company Overview

Table 31      Banyan Nation Financial Overview

Table 32      Tridi Pack Limited Company Overview

Table 33      Tridi Pack Limited Financial Overview

Table 34      Jakson Eco Solutions Company Overview

Table 35      Jakson Eco Solutions Financial Overview

Table 36      Suez India Private Limited Company Overview

Table 37      Suez India Private Limited Financial Overview

Table 38      Gravita India Limited Company Overview

Table 39      Gravita India Limited Financial Overview

Table 40      Pashupati Group Company Overview

Table 41      Pashupati Group Financial Overview

Table 42      Jagriti Polymers Company Overview

Table 43      Jagriti Polymers Financial Overview

Table 44      Mittal Polygrains LLP Company Overview

Table 45      Mittal Polygrains LLP Financial Overview

Table 46      Parkash Plastic Company Overview

Table 47      Parkash Plastic Financial Overview

Table 48      Shakti Corporation Company Overview

Table 49      Shakti Corporation Financial Overview