India Recycled Plastics Market Size To Reach US$ 5,277 Million by 2028

IMARC Group, a leading market research company, has recently releases report titled "India Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the India recycled plastics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the Indian recycled plastics market?

The India recycled plastics market size reached US$ 3,784 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,277 Million by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.

What are recycled plastics?

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.

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What are the growth prospects and trends in the Indian recycled plastics industry?

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.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Plastic Type:

Polyethylene Terephthalate (PET)
High Density Polyethylene (HDPE)
Polypropylene (PP)
Low Density Polyethylene (LDPE)
Others

Breakup by Raw Material:

Plastic Bottles
Plastic Films
Rigid Plastic and Foam
Fibres
Others

Breakup by Application:

Non-Food Contact Packaging
Food Contact Packaging
Construction
Automotive
Others

Breakup by Region:

North India
West and Central India
South India
East India

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This release was published on openPR.