India Recycled Plastics Market Report 2023-2028: Size, Share, Trends and Opportunity

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?

Plastic recycling involves recovering and reprocessing discarded plastic materials to create valuable products. Since most polymer materials used across the globe are non-biodegradable, recycling these materials emerges as a viable solution to alleviate the environmental burden caused by polymers. Some common types of recycled plastics include polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and polypropylene (PP). This plastic waste undergoes five stages, including sorting, washing, shredding, identification, classification, and extrusion to create products that are biodegradable and environmentally friendly. Plastic recycling also helps reduce dependence on landfills, conserves resources, mitigates plastic pollution, and prevents greenhouse gas (GHG) emissions. In addition, it is a cost-effective method that contributes to reducing carbon emissions. Some commonly produced recycled plastic products include recycled PET plastic that finds extensive application in the packaging and construction industries for the primary and secondary packaging of various products. Moreover, in construction industry, recycled plastics are transformed into low-value items such as plastic lumber, roadside curbs, damp roof membranes, walkways, ducting and flooring, and fences. Besides this, recycled plastics find extensive applications across various industries, including footwear, fabrics, toys, bags, toothbrushes, and other consumer products.

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

India recycled plastics market is primarily driven by increasing environmental consciousness and awareness of the detrimental effects of plastic waste. Moreover, the rising use of plastic in various industries due to rapid industrialization, growing population, and continuous product advancements are positively influencing the market growth. In addition, increasing sales of packaged plastic materials and rising demand for ready-to-eat and processed food products due to the busy lifestyles of people and increasing income levels are propelling the market growth. Apart from this, the implementation of favorable policies by the government of India (GOI) and the introduction of recycling programs to reduce waste generation and encourage sustainable plastic disposal solutions has catalyzed market growth. Additionally, rising construction activities for residential and commercial buildings due to the growing population have augmented the demand for recycled plastics. Besides this, the rising utilization of plastic in various vehicle components by the automotive industry and increasing sales of both passenger and commercial vehicles represent another major growth-inducing factor. Furthermore, numerous technological advancements, including the adoption of artificial intelligence (AI) for efficient sorting of plastic waste and improvement in the quality of recycled products, are contributing to market growth. Other factors, including ongoing research and development (R&D) activities, the rising focus of key players on enhancing the value and consumer appeal of recycled plastic products, and growing awareness about environmental protection, are also anticipated to drive the market further.

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.