The PET recycling industry in India, which has seen an investment of ₹10,000 crore in three years, is expected to double the investment in the short term, an industry official said.
“India’s PET recycling industry, represented by the All India Plastic Recycling Association (APR), stands as the world’s largest recycler, by capacity, with an impressive annual recycling capability of 5 lakh tonnes,” said Bhadresh Dodhia, Director, Association of PET Recyclers (BHARAT).
Stating that 95% of the PET bottles are currently recycled, he said the industry would double the investment as more brands come forward to access recycled materials. He did not set a time frame.
“Over the last three years, the sector has attracted ₹10,000 crore in investments, spurred by progressive government policies such as mandating 30% recycled content in plastic packaging by 2025 under the Plastic Waste Management Rules,” he said.
Though India is recognised globally for its recycling efficiency, the industry is however evolving from downcycling into a circular economy model, with food-grade approved ARPET granules now being used to manufacture 100% recycled bottles, he said.
“With support from 50 lakh rag pickers—the backbone of the industry—and cutting-edge technology, India is set to lead the global recycling market, contributing significantly to a sustainable future,” he said while speaking on the sidelines of UTECH India Sustainable Polyurethane & Foam Expo (UTECH ISPUF) and the Plastics Recycling Show India (PRSI) organised by Media Fusion and Crain Communications in Mumbai.
India’s plastics recycling market estimated at 9.9 million tonnes in 2023 is projected to grow to 23.7 million tonnes by 2032, at a CAGR of 9.86%.
Taher Patrawala, Managing Director, Media Fusion, said “The private sector and startups are driving innovation in sustainability, adopting circular economy models that minimise waste and reduce reliance on virgin materials.”
“Sustainability remains at the forefront, with a growing emphasis on eco-friendly materials and energy-efficient manufacturing processes. Along with government supportive policies, these efforts are transforming the industry,” he said.
“As innovation and collaboration accelerate, the future of recycling promises exponential growth, driving sustainable practices and creating new opportunities across the industry,” he added.
Matthew Barber, Global Events Director, Crain Communications said, “Recycling has become a global focal point for sustainable development, with India positioned uniquely due to its strong commitment to advancing circular economy practices.”
“Reports suggest that India’s current plastic recycling rate stands at approximately 60%, significantly higher than the global average of 9%, and even surpassing several developed nations,” he added.
Published – December 05, 2024 10:30 am IST