What is the scope of recycling in India and value of recycling industry in India and size of recycling market in India?
The global Waste Recycling Services market was valued at USD 97.69 billion in 2022 and is expected to grow at a CAGR of 5.00% during the forecast period. The India Plastic Recycling market stood at approximately 5700 thousand tonnes in FY2023 and is likely to grow at a steady CAGR of 5.84% in the forecast period by FY2030. According to Statista, the global waste and recycling services market had a total size of $55.1 billion in 2020, and this had increased to $57.69 billion last year. In 2022, it is projected to be worth $60.41 billion, and by 2030 a much larger $88.01 billion. In India, the metal recycling sector currently employs nearly 1.75 million people and contributes around 2 per cent to GDP. For India, recycling has the potential to create six times more jobs and generate around ₹14-lakh crore of additional cost savings by 2030, which is approximately 11 per cent of our annual GDP. Paper can be recycled into reusable materials such as recycled paper products and paper pulp. This type of business is profitable, as there is a rising demand for recycled paper products in offices and households. Scrap paper is the main raw material needed to recycle paper, which comes at cheap prices. The profits made from setting up a plastic recycling business is as variable as ₹60000 per ton, per month. Yes, if carried out with the correct business strategy, plastic recycling plants in Kerala may be quite profitable. The India waste plastic recycling market size reached 8.9 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 18.5 Million Tons by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028. Recycling plastics provides a sustainable source of raw materials to the manufacturing industry. Once the plastics are recycled, they are sent to manufacturing industries to be redesigned and converted into new shapes and used in different appliances. The most common plastic for recycling is polyethylene terephthalate (PET), which is commonly used in plastic bottles. Today, roughly 35% of PET bottles are recycled, and this share could rise up to 60% by 2030, according to S&P Global Platts, with half of PET recycled bottles being turned into new bottles.
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