India’s plastics industry is likely to touch an all-time high of Rs 1.7 lakh crore by 2015 from the current level of Rs 1.02 lakh crore, according to an ASSOCHAM study titled ‘Plastic Recycling in India,’ released on Sunday.
India’s plastics industry is likely to touch an all-time high of Rs 1.7 lakh crore by 2015 from the current level of Rs 1.02 lakh crore, according to an ASSOCHAM study titled ‘Plastic Recycling in India,’ released on Sunday.
The plastics industry in India is currently growing at a compounded annual growth rate (CAGR) of about 20 per cent on the back of a multiple factors like growing economy, rising middle-class with high disposable incomes, according to a study titled released by the industry body.
The MSMEs sector accounts for about 75 per cent of the total number of 26,000 registered plastic processing units in India. However, the MSME sector accounts for just about 25 per cent of polymer consumption as the industry also consumes about 30 per cent of the overall recycled plastic.
Besides, India is set to become third largest consumer of plastics in the world looking at an upstream investment demand in excess of US$ 37 billion.
“Demand potential for plastics in India is likely to double from current level of about 10 million metric tonnes (MMT) to about 20 MMT by 2015,” said D.S. Rawat, National Secretary General, ASSOCHAM.
The total consumption of plastics in India is about four million tonnes and the waste produced is about two million tonnes, highlighted the study.
“The metropolitan area of Kolkata generates maximum amount of municipal solid waste (MSW) of over 11,000 tonnes per day (TPD) and over 40 lakh tonnes per year (TPY) among cities in India,” said Rawat.
India has the highest rate of plastic recycling of 60 per cent in India, followed by South Africa (16 per cent), Japan (12 per cent), China (10 per cent), USA (10 per cent) and Europe (7 per cent).
Considering the rising demand for plastics, more emphasis must be laid on recycling of waste plastics and use of recycled plastic or its mixture with virgin plastic for manufacturing plastic articles.
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