India Recycled PET Market size is projected to grow at a CAGR of 9.3% during 2024-2030F

In terms of application, fiber garnered the maximum revenue share in India Recycled PET Market – 6Wresearch

In the India Recycled PET Market, fibers emerged as the leading revenue-generating in 2023 by application. This was driven by the growing usage of fibers in textile industry, with approximately 75% of recycled PET dedicated to producing polyester staple fibers to meet the demands of the sector. This trend is expected to witness a gradual expansion throughout the forecast period.

According to 6Wresearch, India Recycled PET Market size is projected to grow at a CAGR of 9.3% during 2024-2030F. Around 60%-65% of the recycled PET is utilised in the textile industry. Moreover, by 2025-26, the Indian Textile Industry is likely to achieve a valuation of $190 billion with a targeted production of $250 billion in textiles production and $100 billion in exports by 2030. Therefore, the textile industry's expansion is set to drive demand for processed staple polyester fiber and, consequently, recycled PET in India.

In 2021, India initiated rules to phase out single-use plastics by 2022, by targeting various items such as bags, cutlery, and polystyrene. Additionally, the government introduced EPR guidelines in 2022, mandating recycling targets for PIBO, with a goal to achieve 50% recycled content for Category 1 and 4 plastics and 30% for Category 2 and 3 plastics by 2025. This growing acceptance of rPET backed by initiatives such as ‘Unbottled’ of Indian Oil  & ‘Net Zero Emission by 2070’ is likely to propel the demand of recycled PET in India during the forecast period.

The increase in plastic usage from 34 million tonnes in 2023 to 64 million tonnes in 2033 is expected to produce plastic waste of around 41 million tonnes in 2033 from 23 million tonnes in 2023 owing to the lack of proper and adequate infrastructure of plastic recycling units.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, in 2023, clear-grade PET held a dominant position in the recycled PET market in terms of revenue, primarily propelled by its exceptional visual clarity. The transparency of clear PET, free from of any coloration or haze, makes it the preferred choice for products where a crystal-clear presentation is crucial, thereby contributing to its widespread adoption and market dominance.

The India Recycled PET Market (2024-2030) report provides an in-depth analysis with 16 figures and 8 tables, covering 66 pages. The report comprehensively covers the market by type, grade and applications. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.