Plastic report says consumption will reach 22 million MT in 2022-23
The Plastindia Foundation unveiled its ninth edition of the plastics industry report for 2021-2022. In addition to tracing the growth trajectory, the report highlights how the plastics industry is committed to sustainable development. 90% rigid plastics, including PET bottle waste and 60% of flexible waste is being recycled. 6.4 million MT is estimated to be recycled in 2021-22 which is 60% of plastic waste stream.
23 Oct 2022 | 9996 Views | By Pooja Mahesh
The Plastindia Foundation's Plastics Industry Status Report is very bullish about the growth of plastics and related materials. The 9th edition of the report highlights the significant role that plastics can play in further accelerating economic growth. Among the top 10 items to be exported, India exported USD 10.00 billion worth of plastics in 2019-20, which is expected to reach USD 25.00 Billion by 2025.
Jigish Doshi, president, Plastindia Foundation said, "The report aims to catalysis growth by empowering each stakeholder with facts and figures. I am confident that this report will act as a beacon for change by helping create more employment, fostering innovation, and driving investments that will help the industry work towards sustainable development models."
According to the report, the production and consumption of plastics in India has increased immensely in the past three decades. For instance, in 2021-2022, the consumption of plastics was approximately 22 million MT as compared to 0.9 million MT in 1990. The report reveals that consumption of plastics in India has grown by 23% and is estimated to reach 22 million MT in 2022-2023. The industry gives jobs to over four million people and comprises over 35,000 processing units, 80% of which are small and medium-sized enterprises. This sector is predicted to achieve 9.1 lakh crores by 2025.
Ajay Shah, chairman, National Executive Council of PlastIndia 2023 said "The report includes various new sections and provides more in-depth data on various sectors of the industry, including a brief history of polymers and the benefits that plastics provide to society. " he added, "The report enumerates the strengths of India and the various government initiatives and programs that would drive the polymer industry in the future while showcasing the country to the world as a land of potential opportunities. The data provided in the report will surely be useful for the entire value chain of the plastic industry - from raw material and additive producers, processors, machinery manufacturers, recyclers, and consumers, guiding them in their growth plans."
Meanwhile the Plastindia Foundation is organising the 11th edition of the PlastIndia show from 1 to 5 February in 2023 at the Pragati Maidan, New Delhi.