India’s Plastics Recycling Market Poised for Exponential Growth, PRSI 2024 to Drive Sustainable Solutions
BILKULONLINE
Mumbai, April 2: Plastics Recycling Show India 2024 is set to shed light on the rapid evolution of India’s plastics recycling market, with the inaugural edition scheduled to take place from 4th to 6th December 2024 at the Bombay Exhibition Centre in Mumbai.
India’s Plastic Recycling Industry is expected to experience substantial growth, projected to expand from a total market volume of 9.9 million tons to 23.7 million tons by 2032, showcasing a Compound Annual Growth Rate (CAGR) of 9.86% from 2024 to 2032.
The expo aims to convene stakeholders in plastics recycling from across India, facilitating discussions and advancements in the field of plastics recycling.
Media Fusion and Crain Communications, renowned global event organizers, jointly announced the debut edition of Plastics Recycling Show India 2024 (PRSI), which will be held at Hall 4, Bombay Exhibition Centre in Mumbai from 4th to 6th December 2024. The event marks the introduction of the globally acclaimed Plastics Recycling Show brand to India. With India’s plastic recycling industry reaching a total market volume of 9.9 million tons in 2023 and projected to reach 23.7 million tons by 2032, growing at a CAGR of 9.86% from 2024 to 2032, PRSI 2024 is expected to be a significant event for industry stakeholders.
Taher Patrawala, Managing Director of Media Fusion, emphasized the event’s importance, stating, “As we witness a global shift towards sustainable practices, it’s imperative for nations to address the pressing issue of plastic pollution. With the Indian government’s proactive measures, including the ban on various single-use plastic items and the implementation of Extended Producer Responsibility (EPR) regulations, the stage is set for significant strides in plastic waste management. The launch of Plastics Recycling Show India (PRSI) marks a pivotal moment in our commitment to tackling this challenge head-on. Bringing PRS to India after successful editions in the Middle East and Europe underscores the nation’s dedication to fostering a sustainable future and aligns with government initiatives aimed at promoting responsible plastic usage and waste management.”
The three-day expo and high-level plastics recycling and sustainable packaging conference will bring together delegates, thought leaders, innovators, and technology providers in the plastics recycling industry, fostering collaborations and driving progress towards a sustainable future. Suppliers, manufacturers, technology specialists, waste managers, consultants, and emerging players in the industry will gather to explore business opportunities under one roof.
The conference, running parallel to the show, will feature international experts addressing key themes such as circular economy principles, sustainable packaging, regulations, challenges, opportunities, innovations, technologies, and trends. These experts will share insights and experiences from across the plastics sector to promote a green future.
The announcement of PRSI 2024 followed a roundtable conference held in Mumbai, where industry thought leaders discussed the challenges and opportunities in plastics recycling. Panelists included representatives from the Bureau of Indian Standards, Alliance to End Plastic Waste, INDIAN PLASTICS INSTITUTE – IPI, Mumbai Sustainability Centre, Brihanmumbai Municipal Corporation, and other influential stakeholders. They engaged in discussions on enhancing recycling infrastructure, incentivizing waste management, addressing sector deficiencies, streamlining regulatory frameworks, and fostering collaboration across the value chain. The discussion highlighted the unique challenges specific to Mumbai and underscored the importance of collective action in addressing them.
Matthew Barber, Global Events Director at Crain Communications, commented on the occasion, saying, “PRS is globally recognised as a brand – known for its expertise in bringing together the entire plastics recycling value chain on one platform in Europe, the Middle East, and South-East Asia. The PRS Show has been growing since its inauguration in Europe in 2015. Building on the success of PRS in Europe and the Middle East, we are elated to bring PRS to India. With legislation mandating certain criteria, there is a pressing need to explore industry practices to meet this target.”
India’s plastics industry plays a crucial role as an economic growth driver, contributing significantly across various sectors such as automotive, construction, electronics, healthcare, textiles, and FMCG. India’s plastic recycling rate of an average of 13% surpasses the global average of 9% and outperforms some developed economies that recycle only 4%. The nation’s ambitious recycling approach aims to inspire global leaders in combating plastic pollution.