TAGS: Sustainability and Bioplastics
Nexam Chemical is driving impactful change in the Indian market through pioneering initiatives in “Reactive Recycling”. The company is collaborating with Krishna Enterprise.
Strengthening Position in Extensive Indian Market
The aim is to contribute to transformative advancements in plastic recycling and utilization across India. These initiatives underscore Nexam Chemical’s commitment to two goals. The first is to foster a circular economy. The second is to reduce plastic waste.
The collaboration with Krishna Enterprise was initiated in Q1 2022. It marks a significant milestone in Nexam Chemical’s journey towards sustainable solutions in India. Nexam Chemical is leveraging Krishna Enterprise’s extensive market presence and experience. Krishna Enterprise has over 35 years in plastic additives, masterbatches, and compounds since 1985. The partnership focuses primarily on applications involving rPET. This includes fibers, sheets, trays, and bottle-to-bottle recycling.
Key Highlights of the Collaborative Efforts
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Partnership with PET recycler: Nexam Chemical has entered a business initiative with an as of now undisclosed renowned PET recycler in India. The goal is to scale up industrial initiatives. With two orders already placed, this customer specializes in two areas. One is the production of rPET chips (granules). The second is rPET staple fibers. Their production capacity is 50 metric tons per day. This collaboration aims to significantly improve the availability of high quality recycled PET materials in India.
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Expansion of rPET applications: Through active engagement with various stakeholders, Nexam Chemical and Krishna Enterprise have identified and pursued opportunities to expand the application of rPET in various sectors. With a focus on rPET sheets, fibers and recycling, Nexam Chemical has successfully secured 7 technically approved leads. There are also 10 ongoing upscaling projects. Additionally, discussions with 30 relevant leads at various stages, from lab testing to early trials.
India’s Plastics Recycling Market Potential
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The Indian plastics recycling market is one of the fastest growing segments within the country’s waste management industry. It is driven by increasing awareness of environmental issues. Regulatory interventions aimed at promoting sustainable practices are also driving this growth. According to TechSci Research, the Indian plastics recycling market stood at a market value of USD 520 million tons in 2022. It has an estimated growth rate (CAGR) of 7.6% until 2028, when it is estimated to reach close to USD 800 million by 2028. This growth is attributed to growing environmental consciousness, increasing awareness regarding the harmful effects of plastic waste. The rising demand for recycled plastics across various end-user industries is also a contributing factor.
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With a growing population, rapid urbanization and continuous product innovations, India generates a significant amount of plastic waste annually. This presents both challenges and opportunities for the recycling sector. Additionally, the Indian government is implementing policies and promoting recycling programs for controlling waste production. It is also pushing for sustainable plastic disposable solutions.
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Nexam Chemical’s proactive initiatives in collaboration with local partners are well positioned to capitalize on this growing market demand and drive sustainable solutions at scale.
Huge Potential for Reactive Recycling Concept
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The Indian market is dynamic, and a great example of how fast a society can shift towards a more circular behavior, when both government and private players act together. We recently attended Plastivision in Mumbai, India’s largest event for the plastics industry, held every three years and today ranked among the top 10 plastic industry events globally. It was evident that there is a substantial interest in Nexam Chemical’s solutions to enable upscaling of recycled waste streams to create more value throughout the recycling value chain,” says Ronnie Törnqvist, CEO of Nexam Chemical.
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We have a number of projects in various stages of exploration and commercialization. But the sheer size and potential of the Indian plastics recycling market is truly staggering and poses a huge potential for our Reactive Recycling concept in the years to come,” says Henrik Bernquist, business manager at Nexam Chemical.
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The Indian recycling market is highly dynamic and growing at a high pace. Nexam’s unique additives provide a solution to problems our customers are facing, especially when it comes to availability of high-quality recycled materials,” says Gaurang Goradia, managing director of Krishna Enterprises.
These initiatives exemplify Nexam Chemical’s unwavering commitment to driving sustainable practices and fostering circular economy principles in India. By harnessing the power of “Reactive recycling” concept and forging strategic partnerships, Nexam Chemical aims to accelerate the transition towards a more sustainable future for the Indian plastics industry.
Source: Nexam Chemical
