TAGS: Sustainability / Natural Solutions
Nexam Chemical is driving impactful change in the Indian market through pioneering initiatives in ‘Reactive Recycling’.
Collaborating with Krishna Enterprise, Nexam Chemical is contributing to transformative advancements in plastic recycling and utilization across India. With a steadfast commitment to environmental stewardship, these initiatives underscore Nexam Chemical’s dedication to fostering a circular economy and reducing plastic waste.
Partnership Focuses Primarily on Recycling
The collaboration with Krishna Enterprise, initiated in Q1 2022, marks a significant milestone in Nexam Chemical’s journey towards sustainable solutions in India.
Leveraging Krishna Enterprise’s extensive market presence and experience in plastic additives, masterbatches, and compounds since 1985. The partnership focuses primarily on applications involving recycled PET (rPET), including fibers, sheets, trays, and bottle-to-bottle recycling.
Key highlights of the collaborative efforts include:
Partnership with leading PET Recycler: Nexam Chemical has entered a business initiative with an as of now undisclosed renowned PET recycler in India, for industrial upscaling initiatives. With two orders already placed, the customer specializes in producing rPET chips (granules) and rPET staple fibers, with a production capacity of 50 metric tons per day. This collaboration is poised to significantly enhance the availability of high-quality recycled PET materials in the Indian market.
Expansion of rPET Applications: Through active engagement with various stakeholders, Nexam Chemical and Krishna Enterprise has identified and pursued opportunities to expand the application of rPET across diverse sectors. With a focus on rPET sheets, fibers, and recycling, the company has successfully secured seven technically approved leads, with ten ongoing upscaling projects and discussions with an additional thirty relevant leads at various stages of exploration, from lab testing to early trials.
India’s Plastics Recycling Market Potential
The Indian plastics recycling market is one of the fastest-growing segments within the country’s waste management industry, driven by increasing awareness of environmental issues and regulatory interventions aimed at promoting sustainable practices.
According to TechSci Research, the Indian plastic recycling market stood at a market value of USD 520 million tons in 2022, with 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 and the rising demand for recycled plastics across various end-user industries, including packaging, automotive, construction, and consumer goods.
With a burgeoning population, rapid urbanization and continuous product innovations, India generates a substantial amount of plastic waste annually, presenting both challenges and opportunities for the recycling sector. Additionally, the Indian government is implementing policies and promoting recycling programs for controlling waste production as well as pushing for sustainable plastic disposable solutions.
Nexam Chemical’s proactive initiatives in collaboration with local partners like Krishna Enterprise and leading PET Recyclers are well-positioned to capitalize on this growing market demand and drive sustainable solutions at scale.
Accelerating Transition Towards Sustainable Future
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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 our “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