Nexam and Krishna joining forces to recycle plastic

21 February 2024 17:30

GBI

Stockholm/Mumbai – Sweden’s Nexam Chemical and Mumbai-based Krishna Enterprises will be recycling 50 metric tons of plastic per day in India, the companies announced. Their partnership is a new development in India’s $520 million plastic recycling market, which is expected to grow to $800 million in four years.

Swedish company Nexam Chemical has expanded its recycling operations in India to expand the circular economy in plastic. According to a press release published on February 20, Nexam is partnering with Indian chemical maker Krishna Enterprise and other Indian companies to recycle PET fibers, sheets, trays, and drinking bottles into new products.

“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,” said Nexam Chemical Chief Executive Officer Ronnie Törnqvist. “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.”

Nexam and Krishna have secured recycling facilities that they expect will be generating 50 metric tons of recycled PET chips, or granules, and fibers daily. Cited TechSci Research data, the companies said they believed the Indian plastic recycling market was worth $520 million tons in 2022 and would grow 7.6 percent through 2028, when the market would be worth $800 million. 

Concerns about pollution, the environment, and greenhouse gases that cause climate change would drive the increase, they said.  As a result, demand for recycled plastic for packaging, automotive, construction, and consumer goods would rise, they predicted.

“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,” said Gaurang Goradia, managing director of Krishna Enterprises. ce/jd

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