Rebound Plastic Exchange to support India leverage greater recycling ventures
Rebound Plastic Exchange, a quality assured global trading platform for recycled plastics, will ensure transparency whilst facilitating cross border trade to unlock circularity worldwide.
ABU DHABI, UAE, Dec. 9, 2022 /PRNewswire/ — Rebound Plastic Exchange, a global B2B digital trading platform for recycled plastics, is ready to support India leverage its plastic waste market to its highest potential. Currently, India carries an import value on plastic waste trade that was last estimated at USD$7.2 million in 2021[1], positioning the country as a highly competitive differentiator in the global arena. Active buyers and sellers on Rebound Plastic Exchange come from over 21 countries, helping source plastic feedstock at preferred price ranges.
In 2018, India recycled 6 million metric tonnes of plastic[2]. Of the 60% recycled[3], and at times soaring to 90% in urban areas alone, 10% are being recycled at the household level and 70% by the formal sector, whereas 20% are being recycled informally[4].
The role of the informal sector in India for managing plastic waste remains highly underestimated. Considering the 97% decrease in organized recycling units between 2018-19, India experienced a 60% increase in the number of informal recycling units over the same period[5], showing tremendous opportunities ahead. “With such a unique strategic position in Asia, India holds a strong value-added proposition as it continues growing its robust market in recycling and upcycling across a rich variety of plastic feedstock, inclusive of a well-organized informal collection system for high-value plastics,” said Maryam Al Mansoori, General Manager, Rebound Plastic Exchange.
Today, India still faces an array of challenges in the industry and waste management landscape, spanning data collection and transparency. As nearly 90% of PET bottles are recycled nationwide, the data also suggests that other types of plastic waste have recycling rates that fall well below the 60% mark[6]. The persistent high leakage of low-value plastics into the environment may also result into adverse climate impact in the near future. Rebound Plastic Exchange promises quality assurance and trust by vetting the members and listings posted onto the marketplace, thus helping the industry achieve its targets and keep plastic out of the environment.
Industry members, whether buyers or sellers of recycled plastics, can register on Rebound Plastic Exchange free of charge and access a global marketplace for quality assured feedstock.
1. https://www.ban.org/plastic-waste-project-hub/trade-data/india-import-data
2. https://gridarendal-website-live.s3.amazonaws.com/production/documents/:s_document/554/original/UNEP-CHW-PWPWG.1-INF-4.English.pdf?1594295332#page=28
3. https://www.cseindia.org/plastic-recycling-decoded-10885
4. https://www.cseindia.org/plastic-recycling-decoded-10885
5. https://www.cseindia.org/plastic-recycling-decoded-10885
6. https://www.thehindu.com/news/national/three-years-after-plastic-waste-ban-environment-ministry-allows-imported-pet-bottles-for-processsing/article65275155.ece
