India’s polyurethane foam market size is projected to reach $6.76 billion by 2032…

WITH India’s plastics recycling market projected to grow from 9.9 million tons in 2023 to 23.7 million tons by 2032 at a CAGR of 9.86%, efforts are continuing for advancing sustainability in polyurethane, foam and plastics recycling.
The UTECH India Sustainable Polyurethane & Foam Expo (UTECH ISPUF) and the Plastics Recycling Show India (PRSI) held in Mumbai recently by international trade-show organisers, Media Fusion and Crain Communications, noted that the events aim to drive innovation and establish new benchmarks for eco-friendly practices in these industries.
Additionally, the India polyurethane foam market size valued at $ 3.74 billion in 2023, is projected to reach $6.76 billion by 2032, growing at a CAGR of 6.30% during 2024-2032.

PROGRESSIVE POLICIES
DIRECTOR Bhadresh Dodhia of All India PET Recyclers (BHARAT) said “India’s PET recycling industry, represented by the All India Plastic Recycling Association (APR) is the world’s largest capacity recycler, with annual recycling capability of 5 lakh tonnes. Over the last three years, the sector has attracted Rs10,000 crores in investments, spurred by progressive government policies such as mandating 30% recycled content in plastic packaging by 2025 under the Plastic Waste Management Rules.”
“Recognized globally for its recycling efficiency currently, India recycles 95% of its PET bottle waste — a feat achieved over the last decade. However, the industry is evolving from downcycling into a circular economy model, with food-grade approved ARPET granules now being used to manufacture 100% recycled bottles,” Dodhia said.
“With support from 50 lakh rag pickers — the backbone of the industry — and cutting-edge technology, India is set to lead the global recycling market, contributing significantly to a sustainable future,” he added.
Hufeza Samplewala, president of the Association of Furniture Manufacturers & Traders, said “The furniture industry in India, valued at $25-26 billion, is witnessing remarkable growth, which is projected to nearly double to over $50 billion by 2030, driven by a consistent CAGR of 6-6.5%.”
He said that with this sector experiencing significant momentum bolstered by government initiatives such as the development of furniture hubs under the Make in India campaign, these hubs aim to reduce dependency on imports, particularly from countries like China, and promote domestic manufacturing.

EXPANDING FOOTPRINT
WHILE a notable shift is being witnessed in Indian manufacturers expanding their footprint in export markets, including the US and Africa, locally-produced PU foam — a critical raw material for seating systems — is now reducing reliance on imports.
Even as sustainable practices are gaining traction with innovations in engineered and WPC boards — recycled, eco-friendly alternatives — becoming key components in furniture production, efforts to standardize the industry are also underway, with the Bureau of Indian Standards introducing comprehensive furniture standards across categories, aiming to elevate quality benchmarks and reduce imports.
“However, addressing challenges such as the high GST rate of 18% and further boosting MSME contributions are critical steps for unlocking the sector’s potential,” he noted.
Mahesh Bangad, chairperson of Architects, Engineers & Surveyors Association, said “Polyurethane (PU) remains a versatile yet underutilized material in India’s construction and design industries with the current situation witnessing a staggering 93% growth potential lying untapped.” While globally PU has revolutionized industries with its resilience, thermal insulation properties and adaptability in products ranging from rigid construction materials to flexible furniture solutions, challenges like flammability, application costs, and limited innovation have hindered its widespread adoption in India, according to him.
However, with greater emphasis on experimentation, recyclability, and integration into sustainable practices, PU can become a key contributor to achieving net-zero goals and transforming sectors like interior design, construction, and packaging, he pointed out.
Sanjay Gupta, president of Indian Footwear Components Manufacturers Association, said “The Indian footwear market is currently valued at $18 billion, with a target to grow this market to $26 billion by 2030. The overall leather sector in India is valued at $30 billion, with a target to grow to $50 billion.”
“Currently, $6 billion worth of footwear is exported, while $12 billion is sold in the domestic market. However, the industry faces challenges like raw material import, including leather and synthetic materials, and competition from cheaper imports, particularly from China.”
TOWARDS SUSTAINABILITY
WHILE the government is proactive in supporting the industry through initiatives like grants for machinery and participation in exhibitions, the industry is also moving towards sustainability, with a focus on recycling and eco-friendly materials, and currently, around 30% of materials used in the industry are recycled, with a target to increase this percentage in the future, he said.
Managing director of Jay Elastomers Pvt Ltd, Jayant Khadilkar, said “The increasing number of steel plants and demand for specialized polyurethane materials are driving growth for the vast, significantly-growing polyurethane industry, which comprises segments like foam, coatings, sealants, adhesives, elastomers, artificial leather, and binders in the Indian market.”
Describing waste-pickers as the “backbone” of the Indian waste management sector, but who still remain the “most marginalized of the urban poor,” Shekhar Prabhakar, co-founder & CEO, Hasiru Dala Innovations, said that Karnataka had around 4.62 lakh waste pickers, who faced unpredictable incomes and unacceptable living conditions — despite their crucial role in recycling.
“Through inclusive circularity, Hasiru Dala Innovations provides waste pickers with access to markets, clean waste and entrepreneurship opportunities,” he said, adding “Since its inception in 2015, the organization has diverted over 100,000 tons of municipal solid waste away from landfills, empowered 27 waste pickers as entrepreneurs, and provided supplemental income to over 1,000 waste pickers.”
“The private sector and start-ups are driving innovation in sustainability, adopting circular economy models that minimize waste and reduce reliance on virgin materials,” Taher Patrawala, managing director, Media Fusion, said while noting that sustainability is in the forefront with growing emphasis on eco-friendly materials and energy-efficient manufacturing processes.

RECYCLING POTENTIAL
WHILE the industry is being transformed through these efforts with government supportive policies, combined platforms of UTECH and PRS, are highlighting the immense potential of recycling in India, he said, adding that as innovation and collaboration accelerate, the future of recycling promises exponential growth, driving sustainable practices and creating new opportunities across the industry.
“Recycling has become a global focal point for sustainable development with India positioned uniquely due to its strong commitment to advancing circular economy practices,” Matthew Barber, Global Events director, Crain Communications, said while pointing out that India’s current plastic recycling rate reportedly stands at approximately 60%, significantly higher than the global average of 9%, and even surpassing several developed nations.
This event received significant support from industry associations such as the Association of PET Recyclers Bharat, Packaging Industry Association of India, Indian Plastics Institute, Builder’s Association of India and the Architects, Engineers and Surveyors Association.