Plastic recycling denotes to the procedure that is done either chemically or mechanically in order to recuperate plastic waste from unwanted items for manufacturing reusable plastic. The global market for plastic recycling has been gaining prominence over the last couple of years owing to rising awareness regarding rising carbon emissions and the requirement to decrease them. The market has also been growing owing to rising pressure on governments in terms of overflowing landfills. The Herculean job of plastic waste recycling is expected to trigger its use by several industries.
The global market for plastic recycling is likely to witness a 6.9% CAGR from 2016 to 2024. The market is expected to rise to US$56.8 bn by the end of 2024 from a valuation of US$31.5 bn in 2015.
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How will developed nations help the market for plastic recycling witness extensive growth?
The global plastic recycling market is expected to flourish over the upcoming years owing to the strict stance of developed economies to decrease the discarding of plastic trashes in landfills and also put a ban on plastics. The state of swarming landfills has also prompted a vital need for recycling plastic as an alternative to manufacture new material. Moreover, the large quantity of crude oil mandatory to manufacture makes the manufacturing of virgin plastics rather expensive as compared to recycling plastics. Therefore, low cost associated with recycling plastics has also provided the market with the much-needed stimulus.
For instance, The British Plastics Federation Recycling Group (BPFRG) has announced the launch of a new strategy in order to enhance plastic recycling in the U.K. via industry led regulations and initiatives.
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Which aspect is likely to pull back the progress of the market?
Notwithstanding the welfares of plastic recycling, the global market is being detained back owing to numerous reasons. To start with, the unfortunate system of gathering waste materials is the crucial limitation for the global market. Around 10% of the total waste produced in Africa is channeled through the gathering systems. The rest 90% goes unaccounted for leading to addition to landfills or being discarded into river streams and oceans.
Which region should be the key focus of market players?
Asia Pacific is anticipated to dominate the global market for plastic recycling over the forecast period. China individually is expected to contribute of over 50% to the global market. Currently, Asia Pacific is the main importer of plastic leftovers used for recycling with India and China topping the charts. The region is violently engaged in undertakings such as parings and transforming the plastic waste into recycled resins for supplementary applications. Inexpensive labor and comparatively merciful governmental protocols have reserved the front seat for the region. Europe is also anticipated to show stable growth in the global market due to strict laws relating to the employment of plastic.