For environment to remain conducive for our future generation, it is about time we focus on preserving it, besides mulling over innovations. While progress in science and technology is inevitable for a generation to prosper, byproducts from the same are causing soaring pollution. This has shaped into a global concern, ringing bells for rigorous assessment of how the cycle of eco-degradation can be curbed. Among materials disposed to nature causing nuisance, plastic waste is the foremost cause of landfills brimming with dirt. Governments around the world are therefore looking for ways of effectively managing plastic waste. This subsequently has enabled significant growth in the global plastic recycling market.
Spurred by factors such as ban on plastics across developed nations and growing awareness toward environment protection, the global plastic recycling market has gained much momentum in the recent past. According to Transparency Market Research, between 2016 and 2024, the global plastic recycling market will expand at a CAGR of 6.9%. As a result of this rate, the market will reach US$56.8 bn by the end of 2024, from US$31.52 bn in 2016.
How has the market gained from private sector and government initiatives?
Overflowing landfills and the consequent pressure on governments to curb the same have emerged as chief market drivers. In Europe, governments are putting in much effort to find effective solutions to mounting environmental concerns. They have taken up the herculean task of recycling plastic waste using advanced technologies. For instance, a Croatia-based plastic film manufacturer has unveiled what is touted as the first ever plastic recycling effort for used plastic bags and films in June, 2017. EcoCortec has urged its customers to resent waste materials to the plant for recycling and use in the production of new products. As per the enterprise, this recycling project will enable Europe bask on huge environmental and economic benefits.
Besides this, the European Committee of Region’s has rendered support to ban on dumping plastic on landfills across Europe. This has helped the plastic recycling market gain much impetus in the region. In addition, governments across the world are taking up various strategies and implementing stringent regulations aimed at limiting plastic waste disposal and encouraging plastic recycling practices.
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Despite government support, what factors will limit market’s growth in the coming years?
The global market for plastic recycling is held back to an extent despite favorable initiatives by governments. Firstly, a majority of countries are reeling under poor system of waste collection material, which acts as a key restraint. For instance, only 10% of the waste produced in Africa in a given year is funneled through collection systems, while 90% remains unaccounted resulting in increased dumping into oceans, river streams, and landfills.
Nonetheless, companies such as Kuusakoski Oy, Envisison Plastics, Plasgran Ltd., and KW plastics are coming up with novel strategies to make plastic recycling more easier and achievable. This could boost the global plastic recycling market in the coming years.