Recycling in the global plastic market is a way to improve global environmental outcomes.
It is evident that burning oils and fossil fuels is escalating the climate change, posing a significant threat to the environment and living things, given the ongoing rise in global warming caused by human-caused emissions. The ozone layer is being altered as a result of plastic’s significant role in diffusing greenhouse gases into the atmosphere, causing excessive heat, the disappearance of cloud forests, the melting of glaciers, and an increase in sea levels. So, what steps can be taken to lessen the pollution caused by plastic?
Until new technologies arrived, the planet’s temperature remained stable for many years, causing a significant shift in the environment. The widespread recycling of plastic must be taken into consideration immediately. Because it is not biodegradable, plastic presents numerous business opportunities because it can be economical while also being kind to the environment. Due to rising demand for recycled plastic, the global plastic recycling market is anticipated to expand at a CAGR of 5.04% over the forecast period. Due to its environmental and economic benefits, plastic recycling from scrap and waste into useful products has been a major driver for many commercial sectors. A wide range of products, including carrier bags, watering cans, wheel arch liners, car bumpers, damp proof membranes, construction materials, reusable crates, bins, composite pit, food trays, water bottles, and various clothing fabrics, can be made from recycled plastic. This gives the plastic industry a lot of opportunities to succeed.
Due to the pollution caused by plastics when they are disposed of in oceans or other water bodies, the global market for plastic recycling is being driven by an increasing preference for recycled plastics over virgin plastics. In addition, the market’s expansion is being helped along by the energy saved during the production of recycled plastics. In addition, the market is anticipated to expand over the next few years thanks to ongoing research efforts to discover an efficient method of recycling plastic waste worldwide.
The packaging, building and construction, textile, automotive, electrical and electronics, and other end-use industries comprise the plastic recycling industry. Among all end-use industries in the global market for plastic recycling, the packaging industry held the largest market share. The regions of North America and Asia-Pacific have emerged as the primary producers and recyclers of plastic waste. The chemical and mechanical industries are to blame for the dominance of the Asia-Pacific region. Consumer behavior has significantly changed as a result of the initiative to discourage the use of plastic through financial penalties. In previous years, China, Japan, and India combined to recycle more than a quarter of all plastic waste worldwide.
The following are examples of plastics that are widely used:
1. Terephthalate of polyethylene (PET).
PET is a strong, colorless, lightweight plastic. It is a plastic that is used a lot and is easy to find on the market in bottles, polyester clothing, medicines, and jars. The Food and Drug Administration says that PET is safe and easy to recycle. The Asia-Pacific region accounts for the majority of PET production worldwide, which is expected to expand the market globally in the coming years.
2. Polyethylene with a high density (HDPE).
HDPE is considered to be the most adaptable of all the polyethylenes, with numerous applications. HDPE is compatible with building materials, large containers, and piping due to its inherent strength. The rise in construction industry demand for recycled plastic is a major factor propelling China’s plastic recycling market.
3. Polyvinyl chloride, also known as vinyl
Due to its rigidity and hardness, PVC ranks third among the most versatile plastics. It is utilized extensively in the electrical, construction, and medical industries, and its ability to resist germs makes it particularly useful in the medical field. The global plastic recycling market is also being driven by pipeline industry demand for PVC.
4. PP, or polypropylene
One of the tough and long-lasting plastics is PP. Its ability to withstand high temperatures makes it ideal for numerous applications, particularly in the food and beverage sector. It has a lot of strength but is less flexible, so it keeps its shape over time. Polypropylene (PP) is used to make storage boxes, containers for hot food, and DVDs. Due to the rising level of public awareness regarding the proper disposal of plastic waste, the plastic recycling market in Spain is anticipated to expand at an impressive rate.
5. Styrene polymer
PS, also known as Styrofoam, is a transparent and brittle type of environmentally friendly plastic. PS is typically used for a brief period of time and may pose a risk to humans due to the release of neurotoxins that can impair the nervous system. PS can be used to make things like cutlery, food containers, building insulation, etc., and it is safe enough for the market. In the coming years, the PS industry is expected to grow in Canada.
What is the global plastic recycling market potential right now?
With more than 250,000 players operating worldwide, the plastic recycling market is highly fragmented. As the region has developed into a manufacturing hub for chemical and petrochemicals, pharmaceuticals, food processing, medical equipment, and electronics, the Asia-Pacific market is anticipated to expand strongly over the forecast period. Asia-Pacific’s dominance of the global plastic recycling market can be attributed to a growing awareness of the mechanical and chemical recycling of main polymers.
What is driving a significant expansion in the global market for plastic recycling?
Due to the plastics’ pollution of water when disposed of in oceans or other bodies of water, the global market for plastic recycling is driven by an increasing preference for recycled plastic over virgin plastic. Over the course of the next few years, it is anticipated that the expansion of the market will be aided by ongoing research efforts to locate an efficient method for recycling plastic waste all over the world. By 2025, plastic bottles must be made with at least 25% recycled plastic, and by 2030, they must be made with 30% recycled plastic. Demand for plastic recycling is being fueled by the ever-increasing demand for products made from recycled plastic as a result of the expanding packaging industry all over the world. The demand for polymers in a wide range of applications, such as window glass, is also rising due to the rising number of infrastructure and construction projects worldwide.
Which region has the largest share of the worldwide market for plastic recycling?
The APAC region has the largest share of the global market for plastic recycling. The plastics industry in China accounted for 26% of the world’s production of plastics in 2019. The majority of the world’s plastic scrap came to China from the United States, Germany, Japan, Australia, and other nations for a long time. processing much of it into a better material that manufacturers could use. In order to protect the local environment and air quality and expand its domestic plastic recycling market, China banned the import of plastic waste in 2018 and closed its doors to nearly all foreign plastic waste and other recyclables.
What is the global plastic recycling market like right now?
The major players believe that the primary driver for the market during the forecast period will be the rising demand for plastic recycling in various industries. To create products that are more long-lasting and superior and gain a competitive advantage over the other major players, the major companies are concentrating on innovation and research and development (R&D).
What obstacles does the global market for plastic recycling face?
Disruptions in business cycles caused by the onset of COVID-19 will undoubtedly have an effect on global demand in all core industries. The fact that many industries are operating at reduced capacity, resulting in a decrease in the number of employees, adds to the pandemic’s severity. It will be difficult for industrial plastic product manufacturers to meet the demand from industries that end up using the products. Major exporting nations are experiencing a significant crisis as a result of China’s ban on the import of plastic waste for treatment and reprocessing. Additionally, as the market for exporting plastic waste shrinks, governments in Europe and Asia are concentrating on plastic recycling and the production of reusable plastic products.
Due to rising demand for recycled plastic for a variety of applications and the production of recycled products like carrier bags, watering cans, damp proof membranes, construction materials, reusable crates, bins, composite pit, food trays, and water bottles, the global plastic recycling market is anticipated to expand at a healthy rate over the coming years. In 2020, it is anticipated that the total amount of recycled plastic waste will decrease as a result of the disruption in overall import and export of plastic waste caused by COVID-19 in several nations. It has been observed that more and more businesses are pledging to reduce plastic waste and switch to packaging that is 100 percent recyclable.