Favorable
Government Initiatives Stoke Demand for Plastic Recycling Worldwide
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.
This 177 page report gives readers a
comprehensive overview of the Plastic Recycling market. Browse Market
Research Report @
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.
Q:
How has the market gained from private sector and government
initiatives?
A:
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.
Get accurate market forecast and analysis on
the Plastic Recycling market. Request a sample to stay abreast on the
key trends impacting this market@
Q:
Despite government support, what factors will limit market’s growth
in the coming years?
A:
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.
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