Due to the continuous increase in global warming caused by human-induced emissions, it is evident that the burning of oil and fossil fuels is intensifying climate change, causing a great threat to the environment and living beings. Plastic is a major contributor to the diffusion of greenhouse gases into the atmosphere, thereby disrupting the ozone layer, leading to excessive heat, loss of cloud forests, melting glaciers and rising sea levels. . So what steps can be taken to reduce plastic pollution?
For many years, the planet’s global temperature remained unchanged until new technologies intervened, resulting in a huge change in the environment. It is high time plastic recycling was taken into account on a large scale. As plastic is non-biodegradable, it provides many opportunities for business as it can be profitable and environmentally friendly. The global plastic recycling market is expected to witness healthy growth with a CAGR of 5.04% over the forecast years due to rising demand for recycled plastic. Recovering plastic from scrap and waste and then converting it into useful products has been an important factor for many commercial industries, as it is both environmentally and economically effective. Recycled plastic can be transformed into a wide range of products such as shipping bags, watering cans, wheel arch liners, car bumpers, moisture-proof membranes, building materials, reusable boxes, containers, composite wells, food trays. , water bottles and different fabrics for clothing that provide a wide scope for the plastic industries to make a good fortune. The global plastic recycling market is driven by a growing bias towards recycled plastics over virgin plastics due to the pollution caused by plastics when they are dumped into oceans or other bodies of water. In addition to this, the energy saved during the production of recycled plastics is positively impacting the growth of the market. Furthermore, the ongoing research activities to find an effective method of recycling plastic waste around the world are expected to drive the growth of the market in the coming years. As for the end-use industry, the plastic recycling industry is classified into packaging, building and construction, textile, automotive, electrical and electronic, and others. Of which, the packaging industry had the largest market share among all end-use industries in the global plastic recycling market. Asia Pacific and North America have become the largest generators and recyclers of plastic waste. The dominance of the Asia Pacific region can be attributed to the chemical and mechanical industry. The Initiative to limit the use of plastic through financial disincentives has shown results and has brought drastic changes in consumer behavior. China, Japan and India accounted for more than a quarter of the total plastic waste recycled worldwide in previous years.
Some types of widely used plastics are:
1. Polyethylene terephthalate (PET)
PET is a colourless, light and resistant plastic. It is a widely used plastic and is easily available in the market in the form of bottles, polyester clothing, medicine and jars. According to the Food and Drug Administration, PET is safe and can be easily recycled. The Asia Pacific region has the largest share of PET production worldwide, and the market is expected to grow globally in the coming years.
2. High density polyethylene (HDPE)
Of all the polyethylenes, HDPE ranks as the most versatile plastic available with numerous applications. Being strong in nature, it qualifies HDPE to be compatible with building materials, large containers and pipes. Rising demand for recycled plastic in the construction sector is a major driver driving the plastic recycling market in China.
3. Polyvinyl chloride (PVC or vinyl)
PVC ranks third among the most multifaceted plastics due to its hard and inflexible nature. It is widely used in the medical, construction and electrical industries and its germ resistant property makes it very useful for the medical industry. The demand for PVC in the pipe industry is also driving the plastic recycling market around the world.
4. Polypropylene (PP)
PP is one of the strong and durable plastics. It can withstand high temperatures, making it ideal for many applications, specifically in the food and beverage industries. It is a strong plastic and is less flexible and therefore retains its shape after a while. DVDs, hot food containers and storage boxes are made of polypropylene (PP). The plastic recycling market in Spain is expected to grow at an impressive rate due to the growing awareness among the population about the disposal of plastic waste.
5. Polystyrene (PS)
PS, also known as polystyrene foam, is an environmentally friendly plastic that is transparent and brittle in nature. PS is typically used short term and can be potentially dangerous to humans as it can release neurotoxins that can damage the nervous system. PS is cost-effective and made safe for use in the market and is used to make cutlery, food containers, building insulation, etc. Canada is expected to witness a surge in the PS industry in the coming years.
What is the current potential market for global plastic recycling?
The plastic recycling market is highly fragmented, with more than 25,000 players operating globally in the market. The Asia Pacific market is estimated to grow at a strong rate during the forecast period, as the region has become a manufacturing hub for chemical and petrochemical, pharmaceutical, food processing, medical, and electronic equipment. Asia-Pacific’s dominance in the global plastic recycling market can be attributed to the growing awareness of the recovery of major polymers through mechanical and chemical recycling.
What is causing a big push in the global plastic recycling market?
The global plastic recycling market is driven by a growing bias towards recycled plastic over virgin plastic due to water pollution caused by plastics when they are dumped into oceans or other bodies of water. Ongoing research activities to find an effective method of recycling plastic waste around the world are expected to drive the growth of the market in the coming years. Governments are increasingly requiring that plastic bottles be made from at least 25% recycled plastic by 2025 and 30% by 2030. The increasing demand for recycled plastic products due to the expansion of the packaging industry around the world is stimulating demand for plastic recycling. The increasing number of construction and infrastructure projects around the world is also driving the demand for polymers in a wide range of applications, such as window glass, etc.
Which region has the largest share in the global plastic recycling market?
The APAC region has the maximum share of the global plastic recycling market. In 2019, China’s plastics industry accounted for a 26% share of global plastics production. For many years, China received most of the plastic scrap from various countries, such as the United States, Germany, Japan, Australia, etc., processing much of it into a higher quality material that could be used by manufacturers. In 2018, China imposed a ban on plastic waste imports and closed its doors to almost all foreign plastic waste, as well as many other recyclable materials, to protect the local environment and air quality and to further boost its national plastic recycling market.
What is the current market landscape for global plastic recycling?
Rising demand for plastic recycling from various industries is considered by the key players to be the main driving factor of the market in the forecast period. Major companies are focusing on innovation and research and development (R&D) to create better, sustainable products and gain a competitive advantage over the other big players.
What are the challenges facing the global plastic recycling market?
Due to the onset of COVID-19, disruptions to business cycles are sure to affect demand across all major industries, globally. The severity of the pandemic is compounded by the fact that many industries are operating at reduced capacity, consequently also reducing the number of employees. The reduced number of workers will create a challenge for manufacturers of industrial plastic products to meet demand from end-user industries. The ban on importing plastic waste for treatment and reprocessing in China has caused a major crisis among the main exporting countries. Also, with the decline and reduction of the export market for plastic waste, governments of various nations in Europe and Asia are focusing on recycling plastic and producing reusable plastic products.
Some of the leading companies in the global plastic recycling market include Covanta Energy Asia Pacific Holdings Ltd., SUEZ NWS limited, The shakti Plastic Industries, Eco Wise Waste Management Pvt Ltd, Cleanaway Melbourne, Sapporo Plastic Recycle KK, DH Recycling Ltd, Veolia Indonesia, IAV Global, Polyethylene Pipe Recyclers, Polystar Machinery Co Ltd.
Conclusion:
The global plastic recycling market is expected to see healthy growth during the forecast years due to increased demand for recycled plastic for various applications and manufacturing of recycled products such as shipping bags, watering cans, moisture-proof membranes. , construction materials, reusable boxes, bins, compost pit, food trays, water bottles. The disruption in the general import and export of plastic waste due to COVID-19 in several countries is expected to lead to a decrease in the total recycled plastic waste in 2020. In recent years, it has been observed that more and more companies are making a commitment towards reducing plastic waste and switching to 100% recyclable packaging. This wave of enthusiasm and awareness is increasing the demand for plastic recycling globally and encouraging companies to establish plastic recycling facilities.