Global Recycled Plastic Industry To Attain Value of $124,314.1 Million by 2030 | CAGR 8.5%

Plastic is littering all around us, in the form of soda bottles, grocery bags, ID cards, and other plastic items. Numerous plastic items are developed from materials such as petrochemicals. These plastic items affect the environment as they cause litter and pollution. It can also put the lives of humans in danger.

No doubt, plastics make our life easy and if not managed properly, they can cause immense trouble. Therefore, it is crucial to reuse and reprocess plastics to prevent waste.

The recycled plastic industry garnered $59,777.3 million revenue in 2021, and it is projected to generate $124,314.1 million revenue, advancing at a rate of 8.5% from 2021 to 2030. It is ascribed to the rising focus on the requirement to reduce plastic waste, government initiatives to encourage the adoption of recycled products, and increasing consciousness to save energy.

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The worldwide rising industrialization and commercialization sector has resulted in surging consumption of plastic, which has caused massive plastic waste production. The absence of proper disposal channels, with the growing volume of plastic waste, has resulted in high levels of land and marine-based pollution.

There is an abundance of plastic debris littering the ocean, it constituents of 80%of the marine debris, collected from surface waters to deep-sea sediments.

Plastic could easily be found littered on the shoreline of each continent. Moreover, popular tourist destinations have accumulated huge volumes of plastic waste. It badly impacts marine life, human health, coastal tourism, and food safety and quality. It contributes to climate change.

Government initiatives, along with several stakeholders, manufacturers and customers are effortlessly working to change the patterns of plastic consumption, transforming the conventional manufacturing lines to reduce the production of plastic waste, and focus more on recycling it with products that can be easily processed after their use.

Worldwide Initiatives to Encourage Recycling of Plastics

The Coca-Cola company has aimed to worldwide reduce packaging waste. It has determined to collect and recycle plastic bottles or cans sold by 2030, in order to make them wholly recyclable by 2025, and develop bottles and cans by 2030 with 50% of recycled materials.

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The U.K. government has introduced an environmental bill, that states a deposit return scheme for recycling plastic generated from drink containers, and prevents them from getting landfilled, littered, or incinerated.

Pepsico Inc. has also signed an agreement in September 2020, with AIM, the European Brands Association, to improve the packaging waste sorting for increased recycling with higher quality.

The major plastic recycling companies are:
1- Phoenix Technologies International LLC
2- MBA Polymers
3- KW Plastics
4- PETCO
5- Custom Polymers
6- Waste Connections Inc.
7- Vikoz Enterprises Inc.
8- DS Smith Plc
9- MBA Polymers

Therefore, it is crucial to recycle plastic to manage it properly, as an abundance of plastic waste littering all over poses a huge threat to the environment and human lives.

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This release was published on openPR.