Global Plastic Market Recycling – A Change to Improve Global Environmental Outcomes
Due to the continuous increase in global warming caused by the human induced emissions, it is evident that burning of oils and fossil fuels is escalating the change in climate, causing a major threat to the environment, and living beings. Plastic contributes to a large extent in diffusing greenhouse gases into the atmosphere thereby, altering the ozone layer, which is resulting in excessive heat, loss of cloud forests, melting of glaciers and upsurge in sea levels. So, what measures can be taken to reduce plastic pollution?
For many years, the global temperature of the bcg matrix of starbucks planet was intact until new technologies stepped in, resulting in an enormous change in the environment. It is a high time that the recycling of plastic on large scale should be taken into consideration. As plastic is non-biodegradable, it provides a lot of opportunities for business as it can be both cost effective and environment friendly. Global plastic recycling market is expected to witness a healthy growth at a CAGR of 5.04% during the forecast years due to uprise in the demand for recycled plastic. Recovering plastic from scrap and waste and then converting it into useful products has been a major driver for many commercial industries as it is both environmentally and economically effective.
Recycled plastic can be transformed into a wide range of products like carrier bags, watering cans, wheel arch liners, car bumpers, damp proof membranes, construction materials, reusable crates, bins, composite pit, food trays, water bottles and different clothing fabrics providing a large scope for plastic industries to make a good fortune. The global plastic recycling market is driven by increasing inclination towards recycled plastics over virgin plastics because of the pollution caused by the plastics when disposed in oceans or other water bodies. In addition to this, energy saved during the production of recycled plastics is positively impacting the growth of the market. Furthermore, ongoing research activities in order to find an effective method of recycling plastic waste all around the world is expected to bolster the growth of market over the next few years. In terms of end-use industry, the plastic recycling industry is categorized into packaging, building & construction, textile, automotive, electrical & electronics and others. Out of which, the packaging industry held the largest market share among all the end-use industries in the global market for plastic recycling. Asia Pacific and North America have emerged to be the largest generators and recyclers of plastic waste. Dominance of Asia Pacific region can be attributed to the chemical and mechanical industry. The Initiative of limiting the use of plastic through financial disincentives has shown results and brought drastic changes in consumer behaviour. China, Japan and India, accounted for over one-fourth of total plastic waste recycled worldwide in previous years.