Harmful to the environment, plastics are basically made with a mixture of synthetic and semi-synthetic organic elements. Being non-biodegradable and dangerous to nature, plastic products are recycled once it serves its purpose.
Plastic recycling is a procedure of collecting and reprocessing of waste plastics into useful objects with low carbon emissions. Diminishing the usage of energy and resource consumption, reducing pollution of air and water and eradicating the conventional method of plastic waste disposal are among the many benefits of plastic recycling system.
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The plastic recycling method is a six step process. To mention them chronologically: Collecting, sorting, shredding, cleaning, melting, and making pellets.
Factors Driving the Market Growth
With the rising awareness about climate change and environment pollution, the global plastic recycling market has gained a great profit.
Governments have released regulations regarding the usage of plastic to keep at par with the environment preservation campaigns. Some countries like India have banned the usage of plastic bags for day to day chores. Such steps taken by state as well as national governments have impacted the plastic recycling market.
Interestingly, governments in developed and developing economies are taking great initiatives showing support for the adoption of recycled plastic products so that the plastic waste is reduced. This step is contributing in driving the growth of the market. In addition, rising awareness among people about the positive effect of recycled plastic over conventional plastics is going to enhance the market growth during the forecast period.
Recent Developments in the Industry
According to latest report by Research Dive, the leading players of the global plastic recycling market include Clear Path Recycling, REPLAS, Reprocessed Plastic, Inc., KW Plastic, Inc., PLASgran Ltd, Luxus Ltd, CarbonLITE Industries, B.SCHOENBERG & CO., INC., Envision Plastic Industries LLC, Wellman Advanced Materials, wTe Corporation, Advanced Environmental Recycling Technologies, Inc., Kuusakoski, Custom Polymers, and many others.
Unique and smart strategies are being developed by these market players to take the market to another height. The strategies include product innovation and launches, technology and product upgradation, mergers and acquisitions, and partnerships and collaborations.
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Some of the recent updates of the market are mentioned below:
- As per a recent news, a film recycling company based out of Myanmar has taken part in a global plastic credit system for the first time ever. It is expected that the system could help in getting direct financing support from corporations to help the recycling firm expand its capacity.
The 3R Initiative (3RI) has been working on a smart system named Plastic Waste Reduction Standard. It is a system through which recycling operations generate “credits” and plastics producers purchase those credits to “offset” their materials use. The program is preparing for an early 2021 launch. Many plastics recycling operations have been selected to participate in the pilot launch.
- A recent report says, based in U.K., Biffa, a large waste management provider has opened state-of-the-art polyethylene terephthalate (PET) bottle recycling facility in Seaham, England. The plant is capable of converting 57,000 metric tons of PET plastic per year which is equivalent to 1.3 billion plastic bottles.
- Berry Global Group Inc., an Indiana-based company has announced that its collaboration with Georgia-Pacific Recycling, which is based in Jericho, New York. This collaboration aimed to create a closed-loop system to recover, segregate and reprocess postconsumer resin (PCR).
- Reports show about more developments in the plastic recycling industry. A recent report states about the product development by Henkel. The company has produced Perwoll bottles using chemically recycled plastic in collaboration with packaging manufacturer Alpla.
- Viridor, a waste and recycling company based out of U.K. have signed a five-year contract with another London-based company Unilever in November, 2019. Viridor will supply recycled plastics from its Avonmouth Resource Recovery Centre to the consumer products company, as the report asserts.
From the above analysis, it becomes clear that the leading players of the market are going the extra mile to enhance the market growth in the upcoming years.
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