The Recycled plastic is a procedure where scrap of waste plastic is convalesced and reprocessed into useful products as most of plastic things are non-biodegradable. Therefore, in order to decrease the wasteful non-biodegradable plastic and safeguarding the environmental resource from pollution of plastics such process is initiated around the globe
According to the report analysis, ‘Global Plastic Recycling Market to reach USD 64720 Million by 2026’ states that in the worldwide plastic recycling market there are several companies which presently operating more effectively for leading the greatest market growth and registering the effective value of market share around the globe during the short span of time while spreading the consciousness across the globe related to the applications, increasing the applications of such, developing the specification of processed technologies, employing the young work force, implementing the profitable strategies and policies, analyzing and monitoring the strategies and policies of the government as well as competitors and establishing the several research and development programs includes Veolia, Suez, KW Plastics, Jayplas, B. Schoenberg & Co., B&B Plastics, Green Line Polymers, Clear Path Recycling, Custom Polymers, Plastipak Holdings and several others.
Moreover, the worldwide Plastic Recycling market is valued nearly USD 39401 Million in 2018 and is projected to increase with a growth rate of more than 6.40% over the forecast duration 2019-2026. For instance: the European Union plans proclaimed a tax on plastic bags and packaging in order to curb ocean effluence. The strategy definite that the all packaging products should be biodegradable by 2030 and must recycle 55% of plastic packaging. Correspondingly, in the US, The Internal Revenue Service (IRS) provides the manufacturers of recycled products, a depreciation credit for recycling. In addition, the several states in the US offers some form of tax incentives or credits, to encourage recycling market. Furthermore, Negative Environmental impact of plastic disposal is predicted to propel the growth of market over the review years. As its disposal in land and ocean water may cause opposing effect in the productivity of land and can impairment marine organisms. However, rigorous competition from virgin plastics and ban on import of waste or scrape plastics across China are some foremost factors that can restrict the market growth over the forthcoming years.
However, the regional analysis of wide-ranging Plastic Recycling market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The Europe dominates for the largest share in the worldwide plastic recycling market due to the existence of stringent government regulation across the region. Whereas, Asia Pacific is the wildest growing region in the market owing to the speedy growth in pollution and continuous appearance of adverse effects from utilization of the plastic on environment in the region. Therefore, in the near years, it is predicted that the market of plastic recycling will increase around the globe more effectively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications