Recycled plastic are scrap or waste plastic materials that are administered into the useful products. Since most of the polymer materials utilized around the globe are non-biodegradable, recycling of such materials is the solution to decrease the burden of the polymer present in the environment. The growing restrictions on the utilization of single-use polymer, and the initiatives take by the legal authorities in China, Europe, India and Brazil are predicted to promote recycling. In addition, the shift of end-use industries especially packaging and customer goods towards the sustainable or recyclable materials will propel the market growth.
According
to the report analysis, ‘Recycled Plastics Market: Current Analysis and
Forecast (2021-2027)’ states that the effective augment in
demand of on the way product and ready to eat food has augmented the
consumption of plastic in customers daily life. Further, owing to its low cost
and informal to carry properties, companies are utilizing the single use
plastic for packaging purpose. For instance, across the world, one million
plastic drinking bottles are bought every minute, while 5 trillion single-use
plastic bags are utilized worldwide every year. In total, half of all plastic introduced
is designed to be used only once-and then thrown away. However, growing
penetration of single use plastic in daily life is generating several
environmental and human health related problems. Plastic comprises hormonally
active substances and day to day contact with plastic can lead to serious
health issues such as thyroid disorder, diabetes, breast cancer, prostate
cancer, asthma, and obesity, among others. Due to which, government and
public-private entity are progressively focusing on decreasing the consumption
of single use plastic. For instance, UK Minister for Pacific and the
Environment, Zac Goldsmith, has exposed that the UK is willing to discuss a new
international treaty to tackle plastics pollution, which has been assisted by
more than two-thirds of UN member states.
Based
on industry, the market is classified into packaging, consumer goods,
construction, textile, transport, electrical, and many others. Among these,
packaging sector registered for prominent share in the market and is projected
to showcase bolstering growth throughout the forecast period. This is owing to
the large and increasing demand from packaging industry as plastic packaging assists
the industry in managing the product cost. Further, they are light in weight
therefore transportation of products becomes convenient. Thus, assisting the
packaging industry in decreasing the capital expenditure.
Asia
Pacific registered for substantial share in the recycled plastic market. The
regional country is among the world greatest producer of plastic waste such as
China and India. Therefore, in order to decrease the plastic waste, these
countries have taken several initiatives to reduce, reuse and recycle plastic.
This helps the region to attain substantial market share.
For
More Information, refer to below link:-
Global
Recycled Plastics Market
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