The global temperature was stable for many years until new technologies intervened. This led to a significant change in the environment. It is high time to consider the large-scale recycling of plastic. Plastic is not biodegradable so it presents many opportunities for businesses as it can be cost-effective and environmentally friendly. Due to an increase in demand for recycled plastic, the global plastic recycling market will experience a healthy growth rate of 5.04% over the next few years.
Many commercial industries including engineering plastics Brisbane have found it to be a significant driver in reusing plastic from scrap and other waste. They also find it economically and environmentally beneficial. There are many ways to recycle plastic, including carrier bags, water containers, wheel arch liners, car bumpers, and damp proof membranes. You can also make your own reusable crates, bins, or composite pits. This gives you a lot of opportunities for the plastic industry to make a profit. Due to the environmental pollution that plastics can cause when they are disposed of in the oceans and other bodies of water, the global plastic recycling market is growing. The market’s growth is also positively impacted by the energy savings made during the production process of recycled plastics.
The market will continue to grow due to ongoing research to find a method to recycle plastic waste around the globe. The plastic recycling industry can be divided into four categories: packaging, building & reconstruction, textile, automotive, and electrical & electronic. The largest market share of all end-use industries in plastic recycling’s global market was held by the packaging industry. North America and Asia Pacific have emerged as the top plastic waste generators and recyclers.
The chemical and mechanical industries are responsible for the dominance of Asia Pacific. The Initiative to limit plastic use through financial disincentives is proving successful and has led to dramatic changes in consumer behavior. In previous years, more than one-fourth (24%) of all plastic waste worldwide was recycled by India, Japan, and China.
These are some of the most popular plastics:
Polyethylene Terephthalate (PET)
PET is a strong, colorless, lightweight plastic. PET is widely used and can be found in bottles, clothes made of polyester, and medicine jars. PET can be recycled easily and is safe according to the Food and Drug Administration. The largest share of PET production worldwide is held by Asia Pacific, which is expected to increase the market in the coming years.
High-Density Polyethylene (HDPE)
HDPE is the most versatile of all Polyethylenes and has many applications. HDPE is strong and compatible with large containers, piping, and building materials. The plastic recycling market is growing rapidly in China due to the rising demand for recycled plastic in the construction sector.
Polyvinyl Chloride (also known as Vinyl or PVC)
PVC is the third most versatile plastic because of its rigid and flexible nature. It is used extensively in the medical, electrical, and construction industries. PVC’s ability to resist germs makes it a valuable material for the medical sector. The plastic recycling market is also being driven by the demand for PVC in the pipe industry.
PP is a long-lasting, heavy-duty plastic. It is resistant to high temperatures, making it suitable for many applications, especially in the food and beverage industry. It is strong and flexible, and it retains its shape over time. Polypropylene (PP) is used in DVDs, hot-food containers, and storage boxes. Spain’s plastic recycling market is expected to expand at an impressive pace due to growing awareness about plastic waste disposal.
PS, also known as Styrofoam is an eco-friendly, transparent, and brittle plastic. PS is usually only used for a brief time and can pose a danger to humans because it can cause neurotoxins, which can affect the nervous system. PS is economical and safe to market. It is used in the manufacture of cutlery, food containers, and building insulations. In the coming years, Canada will see a significant increase in PS production.
What is the market potential for global plastic recycling?
More than 25000 companies are operating in the plastic recycling market. The Asia Pacific market is expected to grow strongly during the forecast period, as the region has been a manufacturing hub of chemical & Petrochemicals, pharmaceuticals, and food processing. The growing awareness about the possibility of recovering main polymers via chemical and mechanical recycling is what has made Asia-Pacific the dominant region in the global plastic recycling market.