Promising Market Situation: Opportunities, Opportunities …

There are several market reports, which predict a positive outlook.

According to US-based Vantage Market Research, the Global Plastic Waste Management Market, which was valued at 33.5 billion US-Dollar in the year 2021, is forecasted to reach 39.7 billion US-Dollar by the year 2028 and is expected to grow exhibiting a compound annual growth rate (CAGR) of 2.9 percent during the forecast period.

Growing consumption of plastics has generated huge amounts of waste in recent years, the firm stated. The increasing awareness programs initiated by government bodies were helping manufacturers to use biodegradable plastics and reduce unnecessary plastic consumption. “The demand for plastics is increasing rapidly, according to global plastic consumption, 367 metric tons of waste was generated in 2020, and 82 percent ended in waste,” the company wrote. About 40 percent of plastic materials worldwide were used to stock and package finished products from different factories. “Plastics had a significant contribution in creating a sustainable, proper, hygienic, cost-effective, energy-efficient, and environmentally friendly packaging system that can keep the environment clean, but this is insufficient without maximizing plastic recycling and treatment plants. This is hindering the market growth.”

A more optimistic outlook regarding the value of the Plastic Recycling Market provided India-based Market Data Centre. As reported, this global market size is projected to grow from 46.1 billion US-Dollar in 2022 to 72.6 billion US-Dollar by 2030, at a CAGR of 8.6 percent during the forecast period (2022-2030). North America is expected to hold a considerable share in the global market, the firm informed. Asia-Pacific is anticipated to grow at a faster pace.

“The growing number of plastic recycling market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with innovations in numerous industries.”

The Global Circular Polymers Market was analyzed by Dubai-based Fact.MR. The company found that this market is projected to expand at a CAGR of around 9.1 percent and reach a valuation of 163.9 billion US-Dollar by 2032, attributed to factors such as growing demand for recyclable polymers in the packaging and construction sectors. “Consumers around the globe are placing a higher value on sustainable materials than conventional plastic, resulting in a shift in the notion of recyclable products,” the market research firm gave account. “Over the years, this has driven the demand for recyclable polymer products across geographies.” Backward supply chain integration from manufacturers to feedstock material suppliers would assist them in improving quality, enhancing their profit margins, and gaining a competitive edge. “This will allow corporations to use proprietary technology to produce higher-grade recyclable polymers, thereby improving the quality of polymers at a lower cost.”

As underlined, plastics is accounting for eight percent of the global yearly fossil fuel production. “Many companies are attempting to make a variety of products out of plastic trash, and biofuel is one of the most promising products from plastic waste,” Fact.MR suggested. “Biofuel is an engine alternative fuel. The method of catalytic pyrolysis is used to transform waste plastic into biofuel, with dry wood and ash powder as the major catalysts. Catalyst addition improves conversion and fuel quality.” Turning waste plastic into 65 percent usable liquid hydrocarbon fuels while generating no emissions is the idea in place. It would also deal with dangerous plastic trash and lower the imports of crude oil. “Plastic fuel and its many blends emit far less carbon monoxide and unburned hydrocarbons than diesel fuel; however, emissions are higher for nitrogen oxide. Large-scale manufacture of plastic fuel from various plastics can be economically profitable.”

(Published in GLOBAL RECYCLING Magazine 2/2022, Page 5, Photo: Andi Karg)