Project Report For Plastic Recycling Plant
Project Report For Plastic Recycling Plant is as follow –
The plastic recycling market revenue was $41,238.8 million in 2018, and it is predicted to be $64,139.7 million by 2024, indicating an 8.6 percent CAGR between 2019 and 2024.
Europe is anticipated to have the highest growth in the recyclable plastic industry through 2024. It can be attributed to European governments’ effort to build local recycling plants and boost local industry. Furthermore, environmental sustainability goals relating to the incorporation of recycled items into the packaging supply chain would encourage plastic recycling efforts in the area.
A worldwide rise in commercialization and industrialization significantly increased plastic usage, resulting in a huge amount of plastic trash creation. Large amounts of plastic waste cause contamination of the land, air, and sea, which would be critical to the worldwide growth of the plastic recycling industry. The shocking pollution levels had also prompted stakeholders, along with manufacturers, consumers, and governments, to alter their plastic usage habits redesign conventional manufacturing lines to produce less plastic waste, recycle the waste, and create items which can be easily processed after using it.
Market potential & Strategy
During the projected period, the India plastic recycling industry is predicted to rise at a high CAGR of much more than 7%. The plastic recycling sector in India is flourishing, thanks to an increase in the amount of small-scale processing units in the nation and the concentration of non-governmental organization on the secondary use economy. The government is concentrating on implementing the prohibition on ultra-thin polyethylene bags in various Indian towns, ostensibly as a substitute step for economic sustainability and progress. Furthermore, the rising packaging sector is driving up need for PET and HDPE for packaging materials, thus recyclable plastic is favored for trash disposal. The government declared a halt to the use of single-use plastics in 2019. The government has established a lofty goal of phasing out single-use plastics by 2022. Government programmes like the Swachh Bharat Mission (SBM) & Make in India are constantly trying to promote circular economy regulations for plastic recycling in India.
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