Middle East and Africa Recycled Plastic Market Trends 2023- Industry Share, Revenue, Growth Drivers, Business Challenges and Future Opportunities till 2033: SPER Market Research
Plastic that has been processed and repurposed after its original lifetime is known as recycled plastic. To make new plastic products, the procedure usually entails gathering spent plastic bottles, containers, and packaging materials, cleaning them, and then melting them down. By lowering the quantity of plastic waste that ends up in landfills and the ocean, recycling plastic helps to reduce environmental pollution. Additionally, it reduces the requirement for the resource- and energy-intensive process of producing virgin plastic, which calls for the extraction of natural gas or petroleum. Numerous products, such as new bottles, bags, furniture, building materials, and more, can be made from recycled plastic.
According to SPER market research, ‘Middle East and Africa Recycled Plastic Market Size – By Type, By Source – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the MEA Recycled Plastic Market is predicted to reach USD 7403.73 million by 2033 with a CAGR of 7.8%.
Drivers:
A number of significant factors are driving the rapid growth of the recycled plastic market in the Middle East and Africa. One significant incentive is the increased awareness and focus on environmental protection and sustainability. Governments, businesses, and consumers have all become more conscious of the negative effects that plastic pollution has on ecosystems, which has sparked initiatives to promote recycling and reduce plastic waste. Laws aimed at curbing plastic pollution, such as those that forbid single-use plastics and provide incentives for recycling, are also creating an environment that is conducive to the growth of the recycled plastic sector. Moreover, the region is rapidly industrializing and urbanizing, creating a large amount of plastic waste and raising the demand for recycled plastic materials and efficient waste management techniques.
Challenges:
The pandemic’s aftermath will disrupt the supply chain, raw material prices will fluctuate, and challenges with recycling will hamper the market’s expansion. The fierce rivalry between virgin plastics and other biodegradable goods would also impede the market’s growth. Customers and businesses alike also lack a sufficient understanding of the advantages of using products made of recycled plastic and the significance of recycling. The creation of a sustainable circular economy is hampered by this lack of awareness, which also contributes to low recycling rates.
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Impact of COVID-19 on GCC Recycled Plastic Market
The Middle East and African recycled plastic industry has been impacted by the COVID-19 pandemic in a number of ways. The early consequences of the pandemic on supply chains and industry had an impact on the procurement, handling, and distribution of recycled plastic materials. Implemented to stop the virus’s spread, lockdowns and travel limits hindered recycling efforts and decreased the amount of recovered plastic that was sold. Furthermore, the economic fallout from the pandemic has changed consumer behavior and the demand for recycled plastic items in the industrial sector. Recycled plastic materials became less in demand as a result of a drop in production and sales at many businesses, especially those in non-essential industries like consumer products, construction, and automobiles.
MENA Recycled Plastic Market Key Players:
Additionally, some of the market key players are Berry Global Inc., B & B Plastics Inc., B. Schoenberg & Co., Inc., Birch Plastics Inc., ENVISION PLASTICS, Jayplas, Joe’s Plastics, K K Asia (HK) Ltd., KW Plastics, MBA Polymers Inc.,
MEA Recycled Plastic Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Middle East and Africa Recycled Plastic Market is segmented as; Polyethylene terephthalate, Polyethylene, Polypropylrnr, Polyvinyl Chloride, Polystyrene, Others.
By Source: Based on the Source, Middle East and Africa Recycled Plastic Market is segmented as; Bottles, Bags, Films, Fibers, Foams, Others.
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Middle East and Africa Recycled Plastic Market Revenue
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