Middle East and Africa Recycled Plastic Market Trends, Demand, Opportunities and Future Competition till 2034: SPER Market Research
The term recycled plastic describes plastic materials that have been gathered, processed, and saved for use in the production of new goods. Waste plastic must be gathered, sorted, cleaned, and broken up into tiny bits before being melted and moulded into new plastic goods. Recycling plastic lessens the negative effects of plastic waste on the environment, preserves natural resources, and lessens the demand for virgin plastics, which are made using a lot of energy and raw materials. Packaging, textiles, building materials, and automobile parts are just a few of the many uses for recycled plastic. The need for recycled plastic is rising as sustainability gains traction on a worldwide scale, helping to create a circular economy and lessen the negative impacts of plastic pollution.
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 2034’ states that the Middle East and Africa Recycled Plastic Market is estimated to reach USD 7403.73 million by 2034 with a CAGR of 7.8%.
Drivers:
The market for recycled plastic in the Middle East and Africa (MEA) is growing as a result of numerous important factors. There is a need for efficient recycling solutions because the region’s growing urbanisation and industrialisation have increased the amount of plastic trash generated. Markets for recycled plastic are benefiting from government policies that limit plastic pollution, such as prohibitions on single-use plastics and recycling incentives. Furthermore, the market for goods made from recycled materials is expanding due to rising consumer awareness of environmental sustainability, which encourages manufacturers to use recycled plastics in their production processes. The use of recycled plastics is further fuelled by the growing need for environmentally friendly packaging options.
Restraints:
The profitability of recycling operations may be impacted by changes in the price of raw materials. Purchasing, handling, and distributing recycled plastic materials have been impacted by supply chain interruptions made worse by the COVID-19 epidemic. The recycling procedure itself also has drawbacks, such as contaminated recyclables and the requirement for cutting-edge technology to increase productivity. Market expansion is also hampered by competition from virgin plastics and other biodegradable goods. Additionally, low recycling rates impede efforts to create a sustainable circular economy since firms and customers are unaware of the advantages of using recovered plastic products and the significance of recycling. Infrastructure, technology, and education investments are necessary to address these issues.
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The COVID-19 pandemic had a significant influence on the MEA recycled plastic market. At first, recycling efforts were hampered by lockdowns and travel restrictions, which decreased the quantity of recycled plastic that could be bought. Demand for goods created from recycled plastics declined as a result of the economic crisis, especially in non-essential sectors including consumer goods, construction, and the automobile industry. But because consumers were more conscious of environmental issues, the pandemic also sped up the adoption of sustainable methods. The demand for environmentally friendly items, such as those manufactured from recycled plastics, has increased as a result of this change in consumer behaviour. The market for recovered plastic could profit from this increased environmental awareness when the area recovers.
Middle East and Africa Recycled Plastic Market is dominated by United Arab Emirates (UAE) due to industrialization and urbanization, with significant growth in construction, automotive, and packaging sectors. Some of its key players are – Berry Global Inc., B & B Plastics Inc., B. Schoenberg & Co. Inc., Birch Plastics Inc., ENVISION PLASTICS.
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Middle East and Africa Recycled Plastic Market Growth
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