Waste or abandoned plastic is the source of recycled plastic, which is processed via a number of steps to produce new goods. Like oil and water, different types of plastic separate into discrete layers during melting. Reversing polymerization for reuse through heat compression or the monomer recycling process are examples of recycling techniques. Due to its high plastic output and thus high plastic waste, Europe—the second-largest producer of plastics—faces serious environmental difficulties.
Europe Plastic Recycling Market Driving Factors and Challenges
DRIVERS: Growing Interest in Eco-Friendly Packaging: Packing is crucial because, in food packing, plastic packaging shields food from physical, chemical, and environmental elements that, if improperly wrapped, could contaminate the entire batch. While preventing harm to the product during transportation is its primary function, packing also keeps the product safe in the warehouse and at retail stores prior to the product being sold. Various product types require different kinds of packaging.
Several Governments' Adopting of Helpful Initiatives Concerning Recyclable Plastic: As environmental worries over plastic pollution grow, governments are enacting rules that encourage the use of recycled plastic products. Promoting the use of recovered plastic supports the objectives of the circular economy, lessens trash going to landfills, stimulates technological innovation in recycling, and mitigates climate change by cutting greenhouse gas emissions from the production and burning of plastic.
Challenges: Exorbitant Production Costs for Recycled Plastics: Plastic recycling faces many obstacles, one of which is that recycling plastic is more expensive than producing plastic from virgin ingredients. The difficulties in recycling are related to the intricate process of separating and processing plastic trash, as well as the wide range of plastic types. Geographically distributed garbage generation is one potential cause driving up the cost of producing recovered plastics. Plastic garbage is produced at various locations, which presents a significant difficulty for waste collection. Furthermore, recycling plastics is less financially viable when waste is sourced from remote locations due to the high expenses associated with collection and transportation.
Excessive setup expenses and operational mistakes: Plastic recycling faces many obstacles, one of which is that recycling plastic is more expensive than producing plastic from virgin ingredients. The difficulties in recycling are related to the intricate process of separating and processing plastic trash, as well as the wide range of plastic types. Geographically distributed garbage generation is one potential cause driving up the cost of producing recovered plastics. Plastic garbage is produced at various locations, which presents a significant difficulty for waste collection. Furthermore, recycling plastics is less financially viable when waste is sourced from remote locations due to the high expenses associated with collection and transportation.
Impact of COVID-19 on Europe Plastic Recycling Market
The European recycled plastics market was impacted by the COVID-19 pandemic in both positive and negative ways. Positively, there is now more demand for sustainable items made from recycled plastics because of the pandemic's increased public awareness of sustainability and the harm that plastic waste causes to the environment. On the other hand, the recycling sector was badly affected by supply chain interruptions, a decline in manufacturing, and unpredictability in the economy. A reduction in the collection of plastic garbage and the closure of recycling facilities made feedstock more scarce. The European market for recycled plastics has a promising future ahead of it, despite immediate obstacles, thanks to a persistent emphasis on sustainability and the circular economy.
Europe Plastic Recycling Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alpek S.A.B. de C.V., Borealis AG, Dow, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, Jayplas, LyondellBasell Industries Holdings B.V., MBA Polymers Inc., PLASTIPAK HOLDINGS, INC., Recycled Plastics UK, Repsol, Veolia, Others.
Europe Plastic Recycling Market Segmentation:
By Source: Based on the Source, Europe Plastic Recycling Market is segmented as; Bottles, Films, Fibers, Foams, Others.
By Polymer Type: Based on the Polymer Type, Europe Plastic Recycling Market is segmented as; Polyethylene Terephthalate (PET), High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyurethane (PUR) and Others.
By Industry: Based on the Industry, Europe Plastic Recycling Market is segmented as; Packaging, Building and Construction, Automotive, Electrical and Electronics, Furniture, Textile and Clothing, Aerospace and Defence and Others.
By Region: This research also includes data for Germany, France, the U.K., Spain, Italy, Netherlands, Russia, Turkey, Belgium, Switzerland, Rest of Europe.
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.