Project report for Plastic Recycling Business

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Introduction

Recycled plastic is a form of plastic that has the same properties as virgin plastic but is made from scrap and waste. The main goal of Recycled Plastic is to minimise overall waste and the negative impact of plastic waste on the environment. Companies working in the industry would benefit from the high focus on packaging processes and products associated with Recycled Plastic. The industry will rise as a result of rising demand for the commodity as a result of its large range of applications in various industries. Because of the severe environmental consequences of plastic waste, governments all over the world have placed stringent restrictions on its use.

Plastic use has risen as a result of increased global industrialization and commercialization, resulting in large amounts of plastic waste production. Several consumers, including states, retailers, and clients, are rapidly modifying their plastic use habits, overhauling conventional production lines to produce low volumes of plastic waste, recycling the material, and producing materials that are readily processable after use, in response to the troubling soil, air, and marine contamination. This multi-level stakeholder collaboration, which has resulted in expanded global visibility and domestic recycling, is expected to lead to the potential development of the global plastic recycling industry.

PET, HDPE, LDPE, PP, and PS are among the plastics used in the food and beverage industry for packaging, shipping, transportation, preservation, and preserving the cosmetic appeal of packaged foods and beverages, particularly perishable products. After use, consumers discard these plastics, resulting in a large amount of waste that is used as feedstock for the plastic recycling industry. Furthermore, a growing range of policies and programmes addressing plastic waste, such as eco-modulation of packaging fees and changes in packaging design to increase recyclability, are projected to aid the industry in rising the recycling volume in the future.

Market potential & Strategy

By the end of 2026, the global recycled plastic industry is expected to be worth USD 72.6 billion. In the coming years, the emergence of many large-scale businesses around the world would have a positive effect on the market's development. During the forecast period, the India plastic recycling market is projected to expand at a healthy CAGR of more than 7%. The plastic recycling industry in India is booming, thanks to an increase in the number of small-scale manufacturing plants in the country and an emphasis on secondary use economy by non-governmental organisations. In certain Indian cities, the government is focusing on imposing the ban on ultra-thin polyethylene bags, probably as a stopgap measure for economic sustainability and development. Furthermore, the increasing packaging industry is driving up demand for PET and HDPE for packaging applications, so it is preferable to use recyclable plastic to reduce waste.

In 2019, the government called for the use of single-use plastics to be phased out. By 2022, the government has set a lofty goal of banning single-use plastics. Government initiatives such as the Swachh Bharat Mission (SBM) and Make in India are working to create circular economy policies that will help India's plastic recycling industry grow.

Plastic is a challenge to the environment, but when recycled, it becomes the largest source of a circular economy. Advanced recycling can capture value from plastic waste sources that have previously been avoided or recycled, making it a critical component of modern recycling techniques. Advanced recycling enables the manufacture of more renewable products while conserving the planet's energy by reducing the use of traditional methods such as landfills and combustibles. The plastics recycling industry faced unparalleled difficulties as a result of COVID-19. From processing plastic waste to recruiting employees from quarantines to shipping finished goods, industry participants faced challenges. Whipsaw pricing and unforeseen outages disturbed the demand-supply dynamics in the industry. The sector, on the other hand, is quickly returning to normal after the relaxation of the lockout mandates.

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