Lithium-ion battery recycling market will exceed 20 billion US dollars by 2030

发表时间 :2019-03-30

作者 :President's Office

    PET bottle recycling refers to the process of plastic waste recovery and further processing to turn them into useful products. PET bottle recycling generally encompasses the procedures of waste collection, sorting, shredding, and molding. Market Research Future (MRFR) indicates a CAGR of 5.28% in the global PET bottle recycling market over the forecast period of 2018-2023.  The global PET bottle recycling market was valued at USD 4,381.3 Mn in 2017 and is due to reach USD 5,933.6 Mn by the end of 2023. , The basic raw material for plastics being petroleum and natural gas, depleting supplies of petroleum makes it economically viable to recycle plastics than produce them from scratch. This coupled with the rising level of awareness about the impact of plastic disposal on the environment foster the growth of the global PET bottle recycling market. Most plastics find their way into landfills where they are incinerated and contribute largely to air as well as land pollution. Realization of the adverse effects of plastics on the environment has evoked a high level of participation of the governments in multiple countries to address the issue which is a key growth influencer of the global PET bottle recycling market. PET bottle find large-scale application in industries such as packaging, consumer products, and beverages. The high strength-to-weight ratio, super flexibility, and high resistance to chemical and physical degradation make them desirable across these industries which augur the growth of the global PET bottle recycling market. , On the downside, lack of awareness regarding waste management and recycling, especially in developing countries of Asia Pacific such as India, Cambodia, and Indonesia restrict the growth of the global PET recycling market. However, raising awareness, economic development, and progressive regulations to support environmental protection and waste management is likely to aid Asia Pacific emerge as the fastest growing market for PET bottle recycling. The Americas is the largest market for PET bottle recycling and accounts for almost 30% of the global market. Meanwhile, the ban on import of plastic waste by emerging economies is likely to uncover lucrative growth prospects for the global PET bottle recycling market.