Page 36 - Plastics News Issue December 2024
P. 36
COMPANY NEWS
Automatic Plastic Recycling Market Forecasted
to Grow to US$40.7 Billion by 2034 Amid Strong Push for
Sustainability | Transparency Market Research, Inc.
he global automatic plastic recycling recycling targets, are pushing industries toward
market is projected to grow significantly, adopting automated recycling solutions. Regions
Tfrom $15 billion in 2023 to $40.7 billion like North America and Europe lead the market
by 2034, with a compound annual growth rate due to robust regulatory frameworks and invest-
(CAGR) of 7.6%. This growth is driven by ad- ments, while Asia-Pacific is emerging as a key
vancements in recycling technologies, including growth area, driven by rising plastic consump-
near-infrared (NIR) sorting, AI-powered systems, tion and waste management initiatives. Despite
and robotics, which enhance efficiency and pre- challenges such as high initial setup costs and
cision in processing plastic waste. These inno- limited awareness in developing economies,
vations ensure accurate polymer identification, continuous research, development, and govern-
reduce contamination, and improve the quality ment incentives are expected to address these
of recycled materials, aligning with the increas- issues, paving the way for a more sustainable
ing demand for eco-friendly products. Addition- recycling industry by 2034.
ally, stringent environmental regulations, such
Source: - Transparency Market Research(Globe News Wire)
as bans on single-use plastics and mandatory
36 PLASTICS NEWS December 2024
