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
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