Recycling converts waste materials into useful materials and objects. It prevents the waste of potentially constructive materials and decreases the requirement of fresh raw materials leading to reduced energy usage, air pollution from incineration, and water pollution from landfilling. Getting rid of packaging waste has become a major concern in today’s world. Several countries are employing several rules and regulations to control and recycle huge waste generated from paper, metal, glass, and plastic packaging products. Packaging waste, if not recycled, may pollute the environment and create serious health problems.
Amongst all, plastic packaging waste has significantly increased in the preceding decade owing to rising demand for packaged food and consumer goods in developed as well as developing countries of the world. Huge quantity of this waste gets collected in landfill or ocean thus causing the natural resources to suffer. Furthermore, some authorities burn their packaged waste in giant incinerators adding to the toxic air pollution. Owing to increasing awareness of the environment, government across the world is coming up with stringent regulations to address this concern aggressively.
This is expected to be the key factor driving the packaging waste recycling market. For e.g. In January 2018, the European Commission (EC) published a European Strategy for Plastics in a Circular Economy mandating all Member States to reuse and recycle 50% of all plastic packaging waste by 2025 and 55% by 2030.The packaging waste recycling market can be segmented on the basis of material type, technology, source industry, and geography. On the basis of material type, the packaging waste recycling market can be segmented into glass, plastic, paper, and metal. On the basis of technology, the packaging waste recycling market can be segmented into chemical recycling, mechanical recycling, and others.
Furthermore, on the basis of source industry, the packaging waste recycling market can be segmented into consumer goods, chemical and fertilisers, food and beverages, building and construction, textile and apparel, and others. On the basis of geography, the market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America
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