GLOBAL MICROPLASTIC RECYCLING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Challenges And Opportunities

Microplastic Recycling Market Drivers:

• Growing awareness about environmental impact of plastic pollution: With increasing incidents of plastic litter and plastic particles entering water bodies and becoming part of the wildlife, there has been higher awareness among governments and public about the environmental threats of plastic pollution. Numerous documentaries and articles in media platforms have highlighted how microplastics less than 5 mm in size enter the ecosystem and food chains. Birds, fish, and other marine animals often ingest small plastic pieces mistakenly consuming as food, which leads to difficulties in their digestion and malnutrition. Beaches across the world are also getting saturated with plastic litter. This plastic litter breaks down into microplastics over time due to effect of weathering such as heat and sunlight. The environmentalists and activists have constantly raised voice against single-use plastics and also advocated for solutions towards plastic waste management. Many environmental organizations monitor and publish reports on plastic pollution levels in rivers and oceans. Their efforts have helped bring plastic pollution in global discussions including at United Nations forums. More people voluntarily participate in beach cleanups and awareness drives related to reduce plastic usage. Governments are also feeling the pressure to address plastic pollution and move towards circular economy models which promote waste minimization and recycling. This growing acknowledgment of significant impact of plastics on environment has boosted the interest of stakeholders in alternatives like reusable and decomposable alternatives as well as recycling of existing plastic waste. The micro plastics recycling sector thus stands to benefit from higher support for researcher and development (R&D) in new recycling technologies and scaling up of recycling facilities to process huge amounts of plastic litter. For instance, a 2021 study by Oceans Asia observed an increase of 8% in micro plastic pollution along shorelines of the South China Sea compared to pre-pandemic levels.
• Opportunities from banned and phased-out single-use plastic products: Many national and local governments across the world have imposed bans on select single-use plastic items like shopping bags, straws, cups, cutlery and styro foam containers due to their negative environmental footprint. Moreover, regulations are being drafted in few economies to phase out or impose taxes on commonly used plastics like Polyethylene Terephthalate (PET) bottles and packaging films which have high recycling potential. Such bans and phase-outs aim to discourage wastage of plastics and promote alternatives. While these measures are facing opposition from plastic manufacturing lobby, they do open up new opportunities for innovators in waste management and recycling sector. There is a definite gap in processing huge volumes of discarded single-use plastic products that would be left behind once the bans take effect. Also, with prohibition, the available resources of plastics like PET would reduce but the demand of recycled plastic raw material from industries would still exist. This imbalance in supply-demand dynamics encourages investments in plastics recycling infrastructure and operations. Advanced sorting and sorting of tiny plastic particles below 5mm requires specialized machinery and processes. Recyclers can specifically focus on developing solutions for recycling Microplastics are extracted from waste streams of banned products and convert them into recycled plastic pellets or flakes. Some governments also extend subsidies or tax reliefs for businesses, by aiding the transition to non-plastic alternatives through systematic waste management and recycling of used plastics. The opportunities galore for microplastic recycling sector to capitalize on the short-term disruption and long-term policy pushes resulting from single-use plastic bans. For Instances, According to the United Nations Environment Programme,2022, around 11 million metric tons of plastic enters oceans annually, with microplastics comprising over 80% of marine debris.