Middle East and Africa Recycled Plastic Market Share, Trends, Revenue, Growth Strategy, Challenges, Opportunities, Key Manufacturers and Future Competition Till 2033


Middle East and Africa Recycled Plastic Market Share, Trends, Revenue, Growth Strategy, Challenges, Opportunities, Key Manufacturers and Future Competition Till 2033: SPER Market Research

 Category : Chemical & Materials

 Published: Feb-2024
 Author: SPER Analyst

Middle East and Africa Recycled Plastic Market is projected to be worth USD 7403.73 million by 2033 and is anticipated to surge at a CAGR of 7.8%.

Recycled plastic is plastic that has undergone processing and repurposing following its initial lifetime. Typically, the process involves collecting used plastic bottles, containers, and packaging materials, cleaning them, and then melting them down to create new plastic products. Recycling plastic contributes to a decrease in environmental pollution by reducing the amount of plastic debris that ends up in landfills and the ocean. Moreover, it lessens the need for the energy-intensive and resource-intensive production of virgin plastic, which requires the extraction of petroleum or natural gas. Recycled plastic can be used to create a wide range of goods, including new bottles, bags, furniture, building materials, and more.

Middle East and Africa Recycled Plastic Market Driving Factors and Challenges

Drivers: The recycled plastic market in the Middle East and Africa is growing at a rapid pace due to a number of important factors. The growing attention and understanding of sustainability and environmental conservation is one important motivator. Initiatives to encourage recycling and lessen plastic waste have been spurred by governments, corporations, and consumers become increasingly aware of the detrimental impacts of plastic pollution on ecosystems. Furthermore, laws designed to reduce plastic pollution—like prohibitions on single-use plastics and recycling incentives—are fostering an atmosphere that is favourable to the expansion of the market for recycled plastic. Furthermore, the area is becoming significantly more urbanized and industrialized, which is producing a lot of plastic trash and increasing the need for effective waste management strategies and recycled plastic materials.

Challenges: However, the price of raw materials will fluctuate, the pandemic's aftermath will cause supply chain disruptions, and difficulties with the recycling process would impede the market's growth. The strong competition from virgin plastics and other biodegradable products will also slow down the market's rate of development. Furthermore, the benefits of using products made of recycled plastic and the importance of recycling are not adequately understood by consumers and businesses alike. This lack of awareness contributes to poor recycling rates and hinders efforts to create a sustainable circular economy.

Impact of COVID-19 on Middle East and Africa Recycled Plastic Market
The COVID-19 pandemic has had a variety of effects on the Middle East and African recycled plastic sector. The purchase, handling, and distribution of recycled plastic materials were impacted by the pandemic's initial effects on industry and supply networks. Lockdowns and travel bans implemented to halt the virus's spread hampered recycling initiatives and reduced the quantity of recovered plastic that was sold. In addition, the pandemic's consequences on the economy have altered consumer behavior and the industrial sector's need for products made of recycled plastic. The demand for recycled plastic materials fell as a result of a decline in production and sales at many companies, particularly those in non-essential industries including consumer goods, construction, and automotive.

Middle East and Africa Recycled Plastic Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Berry Global Inc., B & B Plastics Inc., B. Schoenberg & Co., Inc., Birch Plastics Inc., ENVISION PLASTICS, Jayplas, Joe's Plastics, K K Asia (HK) Ltd., KW Plastics, MBA Polymers Inc., Plastipak Holdings, Inc., RJM INTERNATIONAL, INC, SUEZ, Ultra-Poly Corporation, VEOLIA ENVIRONNEMENT SA, Others.

Middle East and Africa Recycled Plastic Market Segmentation:

By Type: Based on the Type, Middle East and Africa Recycled Plastic Market is segmented as; Polyethylene terephthalate, Polyethylene, Polypropylrnr, Polyvinyl Chloride, Polystyrene, Others.

By Source: Based on the Source, Middle East and Africa Recycled Plastic Market is segmented as; Bottles, Bags, Films, Fibers, Foams, Others.

By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report

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