The Middle East and Africa Recycled Plastic Market was worth US$ 2.43 billion in 2023 and is anticipated to reach a valuation of US$ 3.61 billion by 2029 and it is predicted to register a CAGR of 8.5% during the forecast period 2024-2029.
The dumped squandered plastic is gathered by authorities and brought to the arranging offices for additional handling where the plastic items are isolated based on their shading and the substance of gum in them. The separated plastics experience the shredder where items are granulated and cut into little pieces with the goal that they can without much of a stretch be cleaned and made into pellets for additional manufacturing of items.
All plastics are non-degradable, and recycling most of the plastics was tough in earlier days. With the penetration of advanced technology, recycling from plastic waste is gaining much support from all over the world. The rapid adoption of these technologies is enhancing the growth rate of the Middle East and African recycled plastics market. Recycled plastics are highly durable and can be used in industries according to the requirements. Research studies state that all plastics do not harm the environment, and recycling plastic waste is a better idea than simply leaving it, which causes environmental concern in a negative way.
Increasing awareness of the utilization of recycled plastics in a more effective way in industries is primarily propelling the growth rate of recycled plastics in the Middle East and Africa. The process of recycling plastics is much more effective in saving energy consumption as the overall process can be done in very little time and requires less energy. This factor is further attributed to the leverage of the growth rate of the market. The government authorities are allowing the use of recycled plastics, which industries can utilize for various applications. Recycled plastics have special applications in the packaging industry due to their light weight and flexibility in the product type. The food and beverage industry is involved in adopting an effective way of packaging as it is highly important to protect the products to maintain a longer shelf life. This attribute is also inclined to level up the growth rate of the Middle East and African recycled plastics market.
The procedure to collect all the plastic wastage from different sources is highly impossible due to poor guidelines to dispose waste. The effective way to dispose waste can ease the segregation of the plastic wastage but due to lack of complete awareness in disposing the plastic way is posing severe concern to the key players which is hindering the growth rate of the market.
Rising disposable income in urban areas is one of the growth opportunities for the Middle East and Africa recycled plastics market. Rising disposable income is attributed to straightly leveling up the demand for food and beverage products, where the need to improve the packaging style is increasing. Therefore, the demand to adopt new technologies in recycling plastics without harming the environment is increasing, which is substantially elevating the growth opportunities for the market in this region. In addition, rising support from higher authorities across the world through investments to develop industrial areas in the Middle East and Africa is also needed to leverage the growth rate of the recycled plastics market.
Lack of complete awareness in recycling the plastic materials in appropriate way can lead to adverse effects that easily harm the environment. Stringent rules and regulations by government authorities in approving the innovative product which is challenging factor for the market key players.
The polyethylene terephthalate segment is leading and has the dominant share of the market. PET is an effective plastic material that can be recycled infinite times, emitting very low carbon emissions. It is a fact that recycled PET products reduce very little carbon emissions compared to virgin PET. Therefore, it completely eliminates the need to produce new PET. Producing the plastics with the already available plastics reduces energy consumption. The new products can be made with recycled plastics in accordance with the industrial requirement.
The bottle segment is gaining much traction over a share of the market. The usage of bottles is relatively high when compared with others, which is elevating the growth rate of this segment. Almost all the bottles can be recycled by collecting from households, industries, and other public places. Bags segment is next in ruling the dominant share of the market.
The packaging segment is thriving and leading the highest share of the recycled plastics market in the Middle East and Africa. Plastics play a crucial role in the packaging industry. The effective properties of plastics are much more suitable for packaging any kind of product. The healthcare segment is expected to hit the highest CAGR by the end of 2029. Rapidly increasing technological advancements in the healthcare sector and the launch of innovative drugs that need an effective packaging style are likely to propel market growth.
UAE recycled plastics market is ruling with the highest share. Increasing per capita income and adoption of technological advancements in the industry are likely to enhance the growth rate of the market. The strategies of key players to penetrate into this country with high investments and expand their products in unique ways are also lavishing the market share to the extent of the UAE. The trend towards the adoption of recycled plastics in packaging and other industries to lower carbon emissions that strictly meet the policies imposed by the government is also to boost the market value.
South Africa's recycled plastics market is anticipated to have huge growth opportunities during the forecast period. Rising interest in the utilization of recycled plastic products that save the consumption rate of energy is driving the market share in South Africa.
The major key players in the Middle East and Africa Recycled Plastic Market are Custom Polymers, B&B Plastics Inc, B. Schoenberg & Co., Inc, Envision Plastics, Jayplas, Joe's Plastics, K K Asia (HK) Ltd, Berry Middle East and Africa Inc, MBA Polymers Inc, Plastipak Holdings, SUEZ, Ultra-Poly Corporation, Veolia, KW Plastics, Birch Plastics Inc, RJM International, Inc, and others
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