Global Plastic Market Recycling – A Change to Improve Global Environmental Outcomes

Due to the continuous increase in global warming caused by the human induced emissions, it is evident that burning of oils and fossil fuels is escalating the change in climate, causing a major threat to the environment, and living beings. Plastic contributes to a large extent in diffusing greenhouse gases into the atmosphere thereby, altering the ozone layer, which is resulting in excessive heat, loss of cloud forests, melting of glaciers and upsurge in sea levels. So, what measures can be taken to reduce plastic pollution?For many years, the global temperature of the planet was intact until new technologies stepped in, resulting in an enormous change in the environment. It is a high time that the recycling of plastic on large scale should be taken into consideration. As plastic is non-biodegradable, it provides a lot of opportunities for business as it can be both cost effective and environment friendly. Global plastic recycling market is expected to witness a healthy growth at a CAGR of 5.04% during the forecast years due to uprise in the demand for recycled plastic. Recovering plastic from scrap and waste and then converting it into useful products has been a major driver for many commercial industries as it is both environmentally and economically effective. Recycled plastic can be transformed into a wide range of products like carrier bags, watering cans, wheel arch liners, car bumpers, damp proof membranes, construction materials, reusable crates, bins, composite pit, food trays, water bottles and different clothing fabrics providing a large scope for plastic industries to make a good fortune. The global plastic recycling market is driven by increasing inclination towards recycled plastics over virgin plastics because of the pollution caused by the plastics when disposed in oceans or other water bodies. In addition to this, energy saved during the production of recycled plastics is positively impacting the growth of the market. Furthermore, ongoing research activities in order to find an effective method of recycling plastic waste all around the world is expected to bolster the growth of market over the next few years. In terms of end-use industry, the plastic recycling industry is categorized into packaging, building & construction, textile, automotive, electrical & electronics and others. Out of which, the packaging industry held the largest market share among all the end-use industries in the global market for plastic recycling. Asia Pacific and North America have emerged to be the largest generators and recyclers of plastic waste. Dominance of Asia Pacific region can be attributed to the chemical and mechanical industry. The Initiative of limiting the use of plastic through financial disincentives has shown results and brought drastic changes in consumer behaviour. China, Japan and India, accounted for over one-fourth of total plastic waste recycled worldwide in previous years.Some highly used different types of plastics are: 1. Polyethylene Terephthalate (PET)PET is a colorless, lightweight and strong plastic. It is a widely used plastic and is easily available in the market in the form of bottles, polyester clothes, medicines and jars. According to the Food and Drug Administration, PET is safe and can be easily recycled. Asia Pacific region holds the maximum share in production of PET worldwide which is anticipated to surge the market globally in upcoming years.2. High-Density Polyethylene (HDPE)Out of all the Polyethylenes, HDPE is classified as the most versatile plastic available with numerous applications. Being strong in nature, qualifies HDPE to be compatible for building materials, large containers and piping. Rise in the demand of recycled plastic in construction sector is a major drive boosting the plastic recycling market in China.3. Polyvinyl Chloride (PVC or Vinyl)PVC comes under the third most multifaceted plastics due to its hard and inflexible nature. It is widely used in medical, construction and electrical industries and its property of being resistant to germs makes it highly useful for the medical industry. Demand of PVC in the pipelines industry is also driving the plastic recycling market worldwide.4. Polypropylene (PP)PP is one of the heavy-duty and long-lasting plastics. It can resist high temperature, which makes it ideal for many applications, specifically in food and beverage industries. It is a strong plastic and is less flexible and thus, retains its shape after some time. DVDs, hot food containers, storage boxes are made up of Polypropylene (PP). The plastic recycling market in Spain is expected to grow at an impressive rate on account of growing awareness among the population pertaining to plastic waste disposal.5. Polystyrene (PS) PS, also known as Styrofoam, is an eco-friendly plastic which is transparent and brittle in nature. Usually, PS is used for a short term and can be potentially dangerous for humans as it can release neurotoxins which can hamper the nervous system. PS is cost effective and is made safe for the market use and is used for making cutleries, food containers, building insulations, etc. Canada is expected to witness a rise in the PS industry in the upcoming years.What is the current market potential of the global plastic recycling? The plastic recycling market is highly fragmented with more than 25000 players operating globally in the market. Asia Pacific market is estimated to grow at a strong rate during the forecast period as the region has become a manufacturing hub for chemical & petrochemicals, pharmaceuticals, food processing, medical and electronics equipment. Dominance of Asia-Pacific in global plastic recycling market can be attributed to growing awareness of recovery of main polymers through mechanical and chemical recycling.What is causing a Major drive in the global plastic recycling market? The global plastic recycling market is driven by increasing inclination towards recycled plastic over virgin plastic because of water pollution caused by the plastics when disposed in oceans or other water bodies. Ongoing research activities in order to find an effective method of recycling plastic waste all around the world is expected to bolster the growth of market over the next few years. Governments are increasingly mandating that plastic bottles must be made from at least 25% recycled plastic by 2025 and 30% by 2030. The consistently growing demand for recycled plastic products on account of expanding packaging industry across the globe is spurring demand for plastic recycling. Increasing number of construction and infrastructure projects across the globe is also boosting the demand for polymers in a wide range of applications such as an window glass, etc.Which region holds the highest share in the global plastic recycling market?APAC region holds the maximum share of the global plastic recycling market. In 2019, China plastics industry accounted for 26% share in global production of plastics. For many years, China received the bulk of scrap plastic from various countries such as United States, Germany, Japan, Australia, etc., processing much of it into a higher quality material that could be used by manufacturers. In 2018, China imposed ban on imports of plastic waste and closed its doors to almost all foreign plastic waste, as well as many other recyclables, to protect the local environment and air quality and to further boost its domestic plastic recycling market.What is the current market landscape for the global plastic recycling? The key players are considering the rise in demand for plastic recycling by various industries to be the major driving factor for the market in the forecast period. The major companies are focusing on innovation and research & development (R&D) to create durable and better products and attain a competitive edge over the other big players.What are the challenges faced by the global plastic recycling market?Due to onset of COVID-19, disruptions in business cycles are bound to impact the demand across all core industries, globally. Severity of pandemic is compounded by the fact that many industries are operating at reduced capacity, consequently lowering the number of employees as well. The reduced number of workers will create a challenge for industrial plastic product manufacturers to fulfill the demand from end user industries. The ban on import of plastic waste for treatment and reprocessing in China has caused a huge crisis among major exporting countries. Moreover, with declining and shrinking plastic waste exporting market, the governments of various nations in Europe and Asia are focusing on recycling plastic and producing re-usable plastic products.Some of the major companies in the global plastic recycling market include Covanta Energy Asia Pacific Holdings Ltd., SUEZ NWS limited, The shakti Plastic Industries, Eco Wise Waste Management Pvt Ltd, Cleanaway Melbourne, Sapporo Plastic Recycle KK, DH Recycling Ltd, Veolia Indonesia, IAV Global, Poly Pipe Recyclers, Polystar Machinery Co Ltd.Conclusion: Global Plastic Recycling Market is expected to witness a healthy growth during the forecast years due to rise in the demand for recycled plastic for various applications and manufacturing of recycled products such as carrier bags, watering cans, damp proof membranes, construction materials, reusable crates, bins, composite pit, food trays, water bottles. The disruption in overall import and export of plastic waste due to COVID-19 across several countries is expected to lead to decline in the total recycled plastic waste in 2020. Over the past few years, it has been observed that more and more companies are taking a pledge towards the reduction of plastic waste and shifting to 100% recyclable packaging. This wave of enthusiasm and awareness is augmenting demand for plastic recycling, globally, and encouraging the companies to establish plastic recycling facilities.

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Here’s Why You Need to Charge Your Electric Vehicle At Home

It is no wonder BMW is at the forefront in making both stylish and functional vehicles that never compromise safety. Charging your electric vehicle with a home charging station has more benefits compared to public charging stations. With BMW’s electric model ranges, you will experience an entirely new driving experience. No feeling is better than gliding silently through urban and rural traffics. All of this is free of fumes and harmful emissions that impact the planet. Going electric with BMW is one of the best things you can do for you.

While BMW iX3 Charging Station is available in many places and shopping malls in Australia, it is a good idea to invest in home BMW charger as it offers a plethora of benefits. In fact, charging your electric car with a home charging station has benefits compared with public charging stations.

Here’s why you need to install BMW home charging station:-

Save money

Instead of buying battery power from a third-party source every time you need to charge your BMW, it is a good idea to pay a flat fee for a residential BMW charging station and have unlimited energy from the same source that keeps your house warm and other electric appliances running. Of course, you would see a spike in electricity bill. But, you’ll save money by saving yourself from frequent trips to the public station and paying for recharging your car. Home charging stations pay for themselves in the long run.

Finding your home charger is affordable too. There are many electric vehicles charging station providers in Australia from whom you can buy and rely on them for support. There are three different types of home chargers, including level 1, level 2, and level 3. Based on the type of charger you buy, the cost will be anywhere between $300 and $2000.

Convenient

On average, it takes anywhere from four to six hours to fully charge your BMW with a level 2 charger. Let’s imagine that you need to drive 50miles to attend a meeting and your EV is running low on battery. If you have to wait the whole night, take your vehicle to the nearby charging station, recharge, and then drive. Wouldn’t that consume your productive hours? The same scenario is much more manageable if you have the home charger installed. All you need to do is, plug the car in and go to sleep. By the time you wake up, you’ll have a fully charged BMW ready for the drive.

Safe

Charging at home is much safer than public charging stations for a range of reasons, including the safety of you and your vehicle. You’ll have to wait for a long time in the public charging stations to charge your EV, and there’s no safety, especially if you are in the middle of high way.

As you see, they’re less expensive, more convenient and completely safe as long as it is installed properly.

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The Financial Benefits of Owning an Electric Vehicle

Although electric vehicles are expensive, the long-term price of owning one is lower than compared to gasoline cars. Yes, trading in your existing diesel or petrol car for the long-term benefits of an electric car is a good idea. Not only are electric vehicles the future of road travel, but the government is considering a decent incentive who upgrade to electric. Both hybrid plug-in and fully electric vehicles can help improve fuel economy, lower fuel costs, and reduce emissions.

However, the cost is typically one of the major considerations for drivers deciding on what kind of vehicle to purchase. In fact, one of the top reasons that people hesitate to switch to an electric vehicle is the relative price compared to gas-powered cars. But, you must understand the fact that owning an electric vehicle offers more monetary benefits than gasoline vehicles. Take a look at some of the financial benefits you’ll reap by owning an electric vehicle:-

EV Owners Are Eligible For Tax Deductions

Yes! Going electric despite the higher upfront cost is considered as an act of being socially responsible. The more drivers switch to an electric vehicle, the less greenhouse gas will be emitted into the atmosphere and reduce its impacts on the environment. This, in turn, brings the global temperature down and contributing to make the world a better place to live in for us and our future generations. For these reasons, electric car owners are eligible for a tax deduction of up to $7,500.

However, the deduction amount varies from one state to another and based on the capacity of the battery used to power the vehicle. On the other hand, there are no tax deductions for gasoline cars, and from a tax perspective, going electric with Nissan is a financially smart option. All you need is electricity and Nissan leaf charging stations to recharge your vehicle.

Low-Cost Maintenance

Gas-powered vehicles consist of lots of complex moving parts and generally require more maintenance than electric vehicles. Petrol and diesel cars need frequent oil and transmission fluid changes, whereas, EVs don’t require it. Fixing gas-powered vehicles can take time and drives up labour costs from the mechanic. On the other hand, EVs come with regenerative brakes. Yes, they use the kinetic energy of the vehicle to decelerate. This, in turn, causes less wear and tear on the brakes, which result in reduced need for brake maintenance as well. Overall, the maintenance cost of EVs is less than petrol and diesel cars.

Costs Less To Power

Petrol and diesel rates are increasing day by day. One of the major benefits of owning an EV is that you don’t have to refuel it. All you need is Nissan leaf charger or Nissan leaf home charger to charge the car. You can charge your Nissan EV anywhere from the comfort of your house, office, or anywhere. It is as simple as that.

EV is the future of the automobile industry. Embrace it and reap the many benefits of being a proud owner of an electric vehicle.

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