Traditionally, the recycled plastic was used in low-value applications wherein contaminated recycled pellets of mixed plastic were used. However, with increased investment in waste collection, sorting, and recycling technologies, it was possible to recycle plastic to near virgin purity, thus opening up the market for high-value applications, competing with virgin polymers. Globally, the US leads the market with the highest per capita consumption and collection of waste plastic, paving the way for the largest recycled plastics market. On the other hand, the Chinese market has been witnessing sweeping changes driven by the regulatory hard hand of banning the contaminated plastic import and forcing the domestic recyclers to either redirect their resources towards domestic waste management or abandon the business. It is too early to comment on the results of such changes; however, the change is directed with the aim of developing environment-friendly image for the Chinese chemical sector. On the third front, the European Union circular economy legislation will push the recycled plastic demand via setting minimum recycled content limits for the plastic packaging industry. The efforts are to create enough demand for recyclers to develop more competitive business opportunities to attract corporates and pushing technological breakthroughs. The boon of plastic turned to bane with the nuisance of irresponsible waste management. While the usage of plastic has increased to more than 300 million tons per year, the recycling of the same, even with dedicated efforts from various stakeholders, has been hovering around 10% of it. Low crude oil prices, resulting in lower virgin polymer prices, have made recycled plastics less attractive. With no significant improvement in waste collection, sorting, and recycling technologies, the market for recycled plastics has faced relative lackluster in the past five years. Read complete information buy clicking on link below or get sample report @ https://www.infoholicresearch.com/request-a-sample-report/?repid=13077&utm_source=pravinmane&utm_campaign=LG
