SEATTLE (Scrap Monster): The latest market report published by Market Research Future (MRFR) suggests that ocean bound plastics market is expected to grow at 3.5% CAGR over the ten-year period from 2021 to 2030. Incidentally, ocean bound plastics refer to plastic garbage of all sizes dumped in the ocean 50 kilometers or fewer from the coast. These severely affect marine ecosystem and poses threat to the lives of various species of marine inhabitants.
According to rough estimates, oceans receive around 25 million tons of plastic garbage from coastal areas that lack adequate plastic management facilities and infrastructure. Thin margins, irregular bale quality and volatility in bale pricing are some of the key issues faced by recycling industry. Also, long-term exposure to these wastes generates serious health issues to workers.
The report foresees highest rate of development for the polyethylene Terephthalate (PET) segment during the forecast period. By end user type, the packaging segment is expected to witness fastest development.
As per the report, Asia-Pacific region accounts for more than half of the world’s ocean bound plastic market, with China, India, Japan and India being the major contributing countries towards market expansion. The Middle East and Africa are seen holding negligible share of the global market, mainly due to lack of recycling awareness.
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