Global Mechanical Recycling of Plastic Packaging Waste Soars with AI-Driven Solutions
The global mechanical recycling of plastic packaging waste is set to witness significant growth in the coming years, according to the latest research report titled “Global Mechanical Recycling of Plastic Packaging Waste Research Report 2022-2030.”
The report highlights the increasing partnerships between recovery companies and AI-based providers, which aim to develop advanced end-to-end recycling capacity.
In 2022, the global mechanical recycling of plastic packaging waste market was valued at $15,730.8 million. However, the report predicts that by 2030, this market will reach an impressive $41,078.7 million, representing a compound annual growth rate (CAGR) of 12.7% from 2022 to 2030.
The report delves into the current trends shaping the global plastic packaging markets and identifies the factors influencing the development of mechanical recycling of plastic packaging. One key approach highlighted in the report is the circular economy, which encompasses initiatives throughout the material and product life cycles, promoting sustainable resource consumption and waste prevention through the integration of high-tech solutions.
The resource management sector is undergoing a transition towards increased digital technology adoption, utilizing disruptive smart technologies and platform-based solutions to enable the tracking of closed-loop material management both physically and digitally.
An area of disruptive technology with significant growth potential in waste sorting and recycling applications is artificial intelligence (AI)-powered material recognition. Smart material recovery facilities are increasingly implementing a combination of robotic sorting solutions, computer vision, optical sorters, sensors, and AI. These advanced technologies have the capability to perform complex tasks and identify specific types, shapes, and brands of packaging from individual manufacturers.
Mechanical recycling is widely regarded by stakeholders as a prime example of the circular economy in action. It plays a crucial role in reducing waste generation, limiting landfilling and plastic pollution, decreasing the consumption of virgin materials in polymer production, and lowering greenhouse gas emissions.
The demand for circular polymers is being driven by several factors, including heightened extended producer responsibility (EPR) initiatives by fast-moving consumer goods (FMCG) companies, growing consumer awareness, and sustainability goals such as the European Union’s target to recycle 55% of plastic packaging waste by 2030.
The report provides valuable insights to stakeholders operating in this dynamic market, highlighting the increasing global sustainability imperatives and technological advancements. These developments create new aftermarkets and growth opportunities for participants to explore.
In conclusion, the Global Mechanical Recycling of Plastic Packaging Waste Research Report 2022-2030 emphasizes the rising importance of partnerships between recovery companies and AI-based providers to develop advanced end-to-end recycling capacity. With the adoption of disruptive technologies like AI-powered material recognition, the mechanical recycling market is expected to experience substantial growth in the coming years. Stakeholders are encouraged to embrace the circular economy approach and leverage these opportunities to contribute to sustainable resource consumption and waste reduction.