Ocean Bound Plastics Market Size And Share To Hit $1.73 Billion, By 2030
March 1, 2023 ⚊ 1 Min read ⚊ Views 82 ⚊ NEWS
The negative environmental impact of plastics disposal is driving the Ocean Bound Plastics market. Environmental issues have arisen as a result of the massive amount of waste produced by the widespread demand for plastics. The oceans received an estimated 25 million tons of plastic waste from these coastal regions. All coastal countries contribute to these figures, but the top five account for 54.5 percent of marine plastics, with China accounting for more than a quarter of the global total. As a result, there is an increasing demand for ocean-bound plastics. Furthermore, establishing organized recycling channels is likely to provide a diverse range of market growth opportunities. However, poor and inconsistent bale quality, fluctuating bale prices, and low margins are just a few of the challenges faced by recycling companies.
