Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Plastic Recycling Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive research conducted on the Saudi Arabia plastic recycling market has uncovered robust growth prospects, as the sector is poised to expand from a 1.49 Million Tonnes capacity in 2020 to an anticipated 2.67 Million Tonnes by 2030.
Analyzed through detailed historical data from 2015 to 2019, the market study reveals a compound annual growth rate (CAGR) of 5.79% until the end of the forecast period. The surge is mainly attributed to the proactive measures by the Saudi government in reinforcing municipal waste recycling initiatives that encompass a range of materials inclusive of plastics, helping the advent of recycled, cost-effective products.
The growth trajectory is further underpinned by the strategic environmental policies implemented by the Saudi authorities. Notable among these was the 2018 directive by the Saudi Arabian Standards, Metrology, and Quality Organization (SASO), requiring all plastic products to be made from approved oxo-biodegradable materials. Further emphases on integrated waste management and recycling have been accentuated by the 2019 MoU signed amongst key entities tasked with scaling recycling activities in Riyadh.
In light of environmental responsibility and sustainability, various sectors are increasingly opting for recycled plastics as a measure to cut down on energy use and reduce the carbon footprint, significantly bolstering the plastic recycling market's progress within the kingdom.
The recent pandemic-induced surge in demand for plastics has underscored the need for a sustainable approach to plastic utilization. Despite initial setbacks due to improper disposal practices in the wake of COVID-19, the market is recuperating through robust recovery strategies, legislative reforms, and a resurgence in industry compliance with recycling protocols.
This research encompasses a wealth of invaluable data, accessible through a dynamic, cloud-based platform over a year. Updates are incorporated in near real-time to account for industry fluctuations, including operational changes and market-driven dynamics. The encompassing deliverables provide a granular view of distinct aspects such as plant capacities, production efficiencies, demand analytics across end-user industries, regional distribution, and international trade movements, alongside a comprehensive demand and supply gap analysis.
An in-depth, secondary research methodology corroborates the findings from primary survey responses, ensuring the reliability and relevance of the data acquired for stakeholders in the Saudi plastic recycling market. Observations from the study highlight the importance of sustainability initiatives within the country's recycling sector and underline the opportunities that lie ahead for market participants in the ensuing decade.
For more information about this report visit https://www.researchandmarkets.com/r/fhkn8l
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