Despite these favorable conditions, the plastic recycling sector remains very fragmented and relatively immature, which is limiting recycling efficiency, quality and profitability.By viewing or accessing, you expressly agree to the following term and conditions detailed below. Several major EU companies like IKEA, P&G, LEGO use recycled instead of oil-based plastics.Īccording to the market research report published by P&S Intelligence, the global plastic recycling market size generated revenue of $41,238.8 million in 2018, which is expected to reach $64,139.7 million by 2024. Both industrial buyers of recycled granules (regranulates) and end-consumers of plastic products are increasingly conscious of the environment impact of their actions.

iCycle chose to work in Bangladesh, because it is one of the worst victims of plastic wastes.ĭemand for recycled plastics from large brand owners and industrial buyers is also increasing, driven by financial considerations, sustainability targets and consumers’ desire for environmentally-friendly products. Currently, iCycle is working in Bangladesh. iCycle is a Finnish start-up aimed at recycling plastic wastes into value-added products using Finnish green technologies. In order to reduce the ‘pandemic plastic plague’ by efficiently converting plastic wastes into asset, ‘iCycle’ was established. This would require sincere and systematic efforts and awareness from all walks of people, usage of state-of-art technologies, and concerted actions from government and non-government organizations across the world. But, this global problem cannot be solved alone, and requires a concerted effort. This challenge has put plastic recycling very high on the agenda of the World Economic Forum, European Commission and many other organizations.īut, is there any solution to this ‘ plastic crisis’? Although, it might take long time to eradicate the plastic problem globally, but we, firmly, believe that the plastic burden could be reduced to an ‘acceptable’ level, so that, every used plastic material is recycled back.

According to Peter Thomson, UN Ambassador for Oceans, ‘’ Plastic pollution has dire consequences for the future of many species including humankind’’. The world is alarmingly being burdened with plastics and microplastics, posing threats to the human health, endangering marine and aquatic species.

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