According to mordorintelligence, the waste management market in India is estimated to have a value of USD 12.11 billion in 2023. According to Statista, the waste recycling service market is expected to surpass USD 90 billion at a CAGR of 4.7% from 2023 to 2032.
According to custom market insights, the Indian plastic recycling industry will be valued at USD 4,090.8 million in 2024. The market is expected to reach USD 6,933.2 million by 2033, at a CAGR of 5.22%.
As per the custom market insights, 60% of plastic waste is recycled, generated in 2019-2020, with an impact of regulatory interventions. According to GlobeNewswire, the global plastic recycling market is expected to reach USD 114.5 billion by 2030.
In the sustainable waste management sector, recycling is key to improving the infrastructure and raising awareness for a better and greener future.
Importance of Metal Recycling
The 4 key reasons to know why metal recycling is important.
- Recycling supports natural resources to help conserve finite metals such as iron, steel, aluminum, and copper. The scrap metals can be reused for mining and extraction to preserve raw materials.
- It’s less amount of energy required in recycling metal compared to primary production from basic ores. It contributes to sustainability and reduces greenhouse gas emissions.
- The carbon footprint can be under control and also lowering greenhouse gas emissions.
- Metal waste is prevented from recycling and also handles the harmful substances released in the environment.
The recycling industry also opened the door for creating new avenues, and job opportunities. It led to the realm of studying and creating more recycling-oriented metal objects and finally inventing more innovative objects and solutions for the services of the masses.
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