The novel coronavirus (COVID-19) has created revenue opportunities for companies in the Europe waste recycling services market, but has also created challenging recycling targets. It has been found that Wales is the only U.K. country, which has been successful in meeting its recycling targets. There has been an exponential growth in the volume of household waste during the COVID-19 pandemic, while many recycling centers have been shut during the crisis. This has caused tension in adjusting the legislature to meet recycling targets.
Moreover, staff absence at recycling centers in Europe is another challenge for health commissions. Redundant recycling practices such as segregation of waste by hand was found to be the key reason to prevent putting the workforce in the harm’s way. As such, the Cardiff council is strategizing on weekly waste collection strategies to efficiently sort and recycle domestic rubbish.
These factors are expected to drive the Europe waste recycling services market during the forecast period.
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Strategic Agreements Between Companies Help Create Industry-ready Plastic Resins
Companies in the Europe waste recycling services market are investing in capacity additions to achieve plastic chemical recycling. For instance, in April 2020, Recycling Technologies Ltd.- a U.K.-based company committed to accelerate evolution of plastic, announced to set up first-of-its-kind European plastic chemical recycling machine at the Brightlands Chemelot Campus’s chemical industry. Companies in the Europe waste recycling services market are setting their collaboration wheels in motion to recycle plastic waste into valuable feedstock for new plastic production.
Patented technologies are a recurring trend in the market, which is expected to expand at a CAGR of ~6% as the market matures during the assessment period. Manufacturers are using these technologies to revolutionize low-grade plastic waste into virgin-like plastic products. These patented technologies are increasingly replacing mechanical recycling methods to prevent plastics from ending up in landfills.
Companies Scale Unlimited Growth by Converting Mixed Plastic Waste into Composite Products
The growing pollution caused by single-use plastics such as straws and wrappers is revealing the true depth of the global waste problem. Hence, companies in the Europe waste recycling services market are introducing patented technologies to reduce the amount of discarded waste. For instance, Wimao Ltd.- a Finnish provider of breakthrough technology in recycling mixed plastic waste, has set on an expedition to launch its pilot REMAT production plant, which converts mixed plastic waste and wood waste into composite products. Such innovations are bolstering growth of the Europe waste recycling services market, which is estimated to reach US$ 242 Bn mark by the end of 2030.
Companies in the Europe waste recycling services market are scaling incremental opportunities by recycling mixed plastic waste, which is a rich source of raw material that can be weighed in billions of tons.
World-saving Recycling Technologies Convert Solid Waste into Reusable Commercial Products
The U.N. Environment Program has highlighted the issue of growing solid waste ending up in landfills, which has become a central issue for pollution worldwide. Hence, companies in the Europe waste recycling services market are taking cues from world-saving technologies introduced by companies in the Middle East. For instance, UBQ Materials - a recycling center in Tel Aviv, Israel, has invested in a production line, which transforms unsorted household waste into sustainable and bio-based materials that can be reused for commercial and industrial products.
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