Automotive Plastics Recycling Market Size, Share, By Type (Polyethylene Terephthalate, Polypropylene, Polyethylene, ABS, and Others), By Application (Interior Components, Exterior Components, Under the Hood, and Electrical Components), and By Region - Trends, Analysis and Forecast till 2034

Government initiatives for providing environmental sustainability:

• Governmental efforts to ensure environmental sustainability include: • Tighter laws are being enacted globally, particularly in the automobile sector, to encourage the circular economy and reduce waste. As an illustration, the EU's End-of-Life Vehicles (ELV) Directive mandates that either 95% of a vehicle's weight be recovered or reused or that at least 85% of the vehicle's weight be recycled. Similar legislation is being implemented in other areas, compelling automakers to use more recycled materials in their production processes.
• The regulatory pressures, in conjunction with the voluntary sustainability promises made by automakers, create a strong impetus for the expansion and advancement of automotive recycling of plastics. As a result, more recycled plastic is required in the production of cars, which promotes infrastructure and recycling expenditure.