UAE launches plastics exchange, taps multi-billion dollar recycling market

This United Arab Emirates Tap into the multi-billion dollar plastics market by launching the first global plastics trading platform recycled material.

The Rebound Plastics Exchange, launched on Monday, has already signed up traders from around the world to buy recycled materials, a market expected to exceed $46 billion by 2025.

Plastic pollution is one of the biggest threats facing the world today.

Thousands of marine animals die each year as a result of ingesting or being drawn into plastic.

Plastics also release toxic substances into the soil and air, which directly affect our health. This happens when plastic bags degrade in direct sunlight or get burned.

reduce plastic pollution

But according to Rebound’s CEO Maryam Al Mansoori, it’s not the plastic that’s bad, it’s the way it’s managed.

“Plastic pollution is now more visible than any environmental threat we face. So when you ask Rebound what to do, Rebound aims to be part of the solution to reducing plastic pollution.”

Organizations in the Middle East, North America, Latin America, India, Southeast Asia and Europe have subscribed to the Bounce Plastic Exchange.

“We’re providing a marketplace that encourages buyers and sellers of plastic to capture, recycle, process plastic and get a financial return. So everyone involved in the recycling industry benefits, whether they’re running a recycling facility or wanting to consolidate plastic and have it as a big brand own commitment,” she said.

growing sector

The recycled plastic trade market is expected to grow exponentially over the next few years, with international companies moving towards the use of more recycled materials, whether for products or packaging and labelling.

Ms Al Mansoori stressed that plastic is not going away anytime soon.

“It’s a versatile and useful material – we have to stress that plastic is not the bad guy in the room,” she said.

“Unfortunately, the way we manage our waste is causing environmental leaks and landfills, and by 2050, there is projected to be more plastic in the ocean than fish.”

To date, less than 10% of the 7 billion tons of plastic waste generated globally has been recycled.

Rebound will connect buyers and sellers from around the world, ensuring that the plastics traded, whether in small pellet form or large compressed bales, pass quality checks.

The trade is confidential and contributes to a so-called circular economy, in which materials are continuously reused and not wasted.

Rebound ensures that the value of plastic remains in the economy, rather than leaking into the environment, compromising the health of marine life and animals.

Recycled plastic can be used to make a variety of items, including t-shirts, shoes, bottles, labels, and more.

Professor Edward Kosior is Nextek’s Managing Director and technical expert leading the development of Rebound’s material specification sheets.

“Unless current practices change, an estimated 108 million tonnes of plastic waste will be landfilled, dumped or openly incinerated by 2050, especially in underdeveloped and developing countries,” said Professor Kosier.

“Plastic recycling is clearly increasingly important, with key trade factors such as quality, standardisation, transparency and trust being critical as the demand for high-quality recycled plastic feedstocks continues to increase.

“We are leading the movement beyond the era of informal, closed-door material trading to a more integrated, efficient and quality-assured system.”

Plastic pollution is an urgent problem for the government to solve. In 2023, the UAE will host the Cop28 Climate Conference at Dubai Expo City, bringing together global leaders and policymakers to find solutions to the threat of climate change.

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Updated: September 5, 2022 at 3:02 pm