Plastonomics: Impact of Plastic on Ecosystem and the World Economy

The worldwide annual consumption of plastic stands at an approximate of 450 million metric tons, which is almost 57 kg per person. Out of this yearly consumption, around 350 million metric tons are generated as waste, of which an estimate of 80 million metric tons falls under the category of mishandled plastic dump becoming the cause of plastic-generated pollution or plastic pollution. This plastic pollution costs both social and environmental aspects of economies – a minimum of USD 300 billion per annum. Hence, there is a need to develop eco-friendly technologies working toward recycling methods costing much cheaper than present alternatives, increase in secondary plastic usage, and managing single-use plastic pollutions.