What are Major Factors Propelling Growth of Global Plastic Recycling Market?

The soaring generation of waste products is augmenting the pollution levels, which is, in turn, fueling rapid environmental degradation. As a result, the governments of several countries are enacting policies aimed at mitigating waste material production or better managing the disposal of these waste materials. For instance, the Chinese government banned the imports of as many as 24 kinds of waste materials including non-industrial plastic wastes, in the country in December 2017.

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Furthermore, the rising public awareness about environmental consequences of plastic waste generation and disposal, the mushrooming demand for environment-friendly waste disposal methods, and the growing popularity of domestic recycling, especially in various North American and European countries, are also propelling the demand for plastic recycling processes throughout the world. This is driving the expansion of the global plastic recycling market. The market valuation is predicted to surge from $41,238.8 million in 2018 to more than $64,139.7 million by 2024.

Additionally, the market is predicted to grow at a CAGR of 8.6% during 2019–2024. Depending on source, the market is divided into packaging, wires and cables, sheets, pipes, and molded products. Out of these, the packaging category is predicted to register the highest growth in the market in the forthcoming years. This will be because of the growing requirement for recycling packaging plastics, on account of their ability to generate huge volumes of waste materials.

When industry is taken into consideration, the plastic recycling market is categorized into food and beverage, household and personal care, automotive, and construction. Amongst these, the food and beverage category will demonstrate the fastest and the highest growth in the market in the coming years. This will be because the extensive usage of several types of plastics such as HDPE, PET, LDPE, PS, and PP for storage, packaging, preservation, ease of transportation, and maintaining the aesthetics of packaged food products.

Geographically, the plastic recycling market will exhibit huge expansion in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be due to the development of numerous small-scale processing facilities and plants in this region. Furthermore, the existence of affordable labor and relaxed environmental regulations and norms regarding plastic usage is propelling the market advancement in the region.

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Therefore, it can be said with full surety that the demand for plastic recycling will soar all over the world in the coming years, primarily because of the rising public awareness about the environmental consequences of plastic disposal and heavy generation of plastic wastes and the increasing enactment of strict regulations regarding plastic disposal in several countries.

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