Escalating Pollution Levels Fueling Popularity of Plastic Recycling

A number of factors such as the surging pressure to reduce waste dumping, burgeoning demand for reprocessed items from end-use industries, and increasing installation of plastic recycling units in Europe and North America are expected to drive the plastic recycling market at a CAGR of 8.6% during the forecast years (2019–2024). The market was valued at $41,238.8 million in 2018 and it is projected to generate $64,139.7 million revenue by 2024. Moreover, the rising enactment of government legislations and initiatives to boost the adoption of recycled products will also steer the market growth in the coming years.

One of the prominent growth drivers of the market is the soaring number of domestic plastic recycling facilities, in the European and North American countries, owing to the multi-level stakeholder partnership in these regions. Nowadays, the market players in such countries are actively working on developing innovative recycling technologies for streamlining the plastic recycling value chain. Additionally, the mounting investments being made in research and development (R&D) activities for fueling advancements in recycling technologies will also add to the prosperity of the market in the forthcoming years.

Apart from this, the rising commercialization and industrialization rates will also augment the plastic recycling market in the coming years. Large-scale commercial and industrial activities have resulted in the high-volume production of plastic waste, owing to the wide-scale usage of plastics in these activities. The generation of huge quantities of plastic waste leads to marine, land, and air pollution. The soaring levels of pollution have encouraged consumers, manufacturers, and governments to change their consumption patterns by using recycled products and reducing plastic waste.

Categories under the type segment of the plastic recycling market are polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and others. Under this segment, the PE category accounted for the largest market share during the historical period (2014), due to the high-volume production of virgin PE, the significant recycling rate for this type of plastic, and excellent rate of waste generation and disposal. Owing to these reasons, the category is also expected to register the fastest growth during the forecast period.

Geographically, Asia-Pacific (APAC) held the largest share in the plastic recycling market in 2018, due to the high-volume availability of domestic waste, imports of plastic waste, and low labor costs in the region. Availability of cheap labor facilitates labor-intensive allied operations, such as collection, sorting, and cleaning. Moreover, the increasing number of small-scale processing facilities in India, Indonesia, Thailand, Vietnam, and Malaysia will also support the market growth in the region, in the coming years.

Whereas, the European plastic recycling market is expected to exhibit the fastest growth during the forecast period, owing to the development of numerous domestic recycling facilities in the region. Governments of European countries are taking several initiatives to revive local manufacturing and establish domestic recycling units. Besides, the environmental sustainability targets associated with the integration of recycled items in the packaging supply chain will also boost the market growth in Europe in the foreseeable future.

Thus, the booming number of domestic plastic recycling facilities in Europe and North America and accelerating commercialization and industrialization rate will propel the market growth in the foreseeable future.

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