How are Governments Fueling Popularity of Plastic Recycling Across the World?

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. 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.

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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