Plastic Recycling Market Will Continue to Grow

The global plastic recycling market is anticipated to flourish in the coming years due to the stern stance of developed regions to ban plastics and reduce the dumping of plastic wastes in landfills.

According to a market research, offered by online catalog Market Research Reports Search Engine (MRRSE), the global plastic recycling market has been gaining a steady momentum over the past few years due to the growing awareness about carbon emissions and the need to reduce them. Citing this reason, the report states that the global plastic recycling market, which was valued at 31.5 billion US-Dollar in 2015, is expected to reach a figure of 56.8 billion US-Dollar by 2024. During the forecast period of 2016 and 2024, the global market is expected to progress at a compound annual growth rate (CAGR) of 6.9 percent. On the basis of region, Asia Pacific is expected to be dominant in the global market throughout the forecast period. As reported, analysts anticipate that China alone will make a contribution of over 50 percent to the global plastic recycling market. “Presently, Asia Pacific is the key importer of plastic scrap for recycling with China and India leading the way,” MRRSE informed. “The region is aggressively engaged in activities such as parings and converting the plastic scrap into recycled resins for further applications. Cheap labor and relatively lenient governmental regulations have kept the region at the forefront.”

Europe is also expected to show steady growth in the global market due to stringent laws pertaining to the use of plastic in the region. “The region is currently recycling more than 4.4 million tons of plastic wastes ever year due to ban on dumping plastic scrap in landfills,” the report provider stated. “Furthermore, the increasing awareness about protection of the environment is also anticipated to boost the Europe plastic recycling market.”

Photo: O. Kürth

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