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Plastic Recycling Market to Expand with Significant CAGR During 2024
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According to the research report, the global plastic recycling market has been valued at US$56.8 bn by 2024 as compared to US$31.5 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.9%.
Asia Pacific to Remain Dominant as Consumption of Plastic Rises
On the basis of material, the global plastic recycling market has been segmented into PET, HDPE, PP, LDPE, PVC, PS, and others such as nylon, polycarbonate, and ABS. Of these, HDPE is expected to remain a dominant material segment during the forecast period. In terms of revenue, this segment is projected to expand at a CAGR of 7.4% between 2016 and 2024. The demand for HDPE is expected to remain high as it is extensively used in residential and packaging applications.
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Geographically, the global plastic recycling market is segmented into North America, Europe, the Middle East and Africa, and Latin America. Regionally, Asia Pacific is anticipated to remain dominant in the global market as it is slated to acquire a share of 71.3% by the end of 2024. The increasing plastic consumption along with increasing pressure of eco-friendly disposal of plastic waste is expected to keep the regional market ahead of the pack.
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Overflowing Landfills Increase Pressure on Governments for Recycling Plastic
The growing pressure of overflowing landfills has been the primary growth driver for the global plastic recycling market. This factor has proven to be an important driver for the plastic recycling market in developed regions such as Europe. The mounting plastic waste has triggered Herculean task of recycling plastic waste. Furthermore, the European Committee of Region’s (CoR) support for the ban on all dumping plastics in landfills across the European 2020 has also won the market a special impetus.
The growing awareness about protecting the environment, hazardous impact of plastic wastes on landfills and animals, and need to reduce the carbon footprint has also fueled the global plastic recycling market. Owing to these reasons, solutions such as drop-off recycling, curbside recycling, buy-back centers, and deposit/refund centers are helping various organizations to channelize trash for recycling. The global market is also gaining momentum due to the cost-effectiveness of recycling plastic over manufacturing plastic. Production of plastic requires a large amount of crude oil, which has gotten expensive with each passing year, thus making the option of recycling existing plastic far cheaper.
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