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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This ban directly affected a very high volume of around 5.1 million metric tones of plastic waste. Moreover, this policy has fueled the popularity of plastic recycling in the country. Apart from these government regulations, the escalating marine, air, and land pollution levels in several countries, on account of the rising commercialization and industrialization rates, are also fueling the requirement for plastic recycling and changing plastic consumption patterns across the world.
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 market for plastic recycling. The market valuation is predicted to surge from $41,238.8 million in 2018 to more than $64,139.7 million by 2024.
Geographically, the plastic recycling market will exhibit huge expansion in the Asia-Pacific 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.
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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