Advancing at an 8.6% CAGR during the forecast period (2019–2024), the plastic recycling market is predicted to garner $64,139.7 million revenue by 2024, growing from $41,238.8 million in 2018. The factors positively influencing the growth of the market are the supportive government initiatives and policies for promoting adoption of recycled products and the rising focus on reducing plastic waste volumes. Plastic recycling is the process of recovering scrap plastic and reprocessing it into useful and functional products.
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The plastic recycling market is divided into automotive, construction, food & beverage, household & personal care, and others, based on industry. In 2018, the highest amount of recyclable plastic was generated from the food & beverage industry. In the forecast period, the highest CAGR, in terms of amount of plastic recycled would be exhibited by the same division. The industry makes use of a wide range of plastics, such as high-density polyethylene, low-density polyethylene, polyethylene terephthalate, polystyrene, and polypropylene for storage, packaging, preservation, ease of transportation, and maintaining the aesthetic appeal of processed foods and beverages.
Based on source, the plastic recycling market is categorized into molded products, wires and cables, pipes, sheets, and packaging. In 2018, the largest volume share of more than 78.0% was accounted for by the packaging category. It is predicted to register a CAGR of 8.8% during the forecast period. Owing to their short-use lifecycle and high-waste volumes, packaging plastics witness high-volume recycling. The market is further expected to grow with the roll out of government policies and sustainability targets that aim to integrate the recycling process with the operations of the packaging industry.
The plastic recycling market is witnessing the trend of ban on imports of plastic by many countries, mainly China and shifting of recycling operations to South Asian countries. The Chinese government imposed a blanket ban on imports of waste materials of 24 types. In addition to this, the nation prohibited the import of non-industrial plastic waste, which affected about 5.1 million metric tons of plastic waste, annually. This caused the shifting of the recycling business to other South Asian countries, such as Thailand, India, Vietnam, and Indonesia.
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The major driver of the plastic recycling market is the efforts being made to popularize recycled products amidst growing concerns regarding the generation of huge volumes of plastic waste. The accumulation of plastic waste is a cause of concern all over the globe. Therefore, the focus of many inter-government organizations is on the integration of recycling operations in many countries. To further support the recycling process, initiatives such as monetary support to recyclers, rising provisions compliance under the extend producer responsibility (EPR) program, and product stewardship programs, are being taken to bring in more investments.
To drive the plastic recycling market, more investments are being invited in the research & development sector for the development of novel recycling technologies. In 2011–2016, over 470 patents aimed at plastic recycling were filed. These patents have been filed to secure technologies for recycling different polymers, such as PVC, PS, PP, and PET. Another application of these technologies is to increase the recycling of virgin polymers, which are extensively used in packaging. The huge inflow of investments for the development of technology for plastic recycling are further expected to boost the market.
Therefore, the market for plastic recycling is expected to witness significant growth in the forecast period due to the rising concerns regarding the management of plastic waste.
