Plastic Recycling Market Boom to be Led by Europe during 2019–2024

As per a report by P&S Intelligence, the global plastic recycling market is projected to attain a revenue of $64,139.7 million by 2024, growing from $41,238.8 million in 2018, and is predicted to progress at an 8.6% CAGR during the time period 2019–2024. The market is growing due to the rising pressure to decrease waste dumping, increasing requirement for reprocessed by end-use industries, and surging installation of plastic recycling facilities in European and North American countries.

The Chinese government implemented a blanket ban on the import of 24 types of waste materials, which included non-industrial plastic waste, in December 2017. The move came as something unexpected to the global recycling market, and led to the disruption of the plastic waste exports all across the globe. The mover further lead to the shifting of China-based reprocessing facilities to South Asian countries, including Thailand, Indonesia, Vietnam, India, and Malaysia.

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Historically, Europe sent most of its waste to China for recycling, but with the banning of plastic waste import there, European nations have had to reroute their exports to South Asian countries, which have fairly low reprocessing capacities. As a result, recycling is picking up pace in Europe, with a large chunk of the waste being dumped in landfills and incinerators. In 2018, the European Commission adopted the Plastics Strategy, which is aimed at developing better reprocessing technologies. Further, $270 million (EUR 250 million) has been invested to create plastics with better recyclability. 

Asia-Pacific is currently the largest plastic recycler, due to its high reprocessing capacity, which is itself a result of the high import as well as locally generated volumes of such waste. Additionally, the low labor cost makes manual activities, such as cleaning, collection,and sorting, cost-effective, which is another reason for the high recycling rate of APAC. During the forecast period, the plastic recycling market growth in Europe would be the fastest, as a result of the establishment of more reprocessing plants and strict targets to ensure environment sustainability.