Due to the soaring commercialization and industrialization, there has been a huge rise in plastic consumption and production of plastic waste all over the world, which has in turn, led to a massive increase in air, marine, and land pollution levels throughout the world. Due to these factors, the governments of several countries are increasingly implementing various measures and regulations for promoting the recycling of plastic waste and this is one of the major factors fuelling the rising adoption of plastic recycling methods across the world.

 

The blanket ban imposed by the Chinese government in December 2017 on the import of as much as 24 types of waste materials is one of the biggest examples of the strict measures adopted by the governments of several countries for reducing the production of plastic waste. The ban imposed by the Chinese government includes the plastic waste produced by non-industrial processes and has affected almost 5.1 million metric tonnes of plastic waste. Similarly, the European Union (EU) introduced its European Strategy for Plastics in 2018 for promoting the usage of recyclable plastics by the packaging industry by 2030.

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Driven by the above-mentioned factors, the value of the global plastic recycling market is predicted to rise from $41,238.8 million to over $64,139.7 million from 2018 to 2024. The market is expected to exhibit a CAGR of 8.6% during the forecast period (2019—2024). Plastic recycling processes are widely adopted in food and beverage, automotive, construction, and household and personal care industries. Amongst these, the food and beverage industry recorded the highest production of plastic wastes for the production of recycled plastics.

 

In the food and beverage industry, plastics are extensively used in various applications such as preservation, transportation, and packaging and also for maintaining the appearance of the processed foods and beverages. These plastics are usually disposed by the consumers after use and later used as feedstocks in the plastic recycling industry. Moreover, the surging number of initiatives and policies being enacted by the governments of various countries such as making huge improvements in the packaging designs in order to improve the recyclability of the plastics and eco-modulation of packaging fees are promoting the adoption of plastic recycling methods.

 

Across the globe, the plastic recycling market is predicted to register the fastest growth in Europe during the forecast period. This is primarily attributed to the numerous initiatives and policies being implemented by the governments of various European countries for the improvement of the domestic recycling centers and facilities. In addition to this, the integration of recycled plastic products across the packaging supply chain in order to meet the environment and manufacturing sustainability targets set by the regulatory bodies and governments are further pushing the adoption of plastic recycling processes in the region.

 

Hence, it can be concluded that the demand for plastic recycling will escalate tremendously all over the globe in the upcoming years, because of the increasing pollution levels caused by the large-scale production of plastic wastes across the world.