Plastic Recycling Market Insights, Leading Players and Growth Forecast to 2024

Plastic Recycling Market To Advance At 8.6% CAGR during 2019–2024

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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.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/plasticrecycling-market/report-sample Government policies and initiatives across the globe are resulting in the growth of the plastic recycling market. Environmental agencies and other nongovernment organizations are increasingly putting pressure on governments, which, along with the surging pollution levels and prevalence of low-volume domestic recycling capacities, is resulting in the growing concentration upon integrating recycling to operations in various countries. Initiatives including product stewardship programs, monetary support to recyclers, and rising compliance under the EPR program are also driving the market.

In terms of source, the packaging plastics category is expected to hold the largest share of the plastic recycling market in the coming years, which is owing to the fact that they produce the large volume of waste. Packaging plastics have a short-use lifecycle that results in a high amount of waste. Advancements in the plastic processing and recycling technologies have enabled the processing of these waste materials in such a way that they retain the needed consistency in storage capability, visual attributes, and other properties.

On the basis of type, the plastic recycling market was dominated by the polyethylene division in the past. The division is also projected to register an 8.7% CAGR during 2019–2024, in terms of volume, which is due to the high waste generation, high production volume of virgin PE, and an appreciable recycling rate for this plastic type. Geographically, the Asia-Pacific region dominated the market in 2018, as the region is responsible for high-volume recycling capacities.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/plastic-recycling-market This, in turn, is due to the high-volume imports of plastic waste, in addition to the availability of domestic waste and decreased labor cost. Furthermore, Europe

is projected to grow at the fastest pace, of 9.1% CAGR, in the near future in the plastic recycling market. This can be attributed to the increasing government initiatives for resurging local manufacturing and development of local recycling facilities.

Market Size Breakdown by Segments

By Source •

Packaging o

Bottles

o

Films

o

Others

•

Sheets

•

Pipes

•

Wires and Cables

•

Molded Products

•

Others

By Type •

Polyethylene Terephthalate (PET)

•

Polyethylene (PE)

•

Polypropylene (PP)

•

Polyvinyl Chloride (PVC)

•

Polystyrene (PS)

•

Others

By Industry •

Household and Personal Care

•

Food and Beverage

•

Construction

•

Automotive

•

Others

By Geography •

•

•

North America Plastic Recycling Market o

By source

o

By type

o

By industry

o

By country – U.S. and Canada

Europe Plastic Recycling Market o

By source

o

By type

o

By industry

o

By country – Germany, U.K., Italy, France, Spain, and Rest of Europe

Asia-Pacific (APAC) Plastic Recycling Market o

By source

o

By type

•

•

o

By industry

o

By country – China, Japan, India, and Rest of APAC

Latin America (LATAM) Plastic Recycling Market o

By source

o

By type

o

By industry

o

By country – Brazil, Mexico, Argentina, and Rest of LATAM

Middle East & Africa (MEA) Plastic Recycling Market o

By source

o

By type

o

By industry

o

By country – Saudi Arabia, U.A.E., Qatar, and Rest of MEA

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