NEW YORK, Oct. 09, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global plastic recycling market size generated revenue of $41,238.8 million in 2018, which is expected to reach $64,139.7 million by 2024, progressing at a CAGR of 8.6% during the 2019–2024 period. The growth in the market is primarily attributed to the increasing pressure to reduce waste dumping, growing installation of plastic recycling facilities in North American and European countries, and rising demand for reprocessed materials by end-use industries.
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In 2018, the food and beverage industry accounted for the largest generation of plastic waste for the production of recycled plastics. The industry accounted for recycled plastics of 26,484.0 kilotons in 2018, which is expected to reach 42,845.7 kilotons by 2024, at a CAGR of 8.7% during the forecast period. In future, the increasing number of policies and initiatives regarding food and beverage plastic waste, such as eco-modulation of packaging fees, extended producer responsibility agreements (EPRs) for food and beverage manufacturers, and improvements in the packaging design to improve recyclability, are expected to assist the market to ramp up its recycling volume.
In December 2017, the Chinese government imposed a blanket ban on the import of 24 kinds of waste materials, including non-industrial plastic waste. An unprecedented move, it sent shockwaves across the global recycling market. The imposition of this ban has resulted in the disruption of global plastic waste exports, with even China-based reprocessing facilities being forced to shift their base to South Asian countries, such as Indonesia, Thailand, Malaysia, India, and Vietnam.
Historically, PE was the most recycled material in the global plastic recycling market. The volume size of this category is projected to witness a CAGR of 8.7% during the forecast period. This can be attributed to the combination of three factors: the high production volume of virgin PE, high waste generation and disposal rate, and an appreciable recycling rate for this plastic type.
Browse report overview with detailed TOC on "Plastic Recycling Market Research Report: By Source (Packaging, Sheets, Pipes, Wires and Cables, Molded Products), Type (PET, PE, PP, PVC, PS), Industry (Household and Personal Care, Food and Beverage, Construction, Automotive), Geographical Outlook (U.S., Canada, Germany, U.K., Italy, France, Spain, China, Japan, India, Brazil, Mexico, Argentina, Saudi Arabia, U.A.E., Qatar) – Global Industry Analysis and Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/plastic-recycling-market
APAC accounted for the largest volume share, of 62.7%, in the global plastic recycling market in 2018. The region accounts for high-volume recycling capacities, owing to the high-volume imports of plastic waste and availability of domestic waste, and low labor costs, which allow for smooth labor-intensive allied operations, such as collection, cleaning, and sorting. Both these factors have assisted in the development of low-to-high volume reprocessing facilities in several countries in the region, such as China, Thailand, Malaysia, Indonesia, Vietnam, and India.
The European plastic recycling market is expected to grow at the highest CAGR, of 9.1%, in terms of volume, during the forecast period. The growth of the market in the region is attributable to the development of domestic recycling facilities, government initiatives for resurging local manufacturing, and environment sustainability targets aimed at integrating recycled products across the packaging supply chain.
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The global plastic recycling market is highly fragmented in nature, and MBA Polymers Inc., Phoenix Technologies International LLC, Vikoz Enterprises Inc., Terracycle, KW Plastics, DS Smith PLC, PETCO, CarbonLITE Industries, Waste Connections Inc., and Custom Polymers Inc. are some of the players engaged in plastic recycling.
The players are fairly active, considering the number of capacity expansions, mergers and acquisitions, and other developments taking place in the market. For instance, in June 2019, Suez SA announced plans to build a plastic recycling plant near Bangkok, Thailand. The proposed plant is expected to process around 30,000 tons of locally collected post-consumer low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE) film waste per year.
Some other important players operating in the plastic recycling market are Astron Plastics, Biffa PLC, Clean Tech Incorporated, Cleanaway Waste Management Limited, Delta Plastics, Enviroplast Inc., and Hirsch Kunststoff GmbH.
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