While plastic has now become a crucial part of the lives of human beings, and can almost be considered indispensable, it is necessary to use the material in a manner which won’t affect the environment. Discarded plastic materials can take a long time to break down, and overburden waste-processing facilities and clog-up landfills. Plastic pollution is one of the major environmental problems at the present time. About 40% of the total amount of plastic produced each year is single-use plastic. Because of this, it is of high importance today that plastic is utilized with care.

Get a sample copy of this report: https://www.psmarketresearch.com/market-analysis/plastic-recycling-market/report-sample

Plastic recycling is one of the ways through which its use is not as harmful to the environment. Attributed to these factors, the global plastic recycling market is predicted to reach a value of over $64,139.7 million by 2024, increasing from $41,238.8 million in 2018, and it is expected to progress at a CAGR of 8.6% during 2019–2024 (forecast period). Different sources from where plastic for recycling can be obtained are molded products, packaging, wires and cables, sheets, and pipes. Owing to the fact that packaging plastics account for the largest amount of plastic waste that is generated, their demand for recycling was the highest in the past.



Advancements in plastic recycling and processing has enabled the processing of these materials in such a way that they retain the needed consistency in storage capability, visual attributes, and properties. Moreover, the integration of recycled plastics in packaging is environmentally feasible and requires lower electricity costs than the adoption and production of virgin materials. Polystyrene (PS), polyethylene (PE), polyethylene terephthalate (PET), polyvinyl chloride (PVC), and polypropylene (PP) are the major types of plastics that are recycled. PE was recycled the most in the past due to its high generation and disposal rate, high-volume production of virgin PE, and an appreciable rate of recycling for this material.



Several industries are creating the need for plastic recycling, including automotive, food & beverage, household and personal care, and construction. The food & beverage industry makes use of an extensive range of plastic materials for various purposes, such as preservation, packaging, maintaining the aesthetic appeal of processed food and beverage items, storage, and ease of transportation, which is discarded by consumers after use, thereby generating a high volume of plastic waste. This is utilized as feedstock for the plastic recycling sector. Additionally, the rising number of initiatives and policies for plastic waste, including eco-modulation of packaging fees, is projected to aid in the growth of the plastic recycling market.



The adoption of plastic recycling in the Asia-Pacific (APAC) region is predicted to grow considerably in the years to come, which can be ascribed to the development of a considerable number of small-scale processing plants in the region. In addition to this, because of the low labor costs and high-volume imports of plastic waste and availability of domestic waste, the region has high-volume recycling capabilities. Apart from this, the European region is also increasingly adopting plastic recycling, which is because of the development of domestic recycling facilities.



Hence, the demand for plastic recycling is growing due to the high-volume production and use of single-use plastic products.