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.
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.
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.
