A number of factors such as the surging pressure to reduce waste dumping, burgeoning demand for reprocessed items from end-use industries, and increasing installation of plastic recycling units in Europe and North America are expected to drive the plastic recycling market at a CAGR of 8.6% during the forecast years (2019–2024). The market was valued at $41,238.8 million in 2018 and it is projected to generate $64,139.7 million revenue by 2024. Moreover, the rising enactment of government legislations and initiatives to boost the adoption of recycled products will also steer the market growth in the coming years.
One of the prominent growth drivers of the market is the soaring number of domestic plastic recycling facilities, in the European and North American countries, owing to the multi-level stakeholder partnership in these regions. Nowadays, the market players in such countries are actively working on developing innovative recycling technologies for streamlining the plastic recycling value chain. Additionally, the mounting investments being made in research and development (R&D) activities for fueling advancements in recycling technologies will also add to the prosperity of the market in the forthcoming years.
Geographically, Asia-Pacific (APAC) held the largest share in the plastic recycling market in 2018, due to the high-volume availability of domestic waste, imports of plastic waste, and low labor costs in the region. Availability of cheap labor facilitates labor-intensive allied operations, such as collection, sorting, and cleaning. Moreover, the increasing number of small-scale processing facilities in India, Indonesia, Thailand, Vietnam, and Malaysia will also support the market growth in the region, in the coming years.
Thus, the booming number of domestic plastic recycling facilities in Europe and North America and accelerating commercialization and industrialization rate will propel the market growth in the foreseeable future.
Source: www.psmarketresearch.com
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