What are the main factors driving the growth of global plastic
The increasing production of waste increases pollution levels, which in turn fuels rapid environmental degradation. As a result, the governments of several countries are adopting policies aimed at reducing the generation of waste or better managing the disposal of such waste. For example, the Chinese government banned the import of as many as 24 types of waste, including non-industrial plastic waste, into the country in December 2017.
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In addition, the growing public awareness of the environmental consequences of the production and disposal of plastic waste, the growing demand for environmentally friendly waste disposal methods, and the growing popularity of home recycling, especially in various industries. countries in North America and Europe, are also driving demand for plastic recycling processes around the world. This stimulates the expansion of the global plastic recycling market. The market valuation is expected to rise from $ 41,238.8 million in 2018 to over $ 64,139.7 million by 2024.
Moreover, the market is expected to grow at a CAGR of 8.6% during the period 2019-2024. According to the source, the market is divided into packaging, wire and cable, sheet, pipe and molded products. Among these, the packaging category is expected to record the strongest growth in the market in the coming years. This will be explained by the growing demand for recycling packaging plastics, due to their ability to generate huge volumes of waste.
When the industry is taken into consideration, the plastic recycling market is categorized into food and beverage, household and personal care, automotive, and construction. Of these, the food and beverage category will experience the fastest and highest growth in the market in the years to come. This is due to the extensive use of several types of plastics such as HDPE, PET, LDPE, PS and PP for storage, packaging, preservation, ease of transport and maintenance of the aesthetics of packaged food products.
Geographically, the plastic recycling market will experience huge expansion in the Asia Pacific (APAC) region in the coming years, according to estimates from P&S Intelligence, an India-based market research company. This will be due to the development of many small-scale processing facilities and factories in this region. In addition, the existence of an affordable workforce and relaxed environmental regulations and standards regarding the use of plastic is propelling market advancement in the region.
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Therefore, it can be said with certainty that the demand for plastic recycling will skyrocket worldwide in the coming years, mainly due to the growing public awareness of the environmental consequences of disposing of plastic. and the high production of plastic waste and the increasing promulgation of strict regulations regarding plastic disposal in several countries.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services addressing the market information needs of growing industries around the world. Providing the bedrock of market intelligence, P&S as an enterprising research and consulting company, believes in providing in-depth landscape analyzes on the ever-changing market scenario, to enable companies to make informed decisions. and to base their business strategies with astuteness.
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