In 2018, the global plastic recycling market reached a value of $41,238.8 million and is expected to generate a value of $64,139.7 million in 2024, advancing at an 8.6% CAGR during the forecast period (2019–2024). The market is growing due to the rising focus on reducing the plastic waste volume and government policies and initiatives for increasing the adoption of recycled products. On the basis of type, the market is classified into polyethylene (PE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polypropylene (PP), polystyrene (PS), and others.
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In terms of source, the plastic recycling market is divided into sheets, wires & cables, packaging, pipes, molded products, and others (which include plastic waste generated from disposables, fabrics, and tarpaulins). The packaging division dominated the market during the historical period (2014–2018), holding a volume share of more than 78.0% in 2018. The reason for this was the high-volume recycling of packaging plastics, as they have a short-usage lifecycle and hence generate huge volumes of waste. The division is further projected to account for the major share of the market during the forecast period.
When industry is taken into consideration, the plastic recycling market is categorized into food & beverage, automotive, household & personal care, construction, and others (which include the plastic waste generated by industries). The food & beverage industry held the largest volume share of the market during the historical period and is further projected to account for the major share during the forecast period. The industry utilizes a wide variety of plastics for different purposes which creates a large volume of plastic waste and that is utilized as feedstock by the plastic recycling industry.
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A primary driving factor of the plastic recycling market is the rising focus on reducing the volume of plastic waste. The swift commercialization and industrialization have resulted in the increased consumption of plastics, which has, in turn, led to the high production of plastic waste. The lack of proper disposal channels has further contributed to the high level of marine and land pollution. Waste and bio-contamination are among the major problems at the present time, which is why local municipalities are being compelled to create parallel economies for managing waste volumes.
Geographically, the plastic recycling market was dominated by the Asia-Pacific region during the historical period and the situation is going to be the same during the forecast period as well. The reason for this is the development of a large number of small-scale processing plants in the region. Moreover, the market is predicted to recover from the instability because of the ban in China on the import of 24 types of non-industrial plastic waste, as the South Asian countries are expected to occupy the larger share of the market.