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Popularity of Domestic Recycling in North America and Europe Supporting Plastic Recycling Market Growth

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Aryan Kumar
Popularity of Domestic Recycling in North America and Europe Supporting Plastic Recycling Market Growth

The rising commercialization and industrialization rate, increasing government initiatives and policies to promote the usage of recycled products, and growing focus on reducing plastic waste volumes are expected to fuel the plastic recycling market at a CAGR of 8.6% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue stood at $41,238.8 million in 2018, and it is projected to surpass $64,139.7 million by 2024. Moreover, the burgeoning demand for reprocessed materials among end-use industries and escalating number of plastic recycling facilities in Europe and North America will also contribute to the market growth.

A rapid surge in industrialization and commercialization activities has led to the high-volume production of plastic waste, owing to the large-scale consumption of plastics by end-use industries. As plastic waste is one of the prominent contributors to land, marine, and air pollution, its surging production is fueling the development of a large number of plastic recycling units across the world. Manufacturers and governments across the globe are constantly working toward recycling and reprocessing plastic waste, due to growing environmental concerns.

Geographically, Asia-Pacific (APAC) held the largest share in the plastic recycling market in 2018, due to the high-volume imports of plastic waste and availability of cheap labor, which allow for smooth labor-intensive allied operations, including collection, sorting, and cleaning, in the region. These factors have subsequently resulted in the establishment of low-to-high volume reprocessing facilities in Vietnam, China, Indonesia, Thailand, Malaysia, and India. As a result, the plastic processing capacities in these South Asian nations, apart from China, have increased considerably over the last few years.

Whereas, the European plastic recycling market is projected to demonstrate the fastest growth during the forecast period. This can be primarily ascribed to the enactment of government initiatives for revitalizing local manufacturing and the establishment of domestic recycling facilities in the region. Moreover, the increasing efforts toward attaining environmental sustainability targets that support the adoption of recycled products across the packaging supply chain will also boost the market growth in the region. For instance, in March 2020, the new Circular Economy Action Plan (CEAP) was adopted by the European Commission to ensure less wastage and reuse of plastics, among other materials.

Thus, the accelerating industrialization and commercialization activities and mushrooming number of plastic recycling facilities in North America and Europe will boost the market growth in the forthcoming years.

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Aryan Kumar
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