Worldwide plastics recycling industry worth over US$ 56 billion by 2024

Global – ‘The global plastic recycling market was valued at US$ 31.5 billion in 2015, and is expected to reach US$ 56.8 billion by 2024,’ according to a new report by Transparency Market Research. This means that the global market is expected to progress at a compound annual growth rate of 6.9% during the forecast period by that year.

The Asia Pacific region is expected to be dominant in the global market throughout the forecast period 2016-2024. For instance, analysts anticipate that China alone will make a contribution of over 50% to the global plastic recycling market.

Asia Pacific has been identified as the ‘key importer’ of plastic scrap of recycling – with China and India leading the way. The region is ‘aggressively engaged’ in activities such as parings and converting the plastic scrap into recycled resins for further applications. Cheap labour and relatively lenient governmental regulations have kept the region at the forefront.

Europe is also expected to show steady growth in the global market due to stringent laws pertaining to the use of plastic in the region. ‘The region is currently recycling more than 4.4 million tons of plastic wastes ever year due to ban on dumping plastic scrap in landfills,’ analysts state.

Generally speaking, the increasing awareness about cutting emissions and resource efficiency will likely boost the global plastic recycling market.