With increasing commercialization and industrialization, the usage of plastics is growing rapidly all over the world. This is causing the generation of huge volumes of plastic waste, which is one of the biggest factors responsible for soil pollution and environmental degradation all over the world. Therefore, in order to protect the environment and mitigate the production of plastic waste, manufacturers, customers, and governments are changing their plastic usage patterns and overhauling conventional production lines for generating low volumes of waste.

Additionally, the governments of many countries are enacting strict environmental protection policies for reducing the usage of plastic, while the manufacturers are developing products that are easily processable post-use. In China, the government banned the import of 24 kinds of waste materials in December 2017. The ban includes non-industrial plastic waste, which used to account for a majority of the import share in the country and affected a volume of around 5.1 million metric tons of plastic waste.

Because of this blanket ban, the global plastic recycling market received a massive boost. Similarly, the governments of other countries made huge investments in the development of extensive plastic recycling programs and enacted favorable policies such as the provision of financial support to recyclers, for promoting plastic recycling. For instance, the European Union (EU) implemented its premier European Strategy for Plastics in October 2018 for promoting the complete incorporation of recyclable plastics in the packaging industry by 2030.

Furthermore, the rising public awareness of the harmful effects of plastic usage on the environment is fueling the requirement for plastic recycling, especially in the North American and European countries. Because of these factors, the valuation of the global plastic recycling market is predicted to rise from $41,238.8 million to more than $64,139.7 million from 2018 to 2024. The market is also predicted to advance at a CAGR of 8.6% from 2019 to 2024.

Get a sample copy of the market analysis at: https://www.psmarketresearch.com/market-analysis/plastic-recycling-market/report-sample

When source is taken into consideration, the market is categorized into packaging, pipes, sheets, molded products, and wires and cables. Out of these, the packaging category registered the highest volume share in the market in the past. This category is also predicted to exhibit rapid progress in the market in the future years. This is because packaging plastics need high-volume recycling, on account of their short lifespans and considerably high waste generation volumes.

Geographically, the Asia-Pacific (APAC) plastic recycling market will be very lucrative in the upcoming years, as per the estimates of PS Intelligence, a market research firm based in India. The market expansion would be driven by the development of several small-scale processing plants in the region. Moreover, the presence of lenient environment policies and norms and affordable labor in the South Asian countries is fueling the advancement of the market.

Thus, it can be said with surety that the demand for plastic recycling will surge all over the world in the upcoming years, primarily because of the increasing concerns being raised over the environmental degradation caused due to excessive plastic usage and the generation of huge volumes of plastic waste in industries around the world.