Global Recycled Plastics Market Analysis & Forecast 2024

Plastic recycling refers to the process of collecting and re-using different types of plastic wastes.
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Recycled Plastics Market


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NAVI MUMBAI, India - Nov. 9, 2019 - PRLog -- The Global Recycled Plastics Market ( reached a value of US$ 35.4 Billion in 2018. The market is further projected to reach US$ 50.5 Billion by 2024, growing at a CAGR of 6.1% during 2019-2024. Plastic recycling refers to the process of collecting and re-using different types of plastic wastes. Before recycling takes place, the waste and scrap undergo a series of five different stages which include sorting, washing, shredding, identification and classification of plastic, and extruding. Products manufactured from plastics are usually non-biodegradable in nature and can lead to various environmental concerns. Thus, recycling plastic helps to reduce the amount of waste disposed of at landfill sites, thereby lowering the amount of greenhouse gas emissions released from landfills.

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Global Recycled Plastics Market Drivers:
Reduction of plastic wastes and numerous recycling programmes have become a priority for both developed and developing nations across the globe. Owing to this, governments in different regions are implementing policies and regulations for controlling waste production, encouraging the reuse and recycling of plastic wastes, and encouraging systematic waste treatment. Governments are also enforcing landfill taxes, waste disposal taxes, recycling credit schemes, deposit refund systems, etc. to promote effective waste management. These measures by governments in various countries and states are expected to further facilitate the growth of the recycled plastics market.

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