How are Industrialization and Urbanization Driving Plastic Recycling Market?


Posted November 3, 2020 by ManishBaghel

The plastic recycling market is expected to generate a revenue of $64,139.7 million by 2024, increasing from $41,238.8 million in 2018, and is predicted to grow at an 8.6% CAGR during the forecast period (2019–2024).
 
The world has been registering rapid urbanization and industrialization since the past few years now. While the situation has somewhat saturated in developed countries, the process still seems to be going on at a steady pace in emerging economies. Industrialization and urbanization have had positive effects, no doubt, for example, a larger number of people have been provided with jobs, however, the negative impacts of development cannot be overlooked as well.

It is because of industrialization and urbanization that the consumption of plastic materials has increased widely. Plastic, in different forms, has now become an incredibly common household item. Day-to-day products, such as water bottles, containers, furniture, and packaging solutions, are all made from plastic. This is because of the high versatility of the material. The surging consumption of plastic, however, is harming the environment extensively, as it is non-biodegradable and is accumulating on landfills. Owing to this, the global plastic recycling market is predicted to witness significant growth in coming years.

The plastic recycling market is expected to generate a revenue of $64,139.7 million by 2024, increasing from $41,238.8 million in 2018, and is predicted to grow at an 8.6% CAGR during the forecast period (2019–2024). When source is taken into consideration, the market is divided into molded products, wires & cables, pipes, sheets, packaging, and others. The plastic division held the major share of the market in the past, and is predicted to advance at the fastest pace during the forecast period.

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Geographically, the Asia-Pacific region dominated the plastic recycling market in the past, holding the largest share of 62.7% in 2018, in terms of volume. Because of high-volume import of plastic waste, low labor costs, and presence of domestic waste, the region has high-volume plastic recycling capacities. These factors have aided in the development of enhanced processing facilities in a number of countries in the region, such as India, Vietnam, Indonesia, Malaysia, Thailand, and China.

Hence, the market is being driven by the surging consumption of plastic and swift industrialization and urbanization.
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Issued By Manish Kumar
Business Address Noida
Country India
Categories Business , Research , Services
Tags plastic recycling market , plastic recycling market demand , plastic recycling market future , plastic recycling market growth , plastic recycling market scope , plastic recycling market share , plastic recycling market size , plastic recycling market trends
Last Updated November 3, 2020