A new report shows that under the guidance of various industries, government support and overall sustainable development goals, the global plastic recycling market is expected to reach 47.3 billion US dollars by 2026.
Research and market reports look at the drivers of plastic recycling, including the widespread use of packaging, electronics, automobiles, and textile materials. It said that increasing support from governments in India, China and Europe to improve plastic recycling is also driving growth.
Other factors that increase the plastic recycling market include the focus on energy conservation and efficiency through recycling. The Environmental Protection Agency stated that the production of new plastics from recycled materials uses two-thirds of the energy used to produce plastics from raw materials.
Analysis shows that improved technology and recycling systems also help expand the market.
During the analysis period, plastic recycling is expected to grow at a compound annual growth rate of 6.1%, of which high-density polyethylene accounts for nearly 20% of the plastic recycling market and will grow by nearly 6% annually during the next seven years, according to reports. In the United States, the recycling of polyethylene terephthalate (PET) plastics increased by nearly 7% to $15.5 billion.
Since plastic waste is still an urgent problem, many efforts are being taken to solve this problem and increase plastic recycling.
Several companies including Pepsi, L'Oréal, and Nestlé Water recently announced a plan to produce PET plastic bottles that are made entirely of enzymatically recycled plastic. ExxonMobil is also building a plastic waste recycling facility in Texas, which is expected to be put into use by the end of 2022.
According to the report, the U.S. plastic recycling market is expected to reach US$3.1 billion by 2021, accounting for nearly 9% of the global share. According to the report, by 2026, China's plastic recycling scale is expected to reach 17.6 billion U.S. dollars, and the European market will grow to 18.8 billion U.S. dollars by then.
Recycled low-density polyethylene that can be used for flooring, furniture, and packaging is expected to grow to 7.43 billion U.S. dollars by 2026.
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