Page 38 - Plastics News March 2026
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ENVIRONMENT NEWS
cial care waste (household hazardous waste ♦ Extended Producer Responsibility (EPR): En-
like bulbs, batteries and medicine) hanced obligations for producers and manu-
facturers to manage post-consumer waste.
♦ Polluter Pays Principle: Non-compliance, in-
cluding dumping mixed waste or false re- Source - https://www.newindianexpress.com
porting, will incur environmental compensa-
tion/fines.
PLASTIC RECYCLING MARKET IS EXPECTED TO REACH
USD 60.2 BILLION BY 2031 MAJOR COMPANIES - PLASTIPAK INDUSTRIES INC.,
CARBONLITE INDUSTRIES, PLASTIMA.
he global plastic recycling market is pro- agement practices. As a result, demand for re-
jected to grow significantly over the next cycled plastics is increasing across industries
Tdecade, with industry analysts forecast- such as packaging, construction, automotive,
ing that the market will reach USD 60.2 billion by consumer goods, and electronics.
2031, reflecting strong growth driven by environ-
mental regulations, sustainability commitments, Key Drivers of Market Growth
and technological advancements in recycling Several factors are accelerating the growth of
processes. the global plastic recycling market:
According to recent market research, the plastic Stricter environmental regulations: Governments
recycling industry was valued at approximately worldwide are introducing policies to reduce
USD 28.3 billion in 2022 and is expected to ex- plastic waste and increase recycling rates.
pand at a compound annual growth rate (CAGR)
of around 8.9% during the forecast period from Extended Producer Responsibility (EPR) frame-
2024 to 2031. works: Manufacturers are being held account-
able for the lifecycle of plastic products.
Market Overview
Rising plastic waste generation: Rapid urbaniza-
Plastic recycling involves collecting, sorting, tion and consumption are increasing the volume
cleaning, and reprocessing plastic waste into re- of plastic waste requiring recycling.
usable raw materials that can be used to manu-
facture new products. This process helps reduce Technological innovations: Advanced recycling
landfill waste, conserve natural resources, lower methods such as chemical recycling and auto-
greenhouse gas emissions, and support the de- mated sorting technologies are improving effi-
velopment of a circular economy. ciency and material recovery.
Growing concerns about plastic pollution and Regional Insights
its impact on ecosystems and human health are
pushing governments, corporations, and con- Regionally, Asia-Pacific dominates the global
sumers to adopt more sustainable waste man- plastic recycling market, accounting for nearly
38 PLASTICS NEWS March 2026
