Concerns over the environmental impact of virgin plastics as well as cost and energy savings are driving demand for recycled plastics in Europe, according to a recently published report by the Dublin-based market research platform, Research and Markets.
The region’s recycled plastics market reached a volume of 9.4 million tons in 2018 and is set for further growth to 12.8 million tons by 2024, data from the report indicate.
The figure, according to the report, will represent a compound annual growth rate (CAGR) of 5.2 percent over the next five years.
Citing figures by the European Association of Plastic Manufacturers, the market analysis said Europe’s plastic waste recycling has increased by almost 80 percent over the last decade, driven by concerns about plastic waste, resource and energy efficiency. Recycled plastics are also expected to find application in an increasing number of applications, according to the association.
Europe is the second largest producer of plastics in the world, after China and demand for plastics in sector such as the packaging, construction and automotive is on the rise.
The region’s increased consumption, the market analysis predicted, will also create a positive impact on the overall recycled plastics demand.