The market potential for recycling waste plastics is huge in 2024

1. The output of plastic products is growing rapidly, and the global market demand for recycled plastics has great potential

Plastics are one of the most important materials in the modern chemical industry and are widely used in all areas of life. Plastic manufacturing is energy-intensive and emission-intensive, and greenhouse gases are emitted at every stage of its life cycle. At the same time, the recycling rate of plastics is low, which pollutes the environment.

China is an important producer of plastic products. From 2011 to 2016, China's plastic product output increased year by year, and began to decline in 2017. In 2018, China's plastic product output was 60.42 million tons, a year-on-year decrease of 19.6%; In 2019, China's plastic product output growth rate rebounded sharply to 35%, breaking through 80 million tons in one fell swoop, the highest record in history.

In 2021, the national plastic product output was 80.04 million tons, a year-on-year increase of 5%. In 2022, the national plastic products industry output was 77.72 million tons, a year-on-year decrease of 4%. By 2023, my country's plastic product output will be 74.89 million tons, a year-on-year decrease of 3.6%; from January to August 2024, my country's plastic product output will be 48.31 million tons, a year-on-year decrease of 0.3%.

Chart 1: China's plastic product output and growth rate from 2011 to 2024 (10,000 tons, %)

Source: National Bureau of Statistics, Weber Consulting

According to data released by Polaris Market Research in January 2024: In 2023, the global market value of recycled plastics consumed will be US$11.09 billion, and this figure is expected to increase at a compound annual growth rate of 10.60% from 2024 to 2032. It is expected that the global market size of recycled plastics will reach US$27.34 billion in 2032.

Chart 2: Global recycled plastics market size and forecast from 2019 to 2032 (US$100 million)

Source: National Bureau of Statistics, Weber Consulting

2. my country's waste plastic recycling rate is low, and the recycling market has great potential

At present, the main treatment methods for waste plastics in my country are landfill and incineration, and the recycling rate of waste plastics is relatively low. In 2023, my country's waste plastic production will be about 62 million tons, of which: about 19 million tons will be recycled, and about 43 million tons will be incinerated or landfilled.

my country's waste plastic recycling rate is still relatively low, at around 30%, and there is still broad room for development in the waste plastic recycling and reuse market. It is estimated that China's waste plastic recycling volume will reach 21 million tons in 2024, an increase of more than 10% year-on-year.

Figure 3: Growth trend of China's waste plastic recycling volume and recycling rate from 2011 to 2023 (10,000 tons, %)

Source: National Bureau of Statistics, Weber Consulting