The global plastic recycling market, which is estimated to be $37.60 billion now, is expected to grow to $39.89 billion in 2019 itself.

Kolkata: The complete ban on solid waste by the Chinese government has come as a boon for the plastic recycling market. The global plastic recycling market, which is estimated to be $37.60 billion now, is expected to grow to $39.89 billion in 2019 itself. The revenues in the global waste recycling market are expected to increase from $354.7 billion in 2018 to $376.9 billion, according to a recent study by Frost & Sullivan, titled: Global Waste Recycling and Circular Economy Market Outlook 2019".

The volumes generated are also set to grow from 29,493.7 million tonne to 30,190.0 million tonne. The industrial segment generated the most waste (non-hazardous, 16,748.8 million tonne), whereas the total volume of plastic waste generated is 280 million tonne. Frost & Sullivan study said that the plastic recycling market is especially likely to experience high growth due to investments in new technologies.