Impact of COVID-19 on the Global Plastic Recycling Market
The Asia-Pacific region holds the largest market share in the plastic recycling market owing to the presence of small-scale recyclers in the region. However, the COVID-19 pandemic has significantly impacted the material processing and recovery businesses. The recycling industry has also been severely affected and is facing financial distress owing to limited operational activities and social distancing measures due to the lockdown. According to plastic recyclers, the recycling of plastics is not considered as essential during the current COVID-19 crisis. The stringency around hygiene, cleanliness, and other measures for curbing the spread of COVID-19 are the primary concerns. Tests have shown that the virus survives longer on plastics as compared to other surfaces.
Worldwide market value of Plastic in 2015 and 2024 (USD billion)