Global Plastics Industry To be Worth $720 Billion by 2025

SEATTLE (Scrap Monster):  The global plastics industry will be worth nearly $650 billion in 2020, according to the new report published by Grand View Research. The report predicts more than 10% growth for the industry over the next five years, to be worth around $720 billion by 2025.

According to the report, China is likely to emerge as the biggest global plastics producer, accounting for almost 30% of world’s plastics. The U.S., Canada and Mexico together account for nearly 18% share. The other major contributor of global plastics is Europe, with a market share of 19%. Meantime, Africa and Latin America contributes 7% and 4% of global plastics.

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The report notes that plastic production facilities across the world uses only around 10% or recycled plastic as raw material to produce new plastics. The poor recycling rate of plastics result in nearly 4-12 million tonnes of plastic scrap ending up in oceans every year. The report calls for increased investments in state-of-the-art technologies and equipment at recycling plants, in order to boost the plastic recycling rates. Furthermore, collaborations between product designers, manufacturers and recycling firms will help to elevate recovery rate for plastic.