PRE Foresees Substantial Damage to Plastic Recycling Market

SEATTLE (Scrap Monster): The Brussels-headquartered Plastic Recyclers Europe (PRE) noted that Covid-19 pandemic has dramatically impacted the demand for plastic scrap. Furthermore, the organization foresees substantial damage to the plastic recycling market in the near term.

The current adverse market developments have resulted in much of Europe’s plastic recycling industry closing production. The huge drop in demand on account of closure of converting plants, the record low prices of virgin plastics as well as decline in global activity have impacted the industry prospects.

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According to Ton Emans, President, PRE, the plastic recycling sector will cease to be profitable, if no timely action is taken to remedy the sector. Furthermore, this will prevent EU from attaining its recycling targets and jeopardize the transition towards circular plastics. Such a situation will lead to huge volumes of plastic scrap ending up in landfills or incinerated, Emans added.

The association urged EU and its member countries to ensure support to plastic recycling sector through economic recovery packages. The reduced use of virgin plastics is necessary for survival of the secondary raw materials market and also towards ensuring further investments in the sector, it noted.