Middle East

Demand remains very high for plastic scrap and is expected to continue to grow. Major factors in the growth of the recycled plastic market include rising demand from the electrical and electronics industry and the expansion of various end-user verticals in developing economies. Having been at US$ 3.05 billion in 2020, its value is expected to rocket to US$ 5.08 billion by 2028.

Prices remain on an upward trend; in fact, some have doubled or even trippled owing to very high demand and increased crude oil prices 

India is a main market for collectors in the Middle East but this has been slowing recently owing to dollar-related restrictions. Demand for recycled plastic from Europe and the USA has increased on the back of a shortage of material whereas the Chinese market has been very slow.

Overall, the market is in very good shape and, in the next six months, looks likely to remain stable or perhaps even improve.