California passed new minimum content requirements calling for plastic beverage containers to have 50% recycled content. Bill 792 passed the California Legislature will likely be the highest such target in the world, reports Plastics News. The law will give a boost to markets for all grades of recycled plastics. Gary Liss of Zero Waste International Association, anticipates that the law will lead to new and substantial investment in plastic recycling in the state.
This investment momentum seems to be building already. Frost and Sullivan, a research-consulting firm, conclude that the plastic recycling market “is especially like to experience high growth due to investments in new technologies.” See, Global Waste Recycling and the Circular Economy Market Outlook. Investments in plastic recycling increased from $37.6 billion to $39.89 billion in 2019. Overall revenue in the global plastic recycling markets is expected to increase from $354.7 billion in 2018 to $376.9 billion this year. The volume of material generated is expected to increase from 29.5 million in 2018 metric tons to 30.19 tons in 2019. See BioCycle Magazine, August 2019.
California recycling has been challenged by the cut off of recycling imports by China last year. For a report on other legislative initiatives in California see Waste Dive.