A sizeable amount of plastic waste found in Thailand has been causing severe environmental issues because most such waste is not biodegradable. To make matters worse, plastic production has increased in parallel with a growing population.
Recycling is an environmentally-friendly process. It helps reduce waste and adds value to plastic scraps. Estimates by KResearch suggest that the recycling of plastic waste into resin, which would then be molded into new plastic products, can add value to waste by 126.8-147.4 percent. Plastic recycling in Thailand has leapfrogged recently – over 0.8 million tons of plastic scrap were recycled in 2013, increasing 48.8 percent over 2012 when only 0.5 million tons were recycled.
KResearch expects that the value of resin from recycled plastic in Thailand may reach THB23.56 billion in 2014, swelling 14.7 percent YoY. That value would be attributable to growing demand for resin from recycled plastic in industrial use here and abroad, thanks to its flexible quality to be molded into a wide range of products, e.g., toys, furniture, car parts, electronic components, etc.
Furthermore, KResearch is of the view that the recycling industry will likely grow fast. Large domestic and international recycling operators, who are highly-experienced in the field, particularly in sorting waste, have recently begun their recycling operation in Thailand. We project that the proportion of plastic waste going into the recycling process will rise from 37.9 percent in 2014 to 40.0 percent in 2015. Thus, the market for resin from recycled plastic will probably grow 16.8-22.7 percent YoY in 2015, to a total value of about THB27.52-28.90 billion.