The European plastics recycling industry has been severely impacted by the COVID-19 pandemic. Plummeting oil prices have resulted in a sharp decline of virgin plastics prices.
The two-tier market witnessed in the current crisis where plastics used in applications not subject to binding sustainability targets sees their prices driven by short-term cost-savings offered by the crash of oil values versus plastics used in applications benefiting from sustainability targets whose price-setting follows a positive trend, regardless of the crisis, is the ultimate proof of the need to set targets of incorporation of recycled materials in new products, emphasized Sophie Sicard, Vice-President of EuRIC Plastics’ Recycling Branch (EPRB).
Source and full EuRIC press release:
https://www.euric-aisbl.eu/position-papers/download/695/393/32