ID: MRFR/PNT/2113-CR | October 2020 | Region: Global | 119 pages
Plastic Recycling Market is expected to grow from $26.5 billion in 2020 and is expected to grow for about $34.4 billion by 2028 and the annual growth rate is estimated to reach up to a CAGR of 5.82%.
Global Plastic Recycling Market appeared to have a very different outlook mainly due to the rapidly spreading awareness for environmental safety. Now due to the stringent government regulations and environmental protection guidelines, plastic recycling is more ensured. One of the most important factors for the recycling of plastic includes the concerns regarding the depletion of natural resources and there are certain areas where the natural hazards have devastated the natural environment to an extended level.
The market is increasing so quickly as the manufacturing companies are using recycled plastic that is reducing environmental pollution. Therefore, the overall market trends have changed and it is projected that the recycling technology will offer significant opportunities for all the market players as well as the market shares will also increase. Plastic Recycling Market is expected to expand at 5.82% CAGR during the forecast period.
The outbreak of the covid-19 has given many unprecedented challenges to all manufacturers and production firms. The plastic recycling industries also faced many problems in collecting plastic wastes and getting the workforce as everyone was under quarantine. The collection of the raw material and the delivery of the end product all was at stake during the lockdown. The unexpected outages have rapidly disrupted the demand and supply chain dynamics were badly hampered. However, after a while, the market was back to normal when certain rules were changed.
With the change in the mindsets of people, everyone around the world has become more aware of environmental safety. As the lifestyles have changed the people are opting to be more healthy and sustainable after the pandemic. Thus, it increased the opportunities for Plastic Recycling Market. Both the private as well as public organizations are prioritizing the collection, segregation, and recycling of the material that has fostered market growth.
The plastic recycling market has seen several implementation strategic approaches, like mergers and acquisitions and various collaborations along with expansions and better quality product launches. The key market players have invested and developed in the Plastic Recycling Market with their new plans and strategies for the expansion of the market share.
Environmental protection is one of the major driving factors that has grown the plastic recycling market. The rising demands of recycled plastic projected rapid pace in the Market. The rise in plastic trash is an advantage and the production of the material for various applications is the factor for more growth.
The increased usage of recycled plastic in various sectors has increased the demands for the manufacturers to provide the best product in the required domain. The reprocessing and recycling techniques have been changed over the period and this has benefited packaging, textile, construction, and other industries.
The major restraining factor in the Plastic Recycling Market is that the government and the local community have to regulate the balance in the disposal of the used plastic materials and make an efficient disposable plan. The plastic waste reaching water bodies is hazardous to the environment as well as hampers the market growth as well.
The waste collecting and sorting system for certain regions are not that efficient. So, the recycling market players have to set up extra efforts to sort out the waste from rivers and oceans and other areas where the plastic waste is disposed of.
The plastic recycling market has been analyzed by type, source, method, end-user, and region. This segmentation is divided into the material, application, and recycling process. Among the material or type segment, polyethylene terephthalate (PET) holds the largest market and is widely used in packaging, construction, electronics, and others.
Under the method type, the mechanical segment holds the largest market owing to the high share of recyclability in the market.
By the end-user, the packaging segmentation holds the largest market share owing to the increased usage of plastic in various applications.
The regional analysis of the Plastic Recycling Market has shown that the APAC region is consistently dominating the global market. Environmental protection and regulating waste management are the reasons for the regular increase in the market share from the Asia Pacific region. The countries like China, Japan, Southeast Asia have the maximum availability of raw materials and the availability of low-cost recycling processes. In these areas, China is propelling the market, and it is the hub for plastic waste. China receives tons of plastic waste across the world and will maintain the maximum profits throughout the forecast period.
North America, in terms of plastic, recycle market value stands with second best position on a global level. There are several R&D programs and various initiatives for collection and recycling of the plastic taken by various industries and local communities for the environmental prospect and eventually growing the Plastic Recycling Market as well. As the largest share in the regional market is held by North America, it is expected to grow fastest during the said forecast.
Europe is also one of the promising markets in the Plastic Recycling Market. The regional market has major support from the European Unions to achieve a higher number of recycling rates and it helped in reducing water pollution levels as well. In Europe, Germany is holding the highest market share and will grow at pace with the support of the regional activists during the forecast period.
This complete report has the methodology of organizing, collecting, and analyzing data to know the market trend of the Plastic Recycling Market. The investment structure and future analysis of the Plastic Recycling Industry overall provide a rise in the growth and production in the coming future.
There is a relevant rise in the figures at which the Market was valued in the base year and estimated to project the revenue in the forecasted period. The Market Research report shows that the market competition between vendors through regional segmentation of markets in terms of revenue generation potential, business opportunities, demand-supply comparison taking place in the future. For every individual market player, the Plastic Recycling Market landscape and leading manufacturers offer a competitive landscape and market development status.
|Market Size||2028:34.4 USD Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Source, Method and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Asia Plastic Recycling Holding Limited, B & B Plastics Recycling Inc, B. Schoenberg & Co., CarbonLITE Industries LLC, Clear Path Recycling, Consolidated Container Company, GreenLine Polymers, Imerys SA, Indorama Ventures Public Company Limited, Jayplas, Joe’s Plastics Inc., Kuusakoski Group Oy, KW Plastics, , Montello S.p. A., MTM Plastics GmbH, Plasgran Ltd., Plastipak Holdings, Inc., Recycled Plastics UK, RJM International Inc., Seraphim Plastics, Shakti Plastics Industries, Suez, Teijin Limited, Ultra Poly Corporation , UltrePET, LLC, Veolia, Custom Polymers, Inc., Envision Plastics , Plastic Recycling Inc., KW Plastics, Inc., UltrePET, LLC , Seraphim Plastics , MBA Polymers Inc. , Green-O-Tech India|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The plastic recycling market can thrive at 5.82% CAGR by 2023.
The plastic recycling market can value at USD 2.45 Bn by 2023.
Seraphim Plastics (US), and Kuusakoski Group Oy (Finland), and MBA Polymers Inc. (US) are some reputed names in the plastic recycling market.
The growing utility of recyclable packages can prompt the global plastic recycling market expansion.
North America plastic recycling market growth can spur due to high utility of PET.
North America is expected to grow at the fastest pace due to the high utility of PET.