According to Market Research Future (MRFR), the global plastic recycling market is expected to reach USD 2.45 billion at 5.82% CAGR from 2017 to 2028 (forecast period). The study addresses and examines the effect of the outbreak of COVID-19 on the global plastic recycling market, including possible opportunities and threats, drivers, and risks.
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Plastic recycling is a process of recovering various classes of plastic material to be reused in other items, such as their original form. Items made from recycled plastic will typically not be recycled again. Before recycling, plastics undergo four separate phases – sorting, washing, shredding, and extruding. It is passed through these stages to ensure that it can be used for the production of different types of products. Plastic recycling is primarily carried out by two processes – heat compression and monomerization.
Plastic recycling helps save non-renewable fossil fuels, decreases the energy use used in the manufacture of new plastics, minimizes solid waste to landfill sites, and reduces emissions of gases such as carbon dioxide into the atmosphere. This exercise is primarily performed in the packaging, construction, textile, automotive, and other industries.
Market Dynamics
The global market for plastic recycling is expected to see significant growth in the forecast period. Factors such as increasing the use of plastic in the packaging sector, government support for recycling plastic, and the environmental effects of plastic disposal are driving the market. However, lack of awareness of recycling is likely to hinder the market.
Segmentation:
The global plastic recycling market is segmented on the basis of material, recycling process, application, and region.
By material, the global plastic recycling market is segmented into polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and others.
By recycling process, the global plastic recycling market is segmented into mechanical and chemical.
By application, the global plastic recycling market is segmented into packaging, construction, textiles, automotive, and others.
Regional Overview
Companies in the plastic recycling market are spread across the world. The plastic recycling market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American plastic recycling market has many companies across the United States, Canada, and Mexico. Europe has companies in the plastic recycling market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the plastic recycling market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The plastic recycling market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the plastic recycling market can be found in the market research report.
Competitive Leaderboard:
Leading players in the global plastic recycling market include Kuusakoski Group Oy, MBA Polymers Inc., Seraphim Plastics, CarbonLITE Industries, Green-O-Tech India, KW Plastics Inc., UltrePET LLC, Plastic Recycling Inc., Custom Polymers Inc., and Envision Plastics.
In December 2017, MBA Polymers formed a fully owned subsidiary in India. The waste management and post-consumer plastic production unit in the city of Pune will utilize electronic and automotive plastic waste to produce post-consumer plastic for the booming Asian market.
In June 2017, Kuusakoski Group formed a joint venture with Rosk’n Roll Oy and Itä-Uudenmaan Jätehuolto Oy, with a 51% share in the company called Revanssi Oy, to offer comprehensive waste management services in southern Finland.
Industry News
Chemical provider LyondellBasell and the French multinational environmental services supplier Suez jointly purchased, for an undisclosed sum, Tivaco, a plastics recycling firm headquartered in Blandain, Belgium. The enterprise will become part of the company's current 50/50 plastics recycling joint venture, Premium Circular Polymers (QCP). With this deal, QCP will expand its recycled materials processing capacity to about 55,000 tons a year.
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