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.
Market Segmentation
The global plastic recycling market has been segmented based on material, recycling process, and application. On the basis of material, the market for plastic recycling is segmented based on polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE),polyethylene terephthalate (PET), and others. Additionally, the market on the basis of recycling process, is segmented into mechanical and chemical. The global market for plastic recycling is also covered based on the application segment which is further split into automotive and others, construction, packaging, textile.
Factors like growing awareness about the impact of plastic disposal on the environment support the plastic recycling market growth. The performance of the plastic recycling market has also been studied for the past and current years. Additionally, the plastic recycling market report provides analysis of these segments. The plastic recycling market segmental analysis provided in the report offers major details about the plastic recycling market performance and future.
Regional Analysis
Region-specific analysis of the global plastic recycling market spans across the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
The Asia Pacific is marked by rapid economic growth, a rise in population, and a range of policies and regulations to promote environmental protection and waste management. China has been the receiving center of plastic waste from all over the world and has been seen as the pioneer of scrap consumers. With increasing awareness and positive economic health in the Asia Pacific, there is a strong set of frameworks for waste management.
China is a leading country in imports of plastic waste as it receives about 56% of global imports of plastic waste. Between 2006 and 2012, imports of plastic scrap in China rose from 5.9 million tons to 8.9 million tons.
In 2018, the Americas captured the second largest market share in the plastics recycling market. The region has seen tremendous growth due to advances in recycling technologies and awareness of recycling. In addition, numerous waste management regulations are driving the growth of the industry.
Competitive Landscape
The plastic recycling market is supported by rapid economic development, increasing population, and various policies and regulations. The population growth around the world and increasing demand of plastic recycling market based services and products also support the market growth. However, the plastic recycling market growth can be affected due to lack of support from the government and unorganized plastic sector in some regions. The report covers all such details which will help companies in the plastic recycling market to strengthen their business plan and improve their product portfolio. The plastic recycling market research report also provides company profiles of major companies. The company profiles of many organizations operating in the plastic recycling market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the plastic recycling market. New companies and established businesses can plan their strategies based on this data provided in the plastic recycling market research report.
Key Players
The industry giants in the global plastic recycling market are Envision Plastics (US), Custom Polymers, Inc. (US), KW Plastics, Inc. (US), Plastic Recycling Inc. (US), UltrePET, LLC (US), Green-O-Tech India (India), CarbonLITE Industries (US), MBA Polymers Inc. (US), Seraphim Plastics (US), and Kuusakoski Group Oy (Finland).
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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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